Constellation Reports Fourth Quarter and Full Year 2024 Results
Constellation Energy (CEG) reported strong financial results for Q4 and full year 2024. The company achieved GAAP Net Income of $2.71 per share and Adjusted Operating Earnings of $2.44 per share for Q4, while full-year figures reached $11.89 and $8.67 per share respectively, exceeding guidance.
Key developments include entering a definitive agreement to acquire Calpine in a cash and stock transaction worth $4.5 billion plus 50 million shares, completing $1 billion in share repurchases, and securing a credit rating upgrade from Moody's to Baa1. The company increased its dividend by 25% and plans another 10% growth in 2025.
Constellation affirmed its 2025 guidance range of $8.90-$9.60 per share and maintained strong operational performance with a 94.6% nuclear operating capacity factor for 2024. The company remains the largest producer of emissions-free energy in the U.S. for the 11th consecutive year.
Constellation Energy (CEG) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024. L'azienda ha raggiunto un utile netto GAAP di 2,71 dollari per azione e un utile operativo rettificato di 2,44 dollari per azione per il quarto trimestre, mentre i risultati complessivi hanno raggiunto rispettivamente 11,89 e 8,67 dollari per azione, superando le previsioni.
Sviluppi chiave includono la stipula di un accordo definitivo per acquisire Calpine in una transazione in contante e azioni del valore di 4,5 miliardi di dollari più 50 milioni di azioni, il completamento di riacquisti di azioni per 1 miliardo di dollari e l'ottenimento di un upgrade del rating creditizio da parte di Moody's a Baa1. L'azienda ha aumentato il suo dividendo del 25% e prevede un ulteriore incremento del 10% nel 2025.
Constellation ha confermato il suo intervallo di previsioni per il 2025 di 8,90-9,60 dollari per azione e ha mantenuto una forte performance operativa con un fattore di capacità operativa nucleare del 94,6% per il 2024. L'azienda rimane il più grande produttore di energia senza emissioni negli Stati Uniti per l'undicesimo anno consecutivo.
Constellation Energy (CEG) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. La compañía logró un ingreso neto GAAP de 2.71 dólares por acción y ganancias operativas ajustadas de 2.44 dólares por acción para el cuarto trimestre, mientras que las cifras anuales alcanzaron 11.89 y 8.67 dólares por acción respectivamente, superando las expectativas.
Los desarrollos clave incluyen la firma de un acuerdo definitivo para adquirir Calpine en una transacción de efectivo y acciones valorada en 4.5 mil millones de dólares más 50 millones de acciones, completando recompras de acciones por 1 mil millones de dólares y asegurando una mejora en la calificación crediticia de Moody's a Baa1. La empresa aumentó su dividendo en un 25% y planea un crecimiento adicional del 10% en 2025.
Constellation reafirmó su rango de orientación para 2025 de 8.90 a 9.60 dólares por acción y mantuvo un sólido desempeño operativo con un factor de capacidad operativa nuclear del 94.6% para 2024. La compañía sigue siendo el mayor productor de energía libre de emisiones en EE. UU. por undécimo año consecutivo.
컨스텔레이션 에너지 (CEG)는 2024년 4분기 및 연간 재무 결과를 강하게 보고했습니다. 이 회사는 4분기에 주당 2.71달러의 GAAP 순이익과 주당 2.44달러의 조정 운영 수익을 달성했으며, 연간 수치는 각각 11.89달러와 8.67달러에 도달하여 가이던스를 초과했습니다.
주요 개발 사항으로는 칼핀을 45억 달러 및 5천만 주의 현금 및 주식 거래로 인수하기 위한 최종 계약 체결, 10억 달러의 자사주 매입 완료, 무디스로부터 Baa1로의 신용 등급 상승 확보가 포함됩니다. 회사는 배당금을 25% 인상했으며 2025년에는 10% 추가 성장을 계획하고 있습니다.
