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Constellation posts $137.6M profit
Constellation Energy Group Inc. posted a profit Friday for its third quarter, mainly due to the absence of charges the company took in the corresponding quarter in 2008.
The Baltimore-based firm earned $137.6 million, or 69 cents a share, compared to a loss of $225.7 million, or $1.27 per share, in the quarter last year.
Adjusted net income for the quarter was $1.23 per share, beating analyst expectations of earnings of $1.07 per share, according to Thomson Reuters. Analysts exclude one-time charges in their estimates.
Strong quarterly earnings prompted Constellation to increase its earnings guidance for 2009 by 15 cents to $3.25 to $3.45 per share.
“Throughout the year, we have executed well on a broad restructuring that has positioned our company to prudently expand our physical footprint,” said Mayo A. Shattuck III, Constellation’s chairman, president and CEO, in a statement.
“We believe we’re poised to deliver significant value to shareholders in the years ahead,” he said.
Constellation sold off some of its riskier commodities businesses earlier this year.
Constellation’s shares lost 21 cents, or less than 1 percent, Friday to close at $30.92.
