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Constellation Energy’s 4Q earnings slump

Constellation Energy’s 4Q earnings slump

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Constellation Energy Group’s fourth-quarter profit fell 96 percent to $159.8 million, due largely to a big bump in income the previous year with the sale of a 49.9 percent interest in its Constellation Energy Nuclear Group LLC to Électricité de France.

Revenue in the quarter was up at Baltimore-based Constellation, to $3.4 billion compared with $3.4 billion in the same period of 2009. Constellation Energy reaffirmed its 2011 earnings guidance range of $3.10 to $3.40 per share and its 2012 guidance range of $2.40 to $2.70 per share.

“We ended 2010 having completed all of the strategic initiatives we announced at the start of the year, successfully putting our core businesses in a stronger position to operate more efficiently, strengthen existing customer relationships and win new business,” said Constellation President and CEO Mayo A. Shattuck III, in a prepared statement. “We completed our goal of deploying more than $1 billion of cash to acquire strategically located generation assets, including the 2,950-megawatt Boston Generating fleet in New England and the 550-megawatt Colorado Bend Energy Center near Wharton, Texas. Through acquisitions and organic growth, we significantly increased our generation capacity during the year, laying the foundation for continued growth in our wholesale and retail energy supply businesses in regions where our load obligations exceed our physical generating capacity.”

For the full year, Constellation reported adjusted earnings of $3.06 per share, compared with adjusted earnings of $3.36 per share in 2009.

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