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Constellation Energy Reports Strong First Quarter 2024 Financial Results
Baltimore, May 9, 2024 – Constellation Energy Corporation (Nasdaq: CEG) today announced its financial outcomes for the first quarter of 2024, showcasing significant improvements and strategic advancements in its operations. The company recorded a GAAP Net Income of $2.78 per share and Adjusted (non-GAAP) Operating Earnings of $1.82 per share, demonstrating robust growth compared to the first quarter of 2023.
Detailed Financial Highlights from Q1 2024
Earnings Overview
Constellation Energy's earnings have seen a substantial increase with the GAAP Net Income reaching $2.78 per share, up from $0.29 per share in the same quarter the previous year. Similarly, Adjusted (non-GAAP) Operating Earnings also rose to $1.82 per share from $0.78 per share in Q1 2023.
Full-Year Earnings Guidance
The company is affirming its full-year 2024 Adjusted Operating Earnings guidance, projecting a range of $7.23 to $8.03 per share. This outlook reflects Constellation's confidence in its operational stability and financial strategy.
Capital Allocation and Shareholder Returns
Share Repurchase Program
April 2024 marked a significant move by Constellation with the authorization of an additional $1 billion for share repurchases under its existing program. Over the first quarter, the company has already invested more than $500 million in share repurchases, with cumulative investments totaling $1.5 billion since 2023.
Credit Rating Upgrade
Reflecting financial stability and investor confidence, Moody’s upgraded Constellation’s issuer credit rating from Baa2 to Baa1. This upgrade is a testament to the company’s ability to maintain strong credit metrics amid its financial performance.
First Corporate Green Bond Including Nuclear Energy
In a pioneering move, Constellation issued the nation’s first corporate green bond that includes nuclear energy, with a $900 million, 30-year term. This green bond is dedicated to financing projects that enhance the production of clean, carbon-free energy and support other innovative energy solutions.
Operational Highlights and Future Outlook
Nuclear and Renewable Operations
Constellation's nuclear fleet produced 45,391 gigawatt-hours in the first quarter of 2024, showing an increase from 42,463 GWh in the prior-year period. The company also reported a capacity factor of 93.3% for its nuclear plants. Moreover, the renewable energy capture rate stood at 96.3% in the first quarter, slightly down from 96.6% in Q1 2023.
Strategic Developments
The company is extending the operational lifespan of its nuclear plants, enhancing their output, and exploring the placement of next-generation nuclear reactors. These initiatives are integral to Constellation’s commitment to providing clean energy solutions and supporting the nation's transition to a clean-energy economy.
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