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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
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
02/06/201412:15:53Exelon's PECO Utility Reports 443,000 Customers Remain Without...
11/15/201309:18:03OZ Management LP 3Q 13F: Largest Purchases -2-
11/15/201309:18:02OZ Management LP 3Q 13F: Holdings As Of Sep 30
11/15/201309:18:02OZ Management LP 3Q 13F: Holdings As Of Sep 30 -2-
11/15/201309:18:02OZ Management LP 3Q 13F: Largest Purchases
11/15/201308:55:36Highbridge Capital Management 3Q 13F: Holdings As -2-
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Holdings As Of Sep 30
11/14/201307:19:32The Vanguard Group 3Q 13F: Largest Purchases
11/14/201307:19:32The Vanguard Group 3Q 13F: Largest Purchases -2-
11/14/201307:19:20The Vanguard Group 3Q 13F: Holdings As Of Sep 30
11/14/201307:19:20The Vanguard Group 3Q 13F: Holdings As Of Sep 30 -2-
10/30/201309:30:41U.S. Hot Stocks Futures: Hot Stocks to Watch
10/30/201308:58:39Exelon 3rd-Quarter Profit Soars on Positive Hedging Impacts...
10/08/201319:21:09Exelon Loses Tax Dispute, Says Decision Won't Affect Earnings...

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