Constellation Reports Second Quarter 2024 Results
Constellation Energy (Nasdaq: CEG) reported strong Q2 2024 results, with GAAP Net Income of $2.58 per share and Adjusted Operating Earnings of $1.68 per share. The company raised its full-year 2024 Adjusted Operating Earnings guidance to $7.60-$8.40 per share. Constellation repurchased $500 million of common stock in Q2, bringing total repurchases to $2.0 billion since 2023. The company's nuclear fleet performed exceptionally well during a record-hot summer, with a 95.4% capacity factor. Constellation was certified as a Great Place to Work® for the second consecutive year and released its 2024 Sustainability Report.
Constellation Energy (Nasdaq: CEG) ha riportato risultati solidi per il secondo trimestre del 2024, con un utile netto GAAP di 2,58 dollari per azione e utili operativi rettificati di 1,68 dollari per azione. L'azienda ha alzato le previsioni per l'intero anno 2024 riguardo agli utili operativi rettificati a 7,60-8,40 dollari per azione. Constellation ha riacquistato 500 milioni di dollari di azioni ordinarie nel secondo trimestre, portando il totale dei riacquisti a 2,0 miliardi di dollari dal 2023. La flotta nucleare dell'azienda ha mostrato prestazioni eccezionali durante un'estate record di caldo, con un fattore di capacità del 95,4%. Constellation è stata certificata come Great Place to Work® per il secondo anno consecutivo e ha pubblicato il suo Rapporto sulla Sostenibilità 2024.
Constellation Energy (Nasdaq: CEG) reportó resultados sólidos para el segundo trimestre de 2024, con ingresos netos GAAP de 2,58 dólares por acción y ganancias operativas ajustadas de 1,68 dólares por acción. La compañía elevó su guía de ganancias operativas ajustadas para todo el año 2024 a 7,60-8,40 dólares por acción. Constellation recompró 500 millones de dólares en acciones ordinarias en el segundo trimestre, llevando el total de recompras a 2,0 mil millones de dólares desde 2023. La flota nuclear de la empresa tuvo un rendimiento excepcional durante un verano récord de calor, con un factor de capacidad del 95,4%. Constellation fue certificada como Great Place to Work® por segundo año consecutivo y lanzó su Informe de Sostenibilidad 2024.
Constellation Energy (Nasdaq: CEG)는 2024년 2분기 강력한 실적을 보고했으며, 주당 GAAP 순이익 2.58달러와 주당 조정 운영 수익 1.68달러를 기록했습니다. 이 회사는 2024년 전체 연도 조정 운영 수익 가이던스를 주당 7.60-8.40달러로 상향 조정했습니다. Constellation은 2분기에 5억 달러의 보통주를 재매입하여 2023년 이후 총 재매입 금액을 20억 달러로 늘렸습니다. 회사의 원자력 발전소는 기록적인 더위 속에서 뛰어난 성능을 발휘했으며, 95.4%의 용량 계수를 기록했습니다. Constellation은 두 번째 연속으로 Great Place to Work® 인증을 받았으며, 2024년 지속 가능성 보고서를 발표했습니다.
Constellation Energy (Nasdaq: CEG) a rapporté des résultats solides pour le deuxième trimestre 2024, avec un résultat net GAAP de 2,58 $ par action et un bénéfice opérationnel ajusté de 1,68 $ par action. L'entreprise a relevé ses prévisions de bénéfice opérationnel ajusté pour l'ensemble de l'année 2024 à 7,60-8,40 $ par action. Constellation a racheté 500 millions de dollars d'actions ordinaires au deuxième trimestre, portant le total des rachats à 2,0 milliards de dollars depuis 2023. La flotte nucléaire de l'entreprise a très bien fonctionné pendant un été record de chaleur, affichant un taux de capacité de 95,4%. Constellation a été certifiée Great Place to Work® pour la deuxième année consécutive et a publié son Rapport sur la durabilité 2024.
