Core Insights - Constellation Energy Corporation (NASDAQ: CEG) reported Q1 earnings that exceeded market expectations, resulting in a share price increase of over 11% due to significant revenue growth and a reaffirmed outlook for 2025 [1] Financial Performance - The company achieved a substantial beat on its top line, indicating strong revenue performance in the first quarter [1] Future Outlook - Constellation Energy reiterated its outlook for 2025, suggesting confidence in its long-term growth trajectory [1]

Does Constellation Energy stock cost too much?Nuclear power utility Constellation Energy Corporation (CEG 9.25%) exploded higher after reporting significantly higher revenue than expected for the first quarter of 2025.Heading into today's report, analysts forecast Constellation Energy would earn $2.15 per share on sales of $5.4 billion. Constellation actually missed the earnings forecast by a penny, but its revenue came in at $6.8 billion. Constellation Energy's Q1 earningsBoth analysts and Constellation i ...

Financial Performance - The company reported a GAAP Net Income attributable to common shareholders of $118 million for the three months ended March 31, 2025, a decrease of $765 million compared to $883 million in the same period of 2024 [219]. - Adjusted (non-GAAP) Operating Earnings for the same period were $673 million, up from $579 million in 2024, resulting in an increase in earnings per share from $1.82 to $2.14 [222]. - Operating revenues increased by $627 million to $6,788 million in Q1 2025, compared to $6,161 million in Q1 2024 [226]. - Total operating expenses rose by $989 million to $6,337 million in Q1 2025, primarily due to increased costs in purchased power and fuel, which increased by $967 million [226]. - For the three months ended March 31, 2025, total operating revenues increased by 10.2% to $6.788 billion compared to $6.161 billion in 2024, with a $627 million increase [229]. - Total reportable segment electric revenues rose by 16.5% to $5.585 billion, up from $4.794 billion in the previous year, reflecting strong performance across various regions [229]. - Cash provided by operating activities was $107 million for the three months ended March 31, 2025, a significant improvement from cash used in operating activities of ($723) million in 2024 [258]. - The effective income tax rate decreased to 14.6% for the three months ended March 31, 2025, from 15.7% in 2024 [253]. Mergers and Acquisitions - The company entered into a merger agreement to acquire Calpine Corporation, which has over 27 GWs of generation capacity and a competitive retail electric supplier platform with 60 TWhs of load annually [209]. - The merger with Calpine is expected to enhance the company's scale and market diversification, positioning it to meet growing demand for energy and sustainability products [210]. - The company’s credit ratings were affirmed following the announcement of the proposed acquisition of Calpine, which is crucial for maintaining access to capital markets [264]. Energy Production and Pricing - Nuclear generation for the total fleet increased slightly by 0.4% to 45,582 GWh, with notable growth in ERCOT by 14.9% [230]. - Average day-ahead electricity prices in the PJM West (Mid-Atlantic) region surged by 56.8% to $53.69/MWh, while Central (New York) prices skyrocketed by 115.9% to $75.31/MWh [233]. - The nuclear fleet capacity factor improved to 94.1% in 2025 from 93.3% in 2024, indicating enhanced operational efficiency [232]. - Total purchased power increased by 14.9% to 16,935 GWh, driven by significant growth in the Mid-Atlantic region by 42.3% [230]. - The average capacity price in the Eastern Mid-Atlantic Area Council rose by 8.3% to $53.60/MW Day, while prices in Southeast New England increased dramatically by 1,324.3% to $949.57/MW Day [235]. Costs and Expenses - Purchased power and fuel expenses rose to $4,384 million for the three months ended March 31, 2025, an increase of $967 million, or 28.3%, from $3,417 million in 2024 [248]. - The company faced unfavorable net unrealized losses on economic hedges and equity investments, contributing to the decline in net income [228]. Strategic Initiatives - The company is committed to expanding its domestic nuclear fuel cycle to improve carbon-free energy security, supported by billions in funding from the Department of Energy [214]. - The ongoing Russia and Ukraine conflict is being monitored for its potential impact on nuclear fuel supply and costs, with contracts in place to increase nuclear fuel inventory [213]. - The company is navigating tariff impacts on energy-related products and materials, with oil, natural gas, and uranium currently excluded from recent tariff changes [212]. Cash Flow and Financing - Cash used in investing activities was ($886) million for the three months ended March 31, 2025, compared to cash provided by investing activities of $830 million in 2024 [259]. - Cash used in financing activities was ($408) million for the three months ended March 31, 2025, compared to cash provided by financing activities of $84 million in 2024 [260]. - As of March 31, 2025, the company had $7.2 billion of available capacity under credit facilities and $1.8 billion in cash on hand [264]. - The company would need to provide approximately $2.3 billion in incremental collateral if it lost its investment grade credit ratings [265]. Pension and Employee Benefits - The annual qualified pension contribution made in February 2025 was $161 million, reflecting a strategy to offset the growth of pension liabilities [267]. - Estimated benefit payments to non-qualified pension plans in 2025 are approximately $19 million, with planned contributions to OPEB plans totaling $22 million [269]. Market Risks and Commodity Management - The company manages commodity price risk through non-derivative and derivative contracts, with hedging activities concentrated in the prompt three years [279]. - The forecasted market price risk exposure indicates that a $5/MWh reduction in energy prices would not materially impact earnings for 2025 and 2026, largely due to the nuclear PTC [281]. - Approximately 35% of the company's uranium concentrate requirements for 2025 through 2030 are supplied by three suppliers, with no current counterparty credit risk from the Russia-Ukraine conflict [282]. - Commodity transactions are conducted on exchanges like NYMEX and ICE, with significant collateralization and limited counterparty credit risk [294]. Interest Rate Sensitivity - A hypothetical 50 basis points increase in interest rates would not materially decrease earnings for the three months ended March 31, 2025 [295]. - A hypothetical 25 basis points increase in interest rates and a 10% decrease in equity prices would result in a $948 million reduction in the fair value of NDT trust assets as of March 31, 2025 [297]. Trust Funds and Investments - The company maintains trust funds for decommissioning nuclear plants, with investments exposed to equity market fluctuations and interest rate changes [296]. - Employee benefit plan trusts also hold investments in equity and debt securities, impacting financial performance [298].

