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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
07/01/201416:30:38MARKET SNAPSHOT: U.S. Stocks: S&P 500, Dow Set Fresh Records
05/27/201419:44:48Power-Price Rise Energizes Utility Shares
05/07/201407:46:37Pepco Holdings Swings to Profit; Revenue Jumps 13%
04/30/201417:21:19MARKET SNAPSHOT: U.S. Stocks Rise; Dow Closes At Record Level
04/30/201416:41:11Exelon to Buy Pepco in $6.8 Billion Deal -- 3rd Update
04/30/201415:35:26MARKET SNAPSHOT: U.S. Stocks Rise After Fed Statement
04/30/201414:45:17MARKET SNAPSHOT: U.S. Stocks Swing Wildly On Fed Statement
04/30/201413:13:48MARKET SNAPSHOT: U.S. Stocks Range-bound After Mixed Data
04/30/201410:27:01MARKET SNAPSHOT: U.S. Stocks Edge Lower After Mixed Data
04/30/201408:03:13Exelon to Buy Pepco in All-Cash Deal -- 2nd Update
04/30/201407:20:17Exelon to Buy Pepco in All-Cash Deal
04/30/201407:03:15Exelon to Buy Pepco in All-Cash Deal -- Update
04/28/201416:53:22MARKET SNAPSHOT: Market Leaders Energy, Utilities Face Earnings...
04/27/201406:17:33MARKET SNAPSHOT: Energy, Utilities Companies Face Earnings Tests
04/01/201417:58:15Correction to EDF Finalizes Deal Paving Way for Possible Exit...
04/01/201413:30:17EDF Finalizes Deal Paving Way for Possible Exit From U.S. Nuclear
04/01/201413:16:51EDF Finalizes Deal Paving Way for Possible Exit From US Nuclear
02/11/201416:24:10Charter Nominates Candidates for Time Warner Cable Board -- Update
02/06/201412:27:21Correction to Exelon Earnings Story
02/06/201412:24:39Exelon Profit Rises 31% on Fewer-Storm Related Costs

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