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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
04/26/201612:54:00Exelon Corporation Declares Dividend
04/25/201612:25:00Landmark Agreement with Exelon, U.S. Fish and Wildlife Service...
04/22/201613:33:00ComEd Marks Earth Day by Improving Habitat for Imperiled Monarch...
04/22/201610:00:00PECO Celebrates Earth Day with Next Step in Proven Environmental...
04/21/201611:55:00ComEd Announces New Way to Support Solar in Illinois
04/19/201616:24:00Exelon Generation and RES Announce 10 MW Battery Storage Project
04/19/201614:16:00ComEd To Install Smart-Ready LED Streetlights in More Than 50...
04/19/201610:00:00U.S. Environmental Protection Agency Presents PECO with ENERGY...
04/15/201608:00:00Exelon Announces Outcome of 2016-2017 MISO Auction
04/13/201609:00:00City of Hartford, Constellation and Bloom Energy Start Construction...
04/11/201613:32:00Smart Grid Progress Report Demonstrates Benefits to ComEd Customers
04/11/201609:30:00PECO Employees Advancing the Region by Leading more than 40 Community...
04/07/201621:13:00Utilities Seek to Stockpile Essential Parts for Disasters
04/07/201616:22:00ComEd Pays Tribute to Diverse Businesses at Inaugural Supplier...
04/07/201611:30:00Exelon Employees Leading More Than 160 Service Projects in Their...
04/07/201611:15:00ComEd Provides $10 million in Financial Assistance for Seniors...
04/06/201614:48:00PECO Reminds Customers to Dial 811 Before They Dig
04/04/201613:30:00PECO Earns Coveted LEED Certification for Philadelphia Headquarters
03/31/201617:50:00Two Power Providers Get Ohio Nod to Shift Some Losses to Clients
03/31/201617:42:00American Electric Power, FirstEnergy Get Ohio Approval to Shift...

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