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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Constellation Energy Corporation | NASDAQ:CEG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.97 | 1.50% | 200.67 | 200.61 | 200.72 | 205.08 | 197.35 | 198.70 | 1,519,280 | 18:02:27 |
Earnings Release Highlights
Constellation Energy Corporation (Nasdaq: CEG) today reported its financial results for the second quarter of 2022.
“The landmark climate legislation currently under consideration in Congress is a clear affirmation of the value of our carbon-free nuclear fleet and its indispensable role as part of the clean energy infrastructure needed to achieve our nation’s ambitious climate goals,” said Joe Dominguez, president and CEO of Constellation. “It touches every one of the environmental, public health and job-creating priorities we laid out on day one, including providing the foundation to support the ongoing operation of U.S. nuclear energy sources, establishing a clean hydrogen economy, enabling the expansion of renewable resources and safeguarding our nation’s energy security in a way that is affordable. We continued to win new customer business and demonstrate our industry-leading operational performance during the second quarter, and we are pursuing new clean-energy opportunities as we work to accelerate the transition to a carbon-free future.”
“We delivered solid financial results during the quarter, earning $603 million in adjusted EBITDA backed by higher realized energy prices and lower nuclear fuel costs. We have reaffirmed our full-year, adjusted EBITDA guidance of $2.35 billion to $2.75 billion,” said Daniel Eggers, chief financial officer of Constellation. “Our balance sheet and liquidity position remain strong, and our investment grade balance sheet continues to give us a valuable competitive advantage in today's volatile markets.”
Second Quarter 2022
Our GAAP Net Loss for the second quarter of 2022 increased to ($111) million from a ($61) million GAAP Net Loss in the second quarter of 2021. Adjusted EBITDA (non-GAAP) for the second quarter of 2022 decreased to $603 million from $656 million in the second quarter of 2021. For the reconciliations of GAAP Net Loss to Adjusted EBITDA (non-GAAP), refer to the tables beginning on page 3.
Adjusted EBITDA (non-GAAP) in the second quarter of 2022 primarily reflects:
Recent Developments and Second Quarter Highlights
The CORe retail power product increases businesses’ access to new-build renewable energy projects by removing the significant hurdles associated with traditional offsite power purchase agreements (PPAs). By combining the simplified contracting and aggregation process of CORe with the commitment and involvement from sustainability-minded companies, Constellation is able to offer more customers access to the economic and sustainability benefits of large-scale, offsite renewable energy projects. CORe is among Constellation’s suite of products that help customers achieve their carbon reduction goals, including opportunities to match power usage hour-by-hour with locally produced carbon-free energy on a 24/7/365 basis.
GAAP/Adjusted EBITDA (non-GAAP) Reconciliation
Adjusted EBITDA (non-GAAP) for the second quarter of 2022 and 2021, respectively, does not include the following items that were included in our reported GAAP Net Loss:
(in millions)
Three Months Ended June 30, 2022
Three Months Ended June 30, 2021
GAAP Net Loss Attributable to Common Shareholders
$
(111)
$
(61)
Income Taxes
(270)
110
Depreciation and Amortization
277
930
Interest Expense, Net
56
76
Unrealized Gain on Fair Value Adjustments
(24)
(447)
Asset Impairments
—
492
Plant Retirements and Divestitures
(8)
49
Decommissioning-Related Activities
684
(513)
Pension & OPEB Non-Service Costs
(33)
(14)
Separation Costs
31
6
COVID-19 Direct Costs
—
7
Acquisition Related Costs
—
2
ERP System Implementation Costs
5
3
Change in Environmental Liabilities
8
—
Cost Management Program
—
3
Noncontrolling Interests
(12)
13
Adjusted EBITDA (non-GAAP)
$
603
$
656
1Prior year capacity factor was previously reported as 93.7%. The update reflects a change to the ratio from using the full average annual mean capacity to the net monthly mean capacity when calculating capacity factor. There is no change to actual output and the full year capacity factor would be the same under both methodologies.
Webcast Information
We will discuss second quarter 2022 earnings in a conference call scheduled for today at 10 a.m. Eastern Time. The webcast and associated materials can be accessed at https://investors.constellationenergy.com.
About Constellation
Constellation Energy Corporation (Nasdaq: CEG) is the nation’s largest producer of clean, carbon-free energy and a leading supplier of energy products and services to millions of homes, institutional customers, the public sector, community aggregations and businesses, including three fourths of Fortune 100 companies. A Fortune 200 company headquartered in Baltimore, our fleet of nuclear, hydro, wind and solar facilities have the generating capacity to power approximately 20 million homes, providing 10 percent of all carbon-free energy on the grid in the U.S. Our fleet is helping to accelerate the nation’s transition to clean energy with more than 32,400 megawatts of capacity and annual output that is nearly 90 percent carbon-free. We have set a goal to achieve 100 percent carbon-free power generation by 2040 by leveraging innovative technology and enhancing our diverse mix of hydro, wind and solar resources paired with the nation’s largest nuclear fleet. Follow Constellation on Twitter @ConstellationEG.
