Investing.com — Constellation Energy (NASDAQ:CEG) shares advanced over 4% in premarket trading on Monday after the U.S. nuclear and power producer beat third-quarter profit expectations by a wide margin and raised the midpoint of its full-year earnings forecast.
Adjusted earnings rose to $5.06 a share in the quarter ended Sept. 30 from $3.04 a year earlier, helped by favorable market and portfolio conditions and the January purchase of Calpine, partly offset by unfavorable interest and its nuclear PTC portfolio. Analysts had expected $3.89.
Net income was $1.84 billion, or $5.19 a share, versus $930 million, or $2.97 a share, a year earlier.
Revenue was $9.55 billion, versus $6.57 billion a year earlier and the $9.35 billion analysts expected. Net interest expense was $217 million, versus $134 million a year earlier.
Constellation now expects 2026 adjusted operating earnings of $12.50 to $12.80 a share, versus the $12.22 analysts expected. It narrowed the range and raised the midpoint for the second time this year.
Chief executive Joe Dominguez said the agreements “add more than 1,000 megawatts of new, emissions-free generation to the grid.” He said the new megawatts are “coming online with no costs being borne by existing customers.”
Constellation agreed to buy the 609-megawatt Rhode Island State Energy Center, a natural gas plant, from Shell Energy North America for $715 million, subject to regulatory approvals.
It signed a 20-year, 690-megawatt power purchase agreement with Amazon that will support more than $3 billion in investment at its Calvert Cliffs nuclear plant, including a 190-megawatt expansion due between 2030 and 2032.
A 20-year agreement with Google will support more than $4.3 billion in investment across 11 nuclear units to add about 890 megawatts, with the first increase expected in 2028. Its first Peak+ deal, a 20-year agreement for 270 megawatts from existing nuclear plants, starts in 2028.
Constellation also signed a conditional commitment with the U.S. Energy Department for a loan guarantee of up to $5 billion to support nuclear plant output increases. The 30-year loan would carry interest 0.375% above comparable U.S. Treasury rates.
Its nuclear fleet generated 46,677 gigawatt-hours, versus 46,477 a year earlier. Excluding the Salem and South Texas Project stations, nuclear plants ran at 97.2% of capacity, versus 96.8% a year earlier.
Original Article
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Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
