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Constellation Energy Swings To 4Q Loss; Posts Surprise Revenue Decline

DOW JONES NEWSWIRES Constellation Energy Group Inc. (CEG) swung to a fourth-quarter loss as the power company reported struggles in its generation business and increased losses at its NewEnergy retail operations. Constellation and other power producers that sell in competitive markets have been hurt in recent quarters by a weak wholesale market that remains under pressure from low natural-gas prices. Exelon Corp. (EXC) last year agreed to buy Constellation in a stock-for-stock deal valued at about $8 billion. The deal would allow Exelon, the largest operator of nuclear plants in the U.S., to combine its generation fleet with Constellation's large retail marketing business. Constellation Chief Executive and Chairman Mayo A. Shattuck III on Friday said the deal remains on track and is anticipated to close in the first quarter, absent any delay in the Federal Energy Regulatory Commission approval process. For the fourth quarter, the company posted a loss of $583.6 million, or $2.91 a share, compared with a year-earlier profit of $159.8 million, or 79 cents a share. Stripping out merger-related costs and other items, the company reported a per-share profit of 5 cents, well below the 64 cents expected by analysts polled by Thomson Reuters. Revenue declined 15% to $2.95 billion, far short of the $5.89 billion expects by Wall Street analysts. The generation segment booked a loss of $2.62 a share, compared with a year-earlier profit of 60 cents a share. The NewEnergy retail segment reported a loss of 45 cents a share, versus a profit of 2 cents a year earlier. Shares of Constellation closed Thursday at $36.67 and were inactive premarket. The stock is down 7.6% year to date. -By Mia Lamar, Dow Jones Newswires; 212-416-3207; mia.lamar@dowjones.com

Stock News for Exelon (EXC)
DateTimeHeadline
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02/03/201609:30:00PECO Improves Electric Reliability in 2015
02/03/201608:00:00Exelon Announces Fourth Quarter 2015 Results, Provides 2016 Earnings...
02/02/201615:57:00ComEd, Partners Showcase “Community of the Future” Plans
02/02/201612:00:00Constellation Announces Agreement with Cavaliers Organization...
02/01/201611:23:00ComEd Extends Call Center Hours for Customer Convenience
02/01/201610:00:00Diverse Supplier Roundtable Hosted by Pepco and Exelon Draws...
01/28/201615:08:00Exelon Appoints Nancy L. Gioia to Board of Directors
01/28/201612:19:00Energy-Efficient PECO Customers Save Half A Billion Dollars
01/27/201611:01:002015 Marks Three Years of Record System Reliability for ComEd...
01/26/201612:28:00Exelon Corporation Declares Dividend
01/25/201613:54:00Illinois Moves Up to #2 in the Nation for Electrical Grid Modernization
01/24/201614:30:00PECO Weathers First Winter Storm of 2016
01/22/201612:20:00CORRECTING and REPLACING ComEd Sends More Than 200 Crews to Help...
01/22/201610:15:00ComEd Sends More Than 200 Crews to Help Utilities as East Coast...
01/21/201622:55:00Exelon Generation Applauds NYPSC Vote on Clean Energy

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