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Constellation Energy (CEG) Q3 Earnings Beat Estimates, Sales Lag
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Constellation Energy Corporation (CEG - Free Report) reported third-quarter 2023 earnings of $2.26 per share, which surpassed the Zacks Consensus Estimate of $1.37 by 64.9%. In the year-ago quarter, the company recorded a loss of 57 cents per share.
Total Revenues
Constellation Energy’s total revenues came in at $6,111 million, which missed the Zacks Consensus Estimate of $6,806 million by 10.2%. The top line, however, improved 0.9% from the year-ago quarter’s figure of $6,051 million.
Constellation Energy Corporation Price, Consensus and EPS Surprise
Total operating expenses for the reported quarter were $5,134 million, down 15.7% from $6,091 million in the year-ago period.
Operating income totaled $977 million against a reported loss of $41 million in the year-ago quarter.
Net interest expenses increased 9.3% to $82 million from $75 million in the year-ago period.
In the reported quarter, CEG had repurchased approximately 2.3 million shares worth $250 million. To date, it has successfully repurchased approximately 8.5 million shares using $756 million, inclusive of taxes and transaction costs, of the $1 billion authorization.
Financial Position
As of Sep 30, 2023, Constellation Energy had cash and cash equivalents of $1,889 million compared with $422 million as of Dec 31, 2022.
As of Sep 30, 2023, the company had long-term debt of $7,512 million compared with $4,466 million as of Dec 31, 2022.
Cash used in operating activities amounted to $2,119 million in the first nine months of 2023 against $69 million cash provided in the year-ago period.
Total capital expenditure in the first nine months of 2023 was $1,735 million compared with $1,090 million in the year-ago period.
Guidance
Constellation Energy has raised its adjusted EBITDA guidance for 2023 to the range of $3,800-$4,000 million from the previously projected band of $3,300-$3,700 million.
Plains All American Pipeline, L.P. (PAA - Free Report) reported third-quarter 2023 adjusted earnings of 35 cents per unit, which surpassed the Zacks Consensus Estimate of 24 cents by 45.8%.
The Zacks Consensus Estimate for 2023 earnings is pinned at $1.29 per unit. PAA delivered an average earnings surprise of 18.3% in the last four quarters.
Murphy Oil Corporation (MUR - Free Report) delivered third-quarter 2023 adjusted net earnings of $1.59 per share, which beat the Zacks Consensus Estimate of $1.34 by 18.7%.
The consensus mark for 2023 earnings per share (EPS) is pinned at $5.03. MUR delivered an average earnings surprise of 14% in the last four quarters.
ONEOK Inc. (OKE - Free Report) reported third-quarter 2023 operating EPS of 99 cents, which beat the Zacks Consensus Estimate of 98 cents by 1.02%.
OKE’s long-term (three to five years) earnings growth rate is 6.93%. It delivered an average earnings