Constellation Energy beats by $0.78, misses on revs (117.07)
- Reports Q3 (Sep) earnings of $2.26 per share, $0.78 better than the FactSet Consensus of $1.48; revenues rose 1.0% year/year to $6.11 bln vs the $7.01 bln FactSet Consensus.
- Raising guidance range for full year 2023 Adjusted EBITDA (non-GAAP) to $3,800 million to $4,000 million.
- "Our continued strong performance this quarter is the result of pairing the nation's largest clean energy fleet with an unmatched commercial business, allowing us to produce affordable and reliable carbon-free energy when and where American families and businesses need it," said Joe Dominguez, president and CEO of Constellation. "This combination of businesses is the fundamental strength of our strategy. It allows us to help customers like Microsoft and ComEd manage their energy costs in a volatile market, while also lowering their carbon emissions with clean energy matched to their use in every hour of every day. We continue to execute our growth strategy, closing on the South Texas Project transaction ahead of schedule and moving forward with $1.5 billion in growth spending on equipment to increase the output of our nuclear plants, wind repowering and pursuit of a nuclear-powered clean hydrogen facility as part of a multi-state hub."
- "Our generation fleet performed at peak levels during a summer of record heat, while our commercial business continued to win new business and realize higher margins," said Dan Eggers, executive vice president and chief financial officer. "Our gross margin outlook for 2023 is now $850 million higher than our expectations at the start of the year and our outlook for 2024 has increased. Based on current market conditions and the continued strength of our operations, we are raising 2023 adjusted EBITDA guidance to a $3.9 billion mid-point and narrowing the range to $3.8 billion to $4 billion."