Non-GAAP Financial Measures
In analyzing and planning for our business, we supplement our use of net income as determined under generally accepted accounting principles in the United States (GAAP), with Adjusted EBITDA (non-GAAP) as a performance measure. Adjusted EBITDA (non-GAAP) reflects an additional way of viewing our business that, when viewed with our GAAP results and the accompanying reconciliation to GAAP net income included above, may provide a more complete understanding of factors and trends affecting our business. Adjusted EBITDA (non-GAAP) should not be relied upon to the exclusion of GAAP financial measures and is, by definition, an incomplete understanding of our business, and must be considered in conjunction with GAAP measures. In addition, Adjusted EBITDA (non-GAAP) is neither a standardized financial measure, nor a presentation defined under GAAP and may not be comparable to other companies’ presentations or deemed more useful than the GAAP information provided elsewhere in this press release and earnings release attachments. We have provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted EBITDA (non-GAAP) should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP Net Income measure provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted EBITDA (non-GAAP) to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on our website: www.ConstellationEnergy.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on August 4, 2022.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.
The factors that could cause actual results to differ materially from the forward-looking statements made by Constellation Energy Corporation and Constellation Energy Generation, LLC, (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2021 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 19, Commitments and Contingencies; (2) the Registrants' Second Quarter 2022 Quarterly Report on Form 10-Q (to be filed on August 4, 2022) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 15, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. Neither of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.
Constellation Energy Corporation
GAAP Consolidated Statements of Operations and
Adjusted EBITDA (non-GAAP) Reconciling Adjustments
(unaudited)
(in millions, except per share data)
Three Months Ended June 30, 2022
Three Months Ended June 30, 2021
GAAP (a)
Non-GAAP Adjustments
GAAP (a)
Non-GAAP Adjustments
Operating revenues
$
5,465
$
(298
)
(b),(c)
$
4,153
$
(239
)
(b),(c)
Operating expenses
Purchased power and fuel
3,508
(328
)
(b)
1,947
(515
)
(b),(d)
Operating and maintenance
1,273
80
(c),(d),(h),(i),(j),(k)
1,474
368
(c),(d),(e),(f),(g),(h),(i),(j),(k), (p)
Depreciation and amortization
277
277
(l)
930
930
(l)
Taxes other than income taxes
133
—
118
—
Total operating expenses
5,191
4,469
(Loss) gain on sales of assets and businesses
(2
)
(2
)
(d)
8
1
(d)
Operating income (loss)
272
(308
)
Other income and (deductions)
Interest expense, net
(56
)
(56
)
(m)
(76
)
(76
)
(m)
Other, net
(654
)
(669
)
(b),(c),(d),(i),(j),(q)
508
503
(b),(c),(d)
Total other income and (deductions)
(710
)
432
(Loss) income before income taxes
(438
)
124
Income taxes
(328
)
(328
)
(n)
110
110
(n)
Equity in losses of unconsolidated affiliates
(3
)
—
(1
)
—
Net (loss) income
(113
)
13
Net (loss) income attributable to noncontrolling interests
(2
)
(12
)
(o)
74
13
(o)
Net loss attributable to common shareholders
$
(111
)
$
(61
)
Effective tax rate
74.9
%
88.7
%
Earnings per average common share
Basic
$
(0.34
)
$
—
Diluted
$
(0.34
)
$
—
Average common shares outstanding
Basic
327
—
Diluted
328
—
Constellation Energy
GAAP Consolidated Statements of Operations and
Adjusted (non-GAAP) EBITDA Reconciling Adjustments
(unaudited)
(in millions, except per share data)
Six Months Ended June 30, 2022
Six Months Ended June 30, 2021
GAAP (a)
Non-GAAP Adjustments
GAAP (a)
Non-GAAP Adjustments
Operating revenues
$
11,056
$
(1,217
)
(b),(c)
$
9,712
$
(322
)
(b),(c)
Operating expenses
Purchased power and fuel
7,059
(1,131
)
(b)
6,557
(698
)
(b),(d)
Operating and maintenance
2,477
131
(c),(d),(h),(i),(j),(k)
2,476
205
(c),(d),(e),(f),(g),(h),(i),(j),(k), (p)
Depreciation and amortization
557
557
(l)
1,869
1,869
(l)
Taxes other than income taxes
268
2
(i)
239
—
Total operating expenses
10,361
11,141
Gain on sales of assets and businesses
13
—
79
69
(d)
Operating income (loss)
708
(1,350
)
Other income and (deductions)
Interest expense, net
(112
)
(112
)
(m)
(148
)
(148
)
(m)
Other, net
(973
)
(992
)
(b),(c),(d), (i),(j),(q)
675
656
(b),(c),(d)
Total other income and (deductions)
(1,085
)
527
Loss before income taxes
(377
)
(823
)
Income taxes
(381
)
(381
)
(n)
(70
)
(70
)
(n)
Equity in losses of unconsolidated affiliates
(6
)
—
(3
)
—
Net loss
(2
)
(756
)
Net income attributable to noncontrolling interests
3
(25
)
(o)
98
(6
)
(o)
Net loss attributable to common shareholders
$
(5
)
$
(854
)
Effective tax rate(q)
101.1
%
8.5
%
Earnings per average common share
Basic
$
(0.02
)
$
—
Diluted
$
(0.02
)
$
—
Average common shares outstanding
Basic
327
—
Diluted
328
—
View source version on businesswire.com: https://www.businesswire.com/news/home/20220804005315/en/
Paul Adams Corporate Communications 410-470-4167
Emily Duncan Investor Relations 833-447-2783
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