컨스텔레이션은 2025년 주당 8.90달러에서 9.60달러의 가이던스 범위를 확인했으며, 2024년에는 94.6%의 원자력 운영 용량 비율로 강력한 운영 성과를 유지했습니다. 이 회사는 11년 연속으로 미국에서 배출가스 없는 에너지의 최대 생산자로 남아 있습니다.
Constellation Energy (CEG) a annoncé des résultats financiers solides pour le quatrième trimestre et l'année complète 2024. L'entreprise a réalisé un résultat net GAAP de 2,71 $ par action et un bénéfice opérationnel ajusté de 2,44 $ par action pour le quatrième trimestre, tandis que les chiffres annuels ont atteint 11,89 $ et 8,67 $ par action respectivement, dépassant les prévisions.
Les développements clés comprennent la conclusion d'un accord définitif pour acquérir Calpine dans le cadre d'une transaction en espèces et en actions d'une valeur de 4,5 milliards de dollars plus 50 millions d'actions, la réalisation de rachat d'actions d'un milliard de dollars et l'obtention d'une amélioration de la note de crédit par Moody's à Baa1. L'entreprise a augmenté son dividende de 25 % et prévoit une nouvelle croissance de 10 % en 2025.
Constellation a confirmé son intervalle de prévisions pour 2025 de 8,90 à 9,60 $ par action et a maintenu une forte performance opérationnelle avec un facteur de capacité opérationnelle nucléaire de 94,6 % pour 2024. L'entreprise demeure le plus grand producteur d'énergie sans émissions aux États-Unis pour la onzième année consécutive.
Constellation Energy (CEG) hat starke Finanzzahlen für das 4. Quartal und das Gesamtjahr 2024 gemeldet. Das Unternehmen erreichte einen GAAP-Nettoeinkommen von 2,71 USD pro Aktie und bereinigte Betriebsergebnisse von 2,44 USD pro Aktie im 4. Quartal, während die Jahreszahlen 11,89 und 8,67 USD pro Aktie erreichten und die Prognosen übertrafen.
Zu den wichtigsten Entwicklungen gehört der Abschluss eines endgültigen Vertrags zur Übernahme von Calpine in einer Bar- und Aktientransaktion im Wert von 4,5 Milliarden USD sowie 50 Millionen Aktien, der Abschluss von Aktienrückkäufen in Höhe von 1 Milliarde USD und die Sicherstellung eines Kreditratings von Moody's auf Baa1. Das Unternehmen hat seine Dividende um 25% erhöht und plant ein weiteres Wachstum von 10% im Jahr 2025.
Constellation hat seine Prognose für 2025 im Bereich von 8,90 bis 9,60 USD pro Aktie bestätigt und eine starke operative Leistung mit einem 94,6%-igen Kernkraftbetriebsfaktor für 2024 aufrechterhalten. Das Unternehmen bleibt zum elften Mal in Folge der größte Produzent emissionsfreier Energie in den USA.
