Constellation Energy Group said Friday profits were down in the first quarter of 2011 due to higher costs and declines in revenue.
Baltimore-based Constellation, which last week announced it would be acquired by Chicago-based Exelon, reported net income of $70.4 million, or 35 cents per share, compared to $191.5 million, or $96 cents per share, for the first three months of 2010.
Constellation reported revenue of $3.57 billion for the first quarter, compared to $3.58 billion for the first quarter of 2010.
The company reaffirmed its 2011 earnings guidance range of $3.10 to $3.40 per share. It also reaffirmed its 2012 guidance range of $2.40 to $2.70 per share.
“Our continuing strategy to grow assets and expand our industry-leading, customer-driven business got off to a fast start in 2011, beginning with our integration of Boston Generating’s fleet of gas plants in January and continuing with our recent expansion into the residential competitive electric market in Illinois,” Constellation CEO Mayo A. Shattuck III said in a prepared statement.
Last Thursday, the boards of directors of Exelon and Constellation signed off on an all-stock deal valued at $7.9 billion. Under the terms of the deal, Constellation shareholders would get 0.93 shares of Exelon for each share of Constellation. Based on Wednesday’s closing price of Exelon’s shares, Constellation stockholders would receive shares valued at $38.59, an 18 percent premium.
The deal is expected to close in early 2012.