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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
06/24/201615:00:00June is National Safety Month and PECO Offers Tips to Help Customers...
06/24/201614:00:00ComEd Launches Power Line Safety Awareness Campaign
06/24/201610:00:00PECO Advances Local Solar Energy with Leadership of Successful...
06/22/201611:26:00Exelon Notifies Nuclear Energy Regulator of Plans to Close Clinton...
06/21/201617:01:00ComEd Announces $1.2 Billion Bond Sale
06/16/201614:30:00BGE, the Country’s First Gas Company, Celebrates its Bicentennial
06/14/201615:45:00Edison Electric Institute Honors PECO with National Emergency...
06/14/201611:00:00Exelon Utilities Ready for Summer Heat and Storms
06/13/201612:44:00Builders and Raters of Energy-Efficient New Homes in Maryland...
06/10/201610:57:00Mike Kormos Joins Exelon as Senior Vice President of Wholesale...
06/09/201613:59:00Exelon Recognizes 21 Outstanding Employee Volunteers and Donates...
06/07/201617:14:00BGE’s Smart Energy Economic Development Program Results in U...
06/07/201609:30:00Constellation Selected to Provide $10 Million in Energy Conservation...
06/07/201609:00:00Constellation Joining Forces with Fiorenza’s Food for Friends t...
06/06/201615:25:00Senior ComEd Executive Elected as First Vice Chairman of the...
06/03/201616:56:00New Underground Mechanics Join PECO’s Field Force
06/03/201611:00:00Explore the World without a Passport! PECO Multicultural Series...
06/02/201617:16:00Exelon Moves to Close Two Illinois Nuclear Plants -- Update
06/02/201615:25:00Record Enrollment in ComEd’s Smart Meter-Enabled Savings Program
06/02/201613:28:00Chester County Completes Energy & Water Conservation Measures...

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