- Exceeded 2024 earnings guidance with Adjusted Operating Earnings of $8.67 per share
- Completed $1 billion share repurchase with $1 billion authorization remaining
- Credit rating upgraded by Moody's from Baa2 to Baa1
- 25% dividend increase with planned 10% growth in 2025
- Strong nuclear fleet performance with 94.6% capacity factor
- Strategic Calpine acquisition to expand market presence
- Nuclear fleet production slightly decreased to 45,494 GWhs from 45,563 GWhs in Q4 2023
- Gas and pumped storage dispatch match rate declined to 93.2% from 97.5% in Q4 2023
Insights
Constellation Energy's FY2024 results demonstrate exceptional financial execution, with adjusted operating earnings of
The financial strength is particularly evident in several key metrics:
- Completion of
$1 billion in share repurchases in 2024, bringing the total to$2 billion since 2023 25% dividend increase in 2024 with projected10% growth in 2025- Successful issuance of a
$900 million green bond, pioneering nuclear energy inclusion - Moody's credit rating upgrade to Baa1, reflecting improved debt metrics
The operational excellence is reflected in the
The 2025 guidance of
Earnings Release Highlights
-
GAAP Net Income of
$2.71 $2.44 $11.89 $8.67 $8.00 -$8.40 -
Affirming full-year 2025 Adjusted (non-GAAP) Operating Earnings guidance range of
$8.90 $9.60 - Entered a definitive agreement to acquire Calpine Corporation, which will combine the largest producer of clean, emissions-free energy, with the reliable, dispatchable natural gas assets of Calpine, and will also create the nation's leading competitive retail supplier poised to meet growing demand for customers and communities
- Announced the signing of a 20-year power purchase agreement with Microsoft that will support the launch of the Crane Clean Energy Center
-
Delivered on our commitment to shareholders:
-
Completed
$1 billion $2 billion $1 billion - Our issuer credit rating was upgraded by Moody’s Investor Services (Moody’s) from Baa2 to Baa1
- Issued the nation’s first corporate green bond including nuclear energy
-
Increased the annual per share dividend by
25% , and expect to grow the dividend per share by another10% in 2025-
Declared a quarterly dividend of
$0.38 78
-
Declared a quarterly dividend of
-
Completed
- Ranked the No. 1 producer of emissions-free energy and boasted the lowest rate of carbon dioxide emissions for the 11th consecutive year
-
Achieved a nuclear operating capacity factor of
94.6% and94.4% for the twelve months ended December 31, 2024 and 2023, respectively -
Awarded 2024 Great Place to Work® certification for second year in a row, earning a place on three Great Place to Work Award lists:
- Fortune Best Workplaces for Parents™2024
- Fortune Best Workplaces for Women™2024
- Fortune Best Workplaces in Manufacturing & Production™2024
-
Contributed more than
$20 million
“The 14,000 women and men of Constellation remain the driving force behind our strong operational and financial performance in 2024. Whether it’s AI and the many technologies of the future, or the everyday needs of families and businesses across our nation, Constellation provides the reliable and sustainable energy needed today and is investing billions of dollars to power our country for decades to come. We know that reliable, affordable and sustainable power is the key to America’s freedom and the life-blood of our economic prosperity, and over the past three years we have built a company that can meet that need for power with unmatched capabilities,” said Joe Dominguez, president and CEO, Constellation. “As we look forward to closing the Calpine acquisition later this year, Constellation will create new capabilities that will increase product offerings across America to help families and businesses thrive and grow. There has never been a more exciting time for our country and for the energy industry. We are privileged to be at the heart of it all.”
