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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
07/31/201511:30:00ComEd to Initiate Energy Savings Day, Customers Can Reap Summer...
07/30/201510:04:00PECO Helps Customers Beat the Heat and Save Energy and Money
07/29/201509:50:05Exelon Reports Profit Increase on Higher Sales, Hedging Gain
07/29/201509:44:18Exelon Reports Profit Increase on Higher Sales, Hedging Gain
07/29/201508:00:00Exelon Announces Second Quarter 2015 Results
07/28/201512:17:00Exelon Corporation Declares Dividend
07/28/201509:38:00Baltimore Ravens Go Solar with Constellation
07/27/201510:30:00ComEd Opens Satellite Sites to Help Continue Administering Financial...
07/24/201511:06:00Pennsylvania Convention Center Receives $60,000 from PECO for...
07/19/201519:44:11Sales of Bonds With Floating Rates Sink
07/17/201513:23:00PECO Customers Kick 50,000 Appliances to the Curb With PECO Smart...
07/16/201512:43:00ComEd and Openlands Provide Grants to Illinois Communities to...
07/15/201510:11:00New PECO Mobile Website & Outage Map to Provide Customers Anywhere...
07/14/201510:40:00Constellation Awards $22,000 In Grants to 49 Community Champions...
07/13/201520:34:00ComEd Responds to Storm-Related Outages and Asks Customers to...
07/10/201510:20:00ComEd Plans to Launch Satellite Sites to Continue Administrating...
07/09/201515:10:00Exelon Generation Breaks Ground On New 1,000 Megawatt Natural...
07/09/201512:40:00Not Hot Enough Yet? ComEd Customers Can Still Save Energy!
07/06/201510:11:00PECO Honored for Commitment to Safety by Southeastern Electric...
07/06/201510:00:00BGE Receives an Industry Excellence Award from the Southeastern...

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