Financial Performance - Constellation Energy Corporation (CEG) reported first-quarter 2025 earnings of $2.14 per share, a 17.6% increase from $1.82 in the same quarter last year, aligning with the Zacks Consensus Estimate [1] - Total revenues reached $6.79 billion, exceeding the Zacks Consensus Estimate of $5.92 billion by 14.6%, and increased by 10.2% from $6.16 billion year-over-year [1] - Total operating expenses were $6.34 billion, up 18.5% from $5.35 billion in the previous year [2] - Operating income decreased to $451 million from $813 million in the year-ago quarter [2] - Net interest expenses rose by 15% to $146 million from $127 million in the prior year [2] Financial Position - As of March 31, 2025, CEG had cash and cash equivalents of $1.85 billion, down from $3.02 billion as of December 31, 2024 [5] - Long-term debt stood at $7.321 billion, slightly reduced from $7.384 billion as of December 31, 2024 [5] - Cash provided in operating activities for the first three months of 2025 was $107 million, compared to $723 million cash used in the same period last year [5] - Total capital expenditures for the first quarter were $806 million, an increase from $738 million a year ago [6] Strategic Developments - CEG entered into a definitive agreement to acquire Calpine Corporation, which will combine its clean energy production with Calpine's natural gas assets, creating a leading competitive retail supplier [3] - The Crane Clean Energy Center was selected by PJM for expedited grid connection, which will add over 1,150 megawatts of clean, firm electricity to the grid [4] Guidance - CEG reaffirmed its full-year 2025 adjusted operating earnings guidance of $8.90-$9.60 per share, with the Zacks Consensus Estimate at $9.52 per share, above the midpoint of the guided range [7]

Constellation Energy (CEG) Q1 2025 Earnings Call May 06, 2025 09:00 AM ET Company Participants Emily Duncan - Senior Vice President, Investor Relations and Strategic InitiativesJoseph Dominguez - President , CEO & DirectorDaniel Eggers - EVP & CFODavid Dardis - Executive VP & Chief Legal and Policy OfficerDavid Arcaro - Executive Director - Equity ResearchPaul Zimbardo - Managing Director Conference Call Participants Jeremy Tonet - ED - Equity Research AnalystSteve Fleishman - Managing Director and Senior A ...

Constellation Energy (CEG) Q1 2025 Earnings Call May 06, 2025 09:00 AM ET Speaker0 Good morning, ladies and gentlemen, and welcome to the Constellation Energy Corporation First Quarter Earnings Call. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session and instructions will follow at that time. As a reminder, this call may be recorded. I would now like to introduce your host for today's call, Emily Duncan, Senior Vice President, Investor Relations an ...

Core Viewpoint - Constellation Energy Corporation reported quarterly earnings of $2.14 per share, matching the Zacks Consensus Estimate, and showing an increase from $1.82 per share a year ago [1]. Financial Performance - The company posted revenues of $6.79 billion for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 14.61%, compared to $6.16 billion in the same quarter last year [2]. - Over the last four quarters, Constellation Energy has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2][1]. Stock Performance - Constellation Energy shares have increased approximately 11% since the beginning of the year, contrasting with the S&P 500's decline of -3.9% [3]. - The current consensus EPS estimate for the upcoming quarter is $2.28, with expected revenues of $5.05 billion, and for the current fiscal year, the estimate is $9.52 on revenues of $23.59 billion [7]. Industry Outlook - The Alternative Energy - Other industry, to which Constellation Energy belongs, is currently ranked in the bottom 41% of over 250 Zacks industries, indicating potential challenges ahead [8].

Exhibit 99.1 News Release Contact: Linsey Wisniewski Corporate Communications 667-218-7700 Emily Duncan Investor Relations 833-447-2783 CONSTELLATION REPORTS FIRST QUARTER 2025 RESULTS Earnings Release Highlights Baltimore (May 6, 2025) — Constellation Energy Corporation (Nasdaq: CEG) today reported its financial results for the first quarter of 2025. "Constellation delivered another strong quarter, driven by the unmatched capabilities of our people and the strength of our fleet. We provide American familie ...

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Constellation Energy Corporation (CEG) is expected to deliver improvements in its earnings per share when it reports first-quarter 2025 results on May 6, before market open. (See the Zacks Earnings Calendar to stay ahead of market-making news.)The Zacks Consensus Estimate for CEG’s first-quarter revenues is pegged at $5.92 billion, indicating a decline of 3.87% from the year-ago reported figure.The Zacks Consensus Estimate for the company’s first-quarter earnings is pegged at $2.14 per share, indicating a 1 ...