“For the second consecutive year since forming our new company, Constellation has outperformed the top end of its guidance range – a testament to the combined value of our commercial and generation businesses, which were firing on all cylinders in 2024,” said Dan Eggers, chief financial officer, Constellation. “Backstopped by our strong balance sheet and industry leading generation and commercial businesses, we’re affirming our 2025 adjusted operating earnings guidance range at
Fourth Quarter 2024
Our GAAP Net Income (Loss) for the fourth quarter of 2024 increased to
Adjusted (non-GAAP) Operating Earnings in the fourth quarter of 2024 primarily reflects:
- Favorable nuclear PTC portfolio results and favorable labor (incentives), contracting and materials partially offset by unfavorable market and portfolio conditions and impacts of nuclear outages
Full Year 2024
Our GAAP Net Income for 2024 increased to
Adjusted (non-GAAP) Operating Earnings for the full year 2024 primarily reflects:
- Favorable nuclear PTC portfolio results and market and portfolio conditions partially offset by unfavorable labor (incentives), contracting and materials, banked ZEC revenues and interest expense
Recent Developments and Highlights
-
Affirming 2025 Adjusted (non-GAAP) Operating Earnings Guidance: On January 10, 2025, we initiated an adjusted operating earnings guidance range of
$8.90 $9.60 -
Proposed Acquisition of Calpine Corporation: We have entered a definitive agreement to acquire Calpine in a cash and stock transaction composed of 50 million shares of our common stock and
$4.5 billion -
Delivering on Our Capital Allocation Promises in 2024: We continued our share repurchase program, buying back approximately
$1 billion $2 billion $1 billion $900 million 25% , and expect to grow the dividend per share by another10% in 2025. -
Dividend Declaration: Our Board of Directors has declared a quarterly dividend of
$0.38 78 -
No. 1 Producer of Emissions-Free Energy: For the 11th consecutive year, we are the nation’s largest producer of emissions-free energy and have the lowest rate of carbon dioxide emissions among the 20 largest private, investor-owned power producers in
the United States , according to an independent analysis based on publicly reported 2022 air emissions data. The annual Benchmarking Air Emissions of the 100 Largest Electric Power Producers inthe United States report showed that the next cleanest company among the group of 20 had more than four-and-a-half times the rate of carbon dioxide emissions as Constellation. -
Nuclear Operations: Our nuclear fleet, including our owned output from the
Salem and South Texas Project (STP) Generating Stations, produced 45,494 gigawatt-hours (GWhs) in the fourth quarter of 2024, compared with 45,563 GWhs in the fourth quarter of 2023. ExcludingSalem and STP, our nuclear plants at ownership achieved a capacity factor of94.8% and95.1% for the fourth quarter of 2024 and 2023, respectively, and94.6% and94.4% for the twelve months ended December 31, 2024 and 2023, respectively. There were 66 planned refueling outage days in the fourth quarter of 2024 and 56 in the fourth quarter of 2023. There were 3 non-refueling outage days in the fourth quarter of 2024 and 7 in the fourth quarter of 2023. -
Natural Gas, Oil, and Renewables Operations: The dispatch match rate for our gas and pumped storage hydro fleet was
93.2% and97.5% in the fourth quarter of 2024 and 2023, respectively, and97.4% and98.5% for the twelve months ended December 31, 2024 and 2023, respectively. Energy capture for the wind, solar and run-of-river hydro fleet was95.7% and96.3% in the fourth quarter of 2024 and 2023, respectively, and96.1% and96.4% for the twelve months ended December 31, 2024 and 2023, respectively.
GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation
Unless otherwise noted, the income tax impact of each reconciling adjustment between GAAP Net Income (Loss) Attributable to Common Shareholders and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all adjustments except the Nuclear Decommissioning Trust (NDT) fund investment returns, which are included in decommissioning-related activities, the marginal statutory income tax rate was
