Constellation Energy soars to record on strong Q2 beat and raise
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Constellation Energy (NASDAQ:CEG) +5.8% to an all-time high in Thursday's trading after reporting Q2 earnings and revenues that crushed expectations while raising guidance for full-year EBITDA.
Constellation (CEG) swung to a Q2 profit of $833M, or $2.56/share, from a $111M loss in the year-earlier quarter, with revenues of $5.45B that topped Wall Street consensus by nearly $1B, driven by a record-breaking quarter from the company's commercial team, which closed a number of new deals including one with Microsoft.
On Constellation's (CEG) post-earnings conference call, CFO Dan Eggers said the commercial division enjoyed higher margins thanks to market volatility, which created opportunities due to the company's large size and balance sheet that allowed more risk.
The strong quarter prompted Constellation (CEG) to raise its full-year guidance for adjusted EBITDA by $400M to $3.3B-$3.7B, which CEO said also will impact the company's guidance moving forward.
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