Constellation Energy (Nasdaq: CEG) hat im zweiten Quartal 2024 starke Ergebnisse gemeldet, mit einem GAAP-Nettoeinkommen von 2,58 US-Dollar pro Aktie und bereinigten Betriebsgewinnen von 1,68 US-Dollar pro Aktie. Das Unternehmen hob seine Prognose für die bereinigten Betriebsgewinne für das Gesamtjahr 2024 auf 7,60-8,40 US-Dollar pro Aktie an. Constellation hat im zweiten Quartal 500 Millionen US-Dollar an Stammaktien zurückgekauft, was die Gesamtaufkäufe seit 2023 auf 2,0 Milliarden US-Dollar erhöht. Die Nuklearflotte des Unternehmens zeigte während eines Rekordsommers eine außergewöhnliche Leistung mit einem Kapazitätsfaktor von 95,4%. Constellation wurde zum zweiten Mal in Folge als Great Place to Work® zertifiziert und veröffentlichte ihren Nachhaltigkeitsbericht 2024.
- Raised full-year 2024 Adjusted Operating Earnings guidance to $7.60-$8.40 per share
- Repurchased $500 million of common stock in Q2, totaling $2.0 billion since 2023
- Nuclear fleet achieved 95.4% capacity factor in Q2 2024
- Increased Q2 2024 Adjusted Operating Earnings to $1.68 per share from $1.64 in Q2 2023
- Certified as a Great Place to Work® for the second consecutive year
- Unfavorable labor, contracting, and materials expenses compared to 2023
- Decreased ZEC revenues in 2024 compared to 2023
Insights
Constellation Energy's Q2 2024 results show strong performance, with GAAP Net Income of
The nuclear fleet's high capacity factor of
However, investors should note the impact of favorable market conditions and nuclear PTC portfolio revenue, which may not be sustainable long-term. The company's focus on clean energy aligns with current market trends, potentially positioning it well for future growth.
Constellation's performance reflects the broader energy market dynamics. The mention of "one of the hottest summers on record" highlights the increasing demand for electricity, particularly from carbon-free sources. This trend benefits Constellation's nuclear fleet, which is important for grid stability during extreme weather events.
The company's ability to raise guidance amid challenging conditions demonstrates its resilience and market positioning. The focus on sustainability and clean energy aligns with regulatory trends and consumer preferences, potentially providing a competitive advantage.
Investors should monitor the impact of nuclear production tax credits (PTCs) on earnings, as these could significantly influence future results. The company's strategic emphasis on clean energy and operational efficiency positions it well in a market increasingly focused on decarbonization.
Constellation's corporate governance initiatives, such as the Youth Energy Summit and Great Place to Work® certification, demonstrate a commitment to stakeholder engagement and employee satisfaction. These efforts can enhance the company's reputation and help attract top talent, which is important in the competitive energy sector.
The accelerated share repurchase program suggests confidence in the company's financial position but should be balanced against potential investment opportunities in clean energy infrastructure. The 2024 Sustainability Report indicates a strong focus on ESG factors, which is increasingly important for investors and regulators.
The company's transparency in reporting both GAAP and non-GAAP metrics is commendable, allowing investors to better understand underlying performance. However, the reliance on adjusted earnings highlights the need for careful analysis of one-time items and their impact on long-term value creation.
Earnings Release Highlights
-
GAAP Net Income of
$2.58 $1.68 -
Raising full-year 2024 Adjusted (non-GAAP) Operating Earnings guidance range to
$7.60 -$8.40 -
Delivering on our commitment to shareholders, repurchased approximately
$500 million $2.0 billion - Released our 2024 Sustainability Report and hosted our second annual Youth Energy Summit, providing students a weeklong STEM educational experience
- Earned 2024 Great Place to Work® certification for the second year in a row
“During one of the hottest summers on record, our carbon-free nuclear fleet has again performed at industry leading levels. Combined with the rest of our generation fleet, we are helping to keep American families and businesses cool, the
“Our ability to help American businesses and the performance of our reliable generation fleet resulted in another strong quarter and raises our expectations for the remainder of the year,” said Dan Eggers, chief financial officer, Constellation. “We reported GAAP net earnings of
Second Quarter 2024
Our GAAP Net Income for the second quarter of 2024 increased to
Adjusted (non-GAAP) Operating Earnings in the second quarter of 2024 primarily reflects:
- Favorable net market and portfolio conditions, nuclear PTC portfolio revenue and impacts of nuclear outages; partially offset by unfavorable labor, contracting, and materials expense and ZEC revenues in 2024 compared to 2023.