|
Three Months Ended December 31, |
||||||||||||||
|
2024 |
|
|
2023 |
|
||||||||||
(In millions, except per share data) |
|
|
Earnings Per
|
|
|
|
Earnings Per
|
||||||||
GAAP Net Income (Loss) Attributable to Common Shareholders |
$ |
852 |
|
|
$ |
2.71 |
|
|
$ |
(36 |
) |
|
$ |
(0.11 |
) |
Unrealized (Gain) Loss on Fair Value Adjustments (net of taxes |
|
(241 |
) |
|
|
(0.77 |
) |
|
|
758 |
|
|
|
2.36 |
|
Plant Retirements and Divestitures (net of taxes |
|
(40 |
) |
|
|
(0.13 |
) |
|
|
9 |
|
|
|
0.03 |
|
Decommissioning-Related Activities (net of taxes |
|
177 |
|
|
|
0.56 |
|
|
|
(181 |
) |
|
|
(0.56 |
) |
Pension & OPEB Non-Service (Credits) Costs (net of taxes |
|
4 |
|
|
|
0.01 |
|
|
|
(10 |
) |
|
|
(0.03 |
) |
Separation Costs (net of taxes $— and |
|
— |
|
|
|
— |
|
|
|
(5 |
) |
|
|
(0.02 |
) |
ERP System Implementation Costs (net of taxes $— and |
|
1 |
|
|
|
— |
|
|
|
4 |
|
|
|
0.01 |
|
Change in Environmental Liabilities (net of taxes |
|
5 |
|
|
|
0.02 |
|
|
|
11 |
|
|
|
0.03 |
|
Income Tax-Related Adjustments |
|
3 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
Acquisition-Related Costs (net of taxes |
|
6 |
|
|
|
0.02 |
|
|
|
6 |
|
|
|
0.03 |
|
Noncontrolling Interests |
|
(2 |
) |
|
|
(0.01 |
) |
|
|
(1 |
) |
|
|
— |
|
Adjusted (non-GAAP) Operating Earnings |
$ |
765 |
|
|
$ |
2.44 |
|
|
$ |
555 |
|
|
$ |
1.74 |
|
|
Twelve Months Ended December 31, |
||||||||||||||
|
2024 |
|
|
2023 |
|
||||||||||
(In millions, except per share data) |
|
|
Earnings Per
|
|
|
|
Earnings Per
|
||||||||
GAAP Net Income (Loss) Attributable to Common Shareholders |
$ |
3,749 |
|
|
$ |
11.89 |
|
|
$ |
1,623 |
|
|
$ |
5.01 |
|
Unrealized (Gain) Loss on Fair Value Adjustments (net of taxes |
|
(1,026 |
) |
|
|
(3.25 |
) |
|
|
506 |
|
|
|
1.56 |
|
Plant Retirements and Divestitures (net of taxes |
|
28 |
|
|
|
0.09 |
|
|
|
(7 |
) |
|
|
(0.02 |
) |
Decommissioning-Related Activities (net of taxes |
|
(50 |
) |
|
|
(0.16 |
) |
|
|
(183 |
) |
|
|
(0.56 |
) |
Pension & OPEB Non-Service (Credits) Costs (net of taxes |
|
5 |
|
|
|
0.02 |
|
|
|
(41 |
) |
|
|
(0.13 |
) |
Separation Costs (net of taxes |
|
9 |
|
|
|
0.03 |
|
|
|
62 |
|
|
|
0.19 |
|
ERP System Implementation Costs (net of taxes |
|
8 |
|
|
|
0.02 |
|
|
|
19 |
|
|
|
0.06 |
|
Change in Environmental Liabilities (net of taxes |
|
65 |
|
|
|
0.21 |
|
|
|
33 |
|
|
|
0.10 |
|
Income Tax-Related Adjustments |
|
(52 |
) |
|
|
(0.17 |
) |
|
|
(9 |
) |
|
|
(0.03 |
) |
Acquisition-Related Costs (net of taxes |
|
6 |
|
|
|
0.02 |
|
|
|
9 |
|
|
|
0.03 |
|
Asset Impairments (net of taxes $— and |
|
— |
|
|
|
— |
|
|
|
62 |
|
|
|
0.19 |
|
Noncontrolling Interests |
|
(7 |
) |
|
|
(0.02 |
) |
|
|
(40 |
) |
|
|
(0.12 |
) |
Adjusted (non-GAAP) Operating Earnings |
$ |
2,735 |
|
|
$ |
8.67 |
|
|
$ |
2,034 |
|
|
$ |
6.28 |
|
__________ |
||
(a) |
|
Amounts may not sum due to rounding. Earnings per share amount is based on average diluted common shares outstanding of 314 million and 321 million for the three months ended December 31, 2024 and 2023, respectively and 315 million and 324 million for the twelve months ended December 31, 2024 and 2023, respectively. |
About Constellation
Constellation Energy Corporation (Nasdaq: CEG), a Fortune 200 company headquartered in
Non-GAAP Financial Measures
We utilize Adjusted (non-GAAP) Operating Earnings (and/or its per share equivalent) in our internal analysis, and in communications with investors and analysts, as a consistent measure for comparing our financial performance and discussing the factors and trends affecting our business. The presentation of Adjusted (non-GAAP) Operating Earnings is intended to complement and should not be considered an alternative to, nor more useful than, the presentation of GAAP Net Income (Loss).
The tables above provide a reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings. Adjusted (non-GAAP) Operating Earnings is not a standardized financial measure and may not be comparable to other companies’ presentations of similarly titled measures.
