Constellation Energy Swings To Profit In Q1; Reaffirms FY22 Adj EBITDA View

(RTTNews) - While reporting strong Q1 results on Thursday, Constellation Energy Corp. (CEG) said it has reaffirmed its full-year adjusted EBITDA guidance of $2.35 billion - $2.75 billion.

Daniel Eggers, chief financial officer of Constellation, said, "Our commercial operations won new business and captured value as energy prices increased. Year-to-date, we took steps to further strengthen our balance sheet with the accelerated repayment of nearly $2.5 billion in debt. Looking ahead, we see favorable market conditions and continued opportunities to add value to our fleet and win new customers as we enhance our product offerings."

Q1 Numbers

The company's Q1 net income attributable to common shareholders was $106 million compared to a loss of $793 million last year. On a per share basis, earnings totaled $0.32 per share for the first quarter of fiscal 2022. Operating revenues increased to $5.59 billion from $5.56 billion generated a year ago. Analysts polled by Thomson Reuters expected earnings of $0.70 per share on revenue of $5.78 billion for the quarter. Analysts' estimate typically exclude certain special items.