Constellation Energy swings to Q1 profit after spinoff from Exelon
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Constellation Energy (NASDAQ:CEG) -6.5% in Thursday's trading after issuing its first quarterly earnings report as a standalone, publicly traded company.
Q1 net income swung to $106M, or $0.32/share, from a $793M loss in the year-ago quarter but well below the S&P Capital IQ Consensus of $1.07/share, while revenues rose 0.6% Y/Y to $5.59B, compared with $6.34B analyst consensus.
Q1 adjusted EBITDA (non-GAAP) swung to positive $866M from negative $465M in the year-earlier quarter, as the improved results reflect the absence of impacts from the February 2021 extreme cold weather event.
CFO Daniel Eggers said Constellation's (CEG) profits were helped by its commercial operations drawing in new business as well as higher energy prices due to the war in Ukraine and other factors.
Constellation Energy (CEG) completed its spinoff from Exelon on February 2.