Due to the forward-looking nature of our Adjusted (non-GAAP) Operating Earnings guidance, we are unable to reconcile this non-GAAP financial measure to GAAP Net Income (Loss) given the inherent uncertainty required in projecting gains and losses associated with the various fair value adjustments required by GAAP. These adjustments include future changes in fair value impacting the derivative instruments utilized in our current business operations, as well as the debt and equity securities held within our nuclear decommissioning trusts, which may have a material impact on our future GAAP results.
Our Adjusted (non-GAAP) Operating and Maintenance (O&M) excludes direct cost of sales for certain end-user businesses, Asset Retirement Obligation (ARO) accretion expense from unregulated units, and decommissioning costs that do not affect profit and loss.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the proposed transaction between Constellation and Calpine Corporation, the expected closing of the proposed transaction and the timing thereof, the financing of the proposed transaction and the pro forma combined company and its operations, strategies and plans, enhancements to investment-grade credit profile, synergies, opportunities and anticipated future performance and capital structure, and expected accretion to earnings per share and free cash flow. Information adjusted for the proposed transaction should not be considered a forecast of future results.
Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. The factors that could cause actual results to differ materially from the forward-looking statements made by Constellation Energy Corporation and Constellation Energy Generation, LLC, (the Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2024 Annual Report on Form 10-K (to be filed on February 18, 2025) in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18, Commitments and Contingencies, and (2) other factors discussed in filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. Neither Registrant undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.
Constellation Energy Corporation GAAP Consolidated Statements of Operations and Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments (unaudited) (in millions, except per share data) |
|||||||||||||||||||
|
|||||||||||||||||||
|
Three Months Ended December 31, 2024 |
|
Three Months Ended December 31, 2023 |
||||||||||||||||
|
GAAP (a) |
|
Non-GAAP
|
|
|
|
GAAP (a) |
|
Non-GAAP
|
|
|
||||||||
Operating revenues |
$ |
5,382 |
|
|
$ |
453 |
|
|
(b),(c) |
|
$ |
5,796 |
|
|
$ |
(84 |
) |
|
(b),(c) |
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Purchased power and fuel |
|
2,591 |
|
|
|
609 |
|
|
(b) |
|
|
4,018 |
|
|
|
(898 |
) |
|
(b) |
Operating and maintenance |
|
1,493 |
|
|
|
(78 |
) |
|
(c),(f),(g),(i),(j) |
|
|
1,422 |
|
|
|
(83 |
) |
|
(c),(d),(f),(i),(j) |
Depreciation and amortization |
|
255 |
|
|
|
(38 |
) |
|
(c),(g) |
|
|
288 |
|
|
|
(63 |
) |
|
(c),(g) |
Taxes other than income taxes |
|
140 |
|
|
|
— |
|
|
|
|
|
134 |
|
|
|
— |
|
|
|
Total operating expenses |
|
4,479 |
|
|
|
|
|
|
|
5,862 |
|
|
|
|
|
||||
Gain (loss) on sales of assets and businesses |
|
69 |
|
|
|
(69 |
) |
|
(g) |
|
|
(1 |
) |
|
|
— |
|
|
|
Operating income (loss) |
|
972 |
|
|
|
|
|
|
|
(67 |
) |
|
|
|
|
||||
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
(90 |
) |
|
|
(36 |
) |
|
(b) |
|
|
