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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
09/02/201517:11:00ComEd Recognized as One of the Top 10 Utilities for Economic...
09/01/201508:00:00Exelon Announces Outcome of 2016-17 PJM Transition Auction
08/31/201509:10:00Exelon Reaffirms Commitment to Buying Pepco
08/31/201509:00:00Exelon Reaffirms Commitment to Buying Pepco After D.C. Rejection
08/31/201508:00:00Exelon-Pepco Holdings Statement on Public Service Commission...
08/26/201510:34:00Constellation Announces 2015 E2 Energy to Educate Grants Program
08/25/201513:13:00D.C. Regulators Reject Pepco-Exelon Merger
08/25/201512:40:00Exelon-Pepco Holdings Statement on Decision by the Public Service...
08/25/201512:29:00Pepco, Exelon Merger Application Rejected by Regulator -Bloomberg
08/24/201509:11:00Three Exelon Nuclear Plants Don't Clear Capacity Auction
08/24/201508:00:00Exelon Announces Outcome of 2018-19 PJM Capacity Auction
08/24/201508:00:00Constellation Named Preferred Energy Choice of the Baltimore...
08/20/201514:37:00Constellation Rounds Out Summer Volunteer Efforts with West Baltimore...
08/19/201509:00:00ComEd Challenges Girls to Think Outside the “Icebox”: Second Ann...
08/12/201509:00:00Constellation & Bloom Energy to Develop 40 Megawatts of Fuel...
08/11/201511:00:00Constellation Expands Its Growing Home Energy Services Business...
08/11/201510:22:00BGE Reminds You to Call Miss Utility at 811 Before You Dig
08/11/201510:00:00PECO Reminds You to Call 811 Before You Dig
08/10/201516:06:00Constellation and Community College of Baltimore County Announce...
08/06/201506:00:00ComEd Extends Deadline for Financial Assistance Satellite Sites

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