Constellation Energy Group Inc. (NYSE: CEG) posted an EPS loss of -$2.91 on revenue of $2.95 billion. Stripping out costs related to the company’s merger with Exelon Corp. (NYSE: EXC), adjusted EPS came in at $0.05. The consensus estimate called for EPS of $0.64 on revenue of $5.89 billion.
The company’s $8 billion merger with Exelon remains on track to be completed in the first quarter, barring any regulatory intervention. The merger with Exelon still needs approval from the Federal Energy Regulatory Commission (FERC) which is also reviewing the proposed acquisition of Progress Energy Inc. (NYSE: PGN) by Duke Energy Corp. (NYSE: DUK).
Constellation, like other merchant power company, has been hit hard by the decreased demand for electricity and by the collapsing price for power. The proposed mergers could help with pricing power, but the FERC has said that it will not relax its existing merger guidelines as two other federal agencies have.
Constellation stock has not traded in the pre-market today, but closed yesterday at $36.67, up about 1.19% from the previous day.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