(139 |
) |
|
|
11 |
|
|
(b) |
Other, net |
|
(23 |
) |
|
|
66 |
|
|
(b),(c),(e) |
|
|
349 |
|
|
|
(326 |
) |
|
(b),(c),(d),(e) |
Total other income and (deductions) |
|
(113 |
) |
|
|
|
|
|
|
210 |
|
|
|
|
|
||||
Income (loss) before income taxes |
|
859 |
|
|
|
|
|
|
|
143 |
|
|
|
|
|
||||
Income tax (benefit) expense |
|
6 |
|
|
|
6 |
|
|
(b),(c),(e),(g),(i),(j),(k) |
|
|
182 |
|
|
|
53 |
|
|
(b),(c),(d),(e),(f),(g),(i),(j) |
Equity in income (losses) of unconsolidated affiliates |
|
(3 |
) |
|
|
— |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
Net income (loss) |
|
850 |
|
|
|
|
|
|
|
(39 |
) |
|
|
|
|
||||
Net income (loss) attributable to noncontrolling interests |
|
(2 |
) |
|
|
2 |
|
|
(h) |
|
|
(3 |
) |
|
|
1 |
|
|
(h) |
Net income (loss) attributable to common shareholders |
$ |
852 |
|
|
|
|
|
|
$ |
(36 |
) |
|
|
||||||
Effective tax rate |
|
0.7 |
% |
|
|
|
|
|
127.3 |
% |
|
|
|
||||||
Earnings per average common share |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic |
$ |
2.72 |
|
|
|
|
|
|
$ |
(0.11 |
) |
|
|
|
|
||||
Diluted |
$ |
2.71 |
|
|
|
|
|
$ |
(0.11 |
) |
|
|
|
|
|||||
Average common shares outstanding |
|
|
|
|
|
|
|
|
|||||||||||
Basic |
|
314 |
|
|
|
|
|
|
320 |
|
|
|
|||||||
Diluted |
|
314 |
|
|
|
|
|
|
321 |
|
|
|
|||||||
__________ |
||
(a) |
|
Results reported in accordance with GAAP. |
(b) |
|
Adjustment for mark-to-market on economic hedges and fair value adjustments related to gas imbalances and equity investments. |
(c) |
|
Adjustment for all gains and losses associated with Nuclear Decommissioning Trusts (NDT), Asset Retirement Obligation (ARO) accretion, Asset Retirement Cost (ARC) Depreciation, ARO remeasurement, and any earnings neutral impacts of contractual offset for Regulatory Agreement Units. |
(d) |
|
Adjustment for certain incremental costs related to the separation (system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation), including a portion of the amounts billed to us pursuant to the transition services agreement (TSA). |
(e) |
|
Adjustment for Pension and Other Postretirement Employee Benefits (OPEB) Non-Service credits. |
(f) |
|
Adjustment for costs related to a multi-year Enterprise Resource Program (ERP) system implemented in the first quarter of 2024. |
(g) |
|
Adjustments related to plant retirements and divestitures. |
(h) |
|
Adjustment for elimination of the noncontrolling interest portion of certain adjustments included above. |
(i) |
|
Adjustment for changes in environmental liabilities. |
(j) |
|
Adjustment for acquisition-related costs. |
(k) |
|
Adjustment to deferred income taxes due to changes in forecasted apportionment. |
|
|||||||||||||||||||
Constellation Energy Corporation GAAP Consolidated Statements of Operations and Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments (unaudited) (in millions, except per share data) |
|||||||||||||||||||
|
|||||||||||||||||||
|
Twelve Months Ended December 31, 2024 |
|
Twelve Months Ended December 31, 2023 |
||||||||||||||||
|
GAAP (a) |
|
Non-GAAP
|
|
|
|
GAAP (a) |
|
Non-GAAP
|
|
|
||||||||
Operating revenues |
$ |
23,568 |
|
|
$ |
(321 |
) |
|
(b),(c) |
|
$ |
24,918 |
|
|
$ |
(1,404 |
) |
|
(b),(c) |
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Purchased power and fuel |
|
11,419 |
|
|
|
1,018 |
|
|
(b) |
|
|
16,001 |
|
|
|
(2,365 |
) |
|
(b) |
Operating and maintenance |
|
6,159 |
|
|
|
(292 |
) |
|