Recent Developments and Second Quarter Highlights
-
Delivering on Our Capital Allocation Promises: We've continued our share repurchase program, buying back approximately
$500 million $2 billion $1 billion
-
2024 Sustainability Report and Youth Energy Summit: We've issued our 2024 Sustainability Report, showcasing our sustainable business strategy focused on accelerating the Nation’s transition to a carbon-free energy future, responding to the climate crisis and delivering long-term value for customers, communities, employees and shareholders. Our Sustainability Report details key progress in our work to lead the clean energy transition by providing the most important commodity in the world today – energy that is emissions-free and always on. We also hosted our second annual Youth Energy Summit, bringing 66 students from five states to
Baltimore for a weeklong STEM educational experience.
-
2024 Great Place to Work Certification: For the second year in a row we were Certified™ by Great Place To Work®. The designation is based on how our employees rate their experience working at Constellation. In a survey of about 5,000 of our employees,
89% of those who responded said it is a great place to work – about 32 points higher than the averageU.S. company. Great Place To Work® is acknowledged worldwide as a global benchmark for workplace culture, employee experience and the leadership behaviors proven to deliver strong market performance, employee retention and increased innovation.
-
Nuclear Operations: Our nuclear fleet, including our owned output from the
Salem and South Texas Project (STP) Generating Stations, produced 45,314 gigawatt-hours (GWhs) in the second quarter of 2024, compared with 41,895 GWhs in the second quarter of 2023. ExcludingSalem and STP, our nuclear plants at ownership achieved a95.4% capacity factor for the second quarter of 2024, compared with92.4% for the second quarter of 2023. There were 49 planned refueling outage days in the second quarter of 2024 and 94 in the second quarter of 2023 for sites we operate. There were 3 non-refueling outage days in the second quarter of 2024 and 25 in the second quarter of 2023 for sites we operate.
-
Natural Gas, Oil, and Renewables Operations: The dispatch match rate for our fleet was
98.0% in the second quarter of 2024, compared with99.1% in the second quarter of 2023. Renewable energy capture for our fleet was96.6% in the second quarter of 2024, compared with96.1% in the second quarter of 2023.
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 NDT fund investment returns, which are included in decommissioning-related activities, the marginal statutory income tax rate was
(In millions, except per share data) |
|
Three Months Ended
|
|
Earnings Per Share(1) |
||||
GAAP Net Income (Loss) Attributable to Common Shareholders |
|
$ |
814 |
|
|
$ |
2.58 |
|
Unrealized (Gain) Loss on Fair Value Adjustments (net of taxes of |
|
|
(405 |
) |
|
|
(1.28 |
) |
Plant Retirements and Divestitures (net of taxes of |
|
|
26 |
|
|
|
0.08 |
|
Decommissioning-Related Activities (net of taxes of |
|
|
36 |
|
|
|
0.11 |
|
Pension & OPEB Non-Service (Credits) Costs (net of taxes of $—) |
|
|
1 |
|
|
|
— |
|
Separation Costs (net of taxes of |
|
|
4 |
|
|
|
0.01 |
|
ERP System Implementation Costs (net of taxes of |
|
|
2 |
|
|
|
0.01 |
|
Change in Environmental Liabilities (net of taxes of |
|
|
55 |
|
|
|
0.17 |
|
Noncontrolling Interests (net of taxes of $—) |
|
|
(2 |
) |
|
|
(0.01 |
) |
Adjusted (non-GAAP) Operating Earnings |
|
$ |
531 |
|
|
$ |
1.68 |
|
(In millions, except per share data) |
|
Three Months Ended
|
|
Earnings Per Share(1) |
||||
GAAP Net Income (Loss) Attributable to Common Shareholders |
|
$ |
833 |
|
|
$ |
2.56 |
|
Unrealized (Gain) Loss on Fair Value Adjustments (net of taxes of |
|
|
(320 |
) |
|
|
(0.99 |
) |
Plant Retirements and Divestitures (net of taxes of $—) |
|
|
1 |
|
|
|
— |
|
Decommissioning-Related Activities (net of taxes of |
|
|
(3 |
) |
|
|
(0.01 |
) |
Pension & OPEB Non-Service (Credits) Costs (net of taxes of |
|
|
(10 |
) |
|
|
(0.03 |
) |
Separation Costs (net of taxes of |
|
|
27 |
|
|
|
0.08 |
|
ERP System Implementation Costs (net of taxes of |
|
|
7 |
|
|
|
0.02 |
|
Change in Environmental Liabilities (net of taxes of $—) |
|
|
1 |
|
|
|
— |
|
Noncontrolling Interests (net of taxes of $—) |
|
|
(1 |
) |
|
|
— |
|
Adjusted (non-GAAP) Operating Earnings |
|
$ |
535 |
|
|
$ |
1.64 |
|
_______
(1) Amounts may not sum due to rounding. Earnings per share amount is based on average diluted common shares outstanding of 316 million and 325 million for the three months ended June 30, 2024 and 2023, respectively.