(c),(d),(f),(g), (i),(j) |
|
|
5,685 |
|
|
|
(343 |
) |
|
(c),(d),(f),(i),(j),(l) |
Depreciation and amortization |
|
1,123 |
|
|
|
(212 |
) |
|
(c),(g) |
|
|
1,096 |
|
|
|
(211 |
) |
|
(c),(g) |
Taxes other than income taxes |
|
586 |
|
|
|
— |
|
|
|
|
|
553 |
|
|
|
— |
|
|
|
Total operating expenses |
|
19,287 |
|
|
|
|
|
|
|
23,335 |
|
|
|
|
|
||||
Gain (loss) on sales of assets and businesses |
|
71 |
|
|
|
(71 |
) |
|
(g) |
|
|
27 |
|
|
|
(27 |
) |
|
(g) |
Operating income (loss) |
|
4,352 |
|
|
|
|
|
|
|
1,610 |
|
|
|
|
|
||||
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
(506 |
) |
|
|
(19 |
) |
|
(b) |
|
|
(431 |
) |
|
|
18 |
|
|
(b) |
Other, net |
|
670 |
|
|
|
(580 |
) |
|
(b),(c),(e) |
|
|
1,268 |
|
|
|
(1,183 |
) |
|
(b),(c),(d),(e) |
Total other income and (deductions) |
|
164 |
|
|
|
|
|
|
|
837 |
|
|
|
|
|
||||
Income (loss) before income taxes |
|
4,516 |
|
|
|
|
|
|
|
2,447 |
|
|
|
|
|
||||
Income tax (benefit) expense |
|
774 |
|
|
|
(498 |
) |
|
(b),(c),(d),(e),(f),(g),(i),(j),(k) |
|
|
859 |
|
|
|
(128 |
) |
|
(b),(c),(d),(e),(f),(g),(i),(j),(k),(l) |
Equity in income (losses) of unconsolidated affiliates |
|
(4 |
) |
|
|
— |
|
|
|
|
|
(11 |
) |
|
|
— |
|
|
|
Net income (loss) |
|
3,738 |
|
|
|
|
|
|
|
1,577 |
|
|
|
|
|
||||
Net income (loss) attributable to noncontrolling interests |
|
(11 |
) |
|
|
7 |
|
|
(h) |
|
|
(46 |
) |
|
|
40 |
|
|
(h) |
Net income (loss) attributable to common shareholders |
$ |
3,749 |
|
|
|
|
|
|
$ |
1,623 |
|
|
|
|
|
||||
Effective tax rate |
|
17.1 |
% |
|
|
|
|
|
35.1 |
% |
|
|
|
|
|||||
Earnings per average common share |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
$ |
11.91 |
|
|
|
|
$ |
5.02 |
|
|
|
|
|
||||||
Diluted |
$ |
11.89 |
|
|
|
|
|
|
$ |
5.01 |
|
|
|
||||||
Average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|||||||||
Basic |
|
315 |
|
|
|
|
|
|
323 |
|
|
|
|
||||||
Diluted |
|
315 |
|
|
|
|
324 |
|
|
|
|
||||||||
__________ |
||
(a) |
|
Results reported in accordance with GAAP. |
(b) |
|
Adjustment for mark-to-market on economic hedges and fair value adjustments related to gas imbalances and equity investments. |
(c) |
|
Adjustment for all gains and losses associated with NDTs, ARO accretion, ARC Depreciation, ARO remeasurement, and any earnings neutral impacts of contractual offset for Regulatory Agreement Units. |
(d) |
|
Adjustment for certain incremental costs related to the separation (system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation), including a portion of the amounts billed to us pursuant to the TSA. |
(e) |
|
Adjustment for Pension and OPEB Non-Service credits. |
(f) |
|
Adjustment for costs related to a multi-year ERP system implemented in the first quarter of 2024. |
(g) |
|
Adjustment related to plant retirements and divestitures. |
(h) |
|
Adjustment for elimination of the noncontrolling interest portion of certain adjustments included above. |
(i) |
|
Adjustment for changes in environmental liabilities. |
(j) |
|
Adjustment for acquisition-related costs. |
(k) |
|
Adjustment to deferred income taxes due to changes in forecasted apportionment. |
(l) |
|
Adjustment for an asset impairment. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250217223536/en/
Paul Adams
Corporate Communications
667-218-7700
Emily Duncan
Investor Relations
833-447-2783
Source: Constellation Energy Corporation
FAQ
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