Webcast Information
We will discuss second quarter 2024 earnings in a conference call scheduled for today at 10 a.m. Eastern Time. The webcast and associated materials can be accessed at https://investors.constellationenergy.com.
About Constellation
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.
The tables above provide a reconciliation of GAAP Net Income 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 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.
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.
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' 2023 Annual Report on Form 10-K 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 19, Commitments and Contingencies; (2) the Registrants' Second Quarter 2024 Quarterly Report on Form 10-Q (to be filed on August 6, 2024) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 13, Commitments and Contingencies; and (3) 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 June 30, 2024 |
|
Three Months Ended June 30, 2023 |
||||||||||||||||
|
GAAP (a) |
|
Non-GAAP
|
|
|
|
GAAP (a) |
|
Non-GAAP
|
|
|
||||||||
Operating revenues |
$ |
5,475 |
|
|
$ |
(193 |
) |
|
(b),(c) |
|
$ |
5,446 |
|
|
$ |
(212 |
) |
|
(b),(c) |
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Purchased power and fuel |
|
2,292 |
|
|
|
408 |
|
|
(b) |
|
|
2,887 |
|
|
|
(202 |
) |
|
(b) |
Operating and maintenance |
|
1,645 |
|
|
|
(145 |
) |
|
(c),(d),(f),(g),(i) |
|
|
1,477 |
|
|
|
(89 |
) |
|
(c),(d),(f),(i) |
Depreciation and amortization |
|
296 |
|
|
|
(61 |
) |
|
(c),(g) |
|
|
274 |
|
|
|
(51 |
) |
|
(c),(g) |
Taxes other than income taxes |
|
142 |
|
|
|
— |
|
|
|
|
|
139 |
|
|
|
— |
|
|
|
Total operating expenses |
|
4,375 |
|
|
|
|
|
|
|
4,777 |
|
|
|
|
|
||||
Operating income |
|
1,100 |
|
|
|
|
|
|
|
669 |
|
|
|
|
|
||||
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
(142 |
) |
|
|
2 |
|
|
(b) |
|
|
(103 |
) |
|
|
(2 |
) |
|
(b) |
Other, net |
|
6 |
|
|
|
8 |
|
|
(b),(c),(e) |
|
|
605 |
|
|
|
(588 |
) |
|
(b),(c),(e) |
Total other income and (deductions) |
|
(136 |
) |
|
|
|
|
|
|
502 |
|
|
|
|
|
||||
Income (loss) before income taxes |
|
964 |
|
|
|
|
|
|
|
1,171 |
|
|
|
|
|
||||
Income (benefit) expense |
|
154 |
|
|
|
(103 |
) |
|
(b),(c),(d),(g),(i) |
|
|
342 |
|
|
|
(163 |
) |
|
(b),(c),(d),(e),(f) |
Equity in losses of unconsolidated affiliates |
|
(1 |
) |
|
|
— |
|
|
|
|
|
(5 |
) |
|
|
— |
|
|
|
Net income (loss) |
|
809 |
|
|
|
|
|
|
|
824 |
|
|
|
|
|
||||
Net income (loss) attributable to noncontrolling interests |
|
(5 |
) |
|
|
1 |
|
|
(h) |
|
|
(9 |
) |
|
|
1 |
|
|
(h) |
Net income (loss) attributable to common shareholders |
$ |
814 |
|
|
|
|
|
|
$ |
833 |
|
|
|
|
|
||||
Effective tax rate |
|
16.0 |
% |
|
|
|
|
|
|
29.2 |
% |
|
|
|
|
||||
Earnings per average common share |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic |
$ |
2.58 |
|
|
|
|
|
|
$ |
2.57 |
|
|
|
|
|
||||
Diluted |
$ |
2.58 |
|
|
|
|
|
|
$ |
2.56 |
|
|
|
|
|
||||
Average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic |
|
315 |
|
|
|
|
|
|
|
324 |
|
|
|
|
|
||||
Diluted |
|
316 |
|
|
|
|
|
|
|
325 |
|
|
|
|
|
||||
| __________ | ||
| (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 related to certain adjustments. |
|
| (i) | Adjustment for changes in environmental liabilities. |
|
Constellation Energy Corporation |
|||||||||||||||||||
GAAP Consolidated Statements of Operations and |
|||||||||||||||||||
Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments |
|||||||||||||||||||
(unaudited) |
|||||||||||||||||||
(in millions, except per share data) |
|||||||||||||||||||
|
Six Months Ended June 30, 2024 |
|
Six Months Ended June 30, 2023 |
||||||||||||||||
|
GAAP (a) |
|
Non-GAAP
|
|
|
|
GAAP (a) |
|
Non-GAAP
|
|
|
||||||||
Operating revenues |
$ |
11,637 |
|
|
$ |
(258 |
) |
|
(b),(c) |
|
$ |
13,011 |
|
|
$ |
(1,142 |
) |
|
(b),(c) |
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Purchased power and fuel |
|
5,709 |
|
|
|
523 |
|
|
(b) |
|
|
8,616 |
|
|
|
(1,428 |
) |
|
(b) |
Operating and maintenance |
|
3,131 |
|
|
|
(200 |
) |
|
(c),(d),(f),(g),(i) |
|
|
2,908 |
|
|
|
(181 |
) |
|
(c),(d),(f),(i) |
Depreciation and amortization |
|
602 |
|
|
|
(125 |
) |
|
(c),(g) |
|
|
542 |
|
|
|
(101 |
) |
|
(c),(g) |
Taxes other than income taxes |
|
282 |
|
|
|
— |
|
|
|
|
|
271 |
|
|
|
— |
|
|
|
Total operating expenses |
|
9,724 |
|
|
|
|
|
|
|
12,337 |
|
|
|
|
|
||||
Gain on sales of assets and businesses |
|
— |
|
|
|
— |
|
|
|
|
|
26 |
|
|
|
(26 |
) |
|
(g) |
Operating income |
|
1,913 |
|
|
|
|
|
|
|
700 |
|
|
|
|
|
||||
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
(269 |
) |
|
|
— |
|
|
|
|
|
(210 |
) |
|
|
3 |
|
|
(b) |
Other, net |
|
368 |
|
|
|
(331 |
) |
|
(b),(c),(e) |
|
|
919 |
|
|
|
(881 |
) |
|
(b),(c),(e) |
Total other income and (deductions) |
|
99 |
|
|
|
|
|
|
|
709 |
|
|
|
|
|
||||
Income (loss) before income taxes |
|
2,012 |
|
|
|
|
|
|
|
1,409 |
|
|
|
|
|
||||
Income tax (benefit) expense |
|
318 |
|
|
|
(203 |
) |
|
(b),(c),(d),(e),(f),(g),(i),(j) |
|
|
472 |
|
|
|
(201 |
) |
|
(b),(c),(d),(e),(f),(g),(i) |
Equity in losses of unconsolidated affiliates |
|
(2 |
) |
|
|
— |
|
|
|
|
|
(11 |
) |
|
|
— |
|
|
|
Net income (loss) |
|
1,692 |
|
|
|
|
|
|
|
926 |
|
|
|
|
|
||||
Net income (loss) attributable to noncontrolling interests |
|
(5 |
) |
|
|
3 |
|
|
(h) |
|
|
(3 |
) |
|
|
3 |
|
|
(h) |
Net income (loss) attributable to common shareholders |
$ |
1,697 |
|
|
|
|
|
|
$ |
929 |
|
|
|
|
|
||||
Effective tax rate |
|
15.8 |
% |
|
|
|
|
|
|
33.5 |
% |
|
|
|
|
||||
Earnings per average common share |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic |
$ |
5.37 |
|
|
|
|
|
|
$ |
2.85 |
|
|
|
|
|
||||
Diluted |
$ |
5.35 |
|
|
|
|
|
|
$ |
2.84 |
|
|
|
|
|
||||
Average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic |
|
316 |
|
|
|
|
|
|
|
326 |
|
|
|
|
|
||||
Diluted |
|
317 |
|
|
|
|
|
|
|
327 |
|
|
|
|
|
||||
| __________ | ||
| (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 related to certain adjustments. |
|
| (i) | Adjustment for changes in environmental liabilities. |
|
| (j) | Adjustment to deferred income taxes due to changes in forecasted apportionment. |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240805247021/en/
Paul Adams
Corporate Communications
667-218-7700
Emily Duncan
Investor Relations
833-447-2783
Source: Constellation Energy Corporation
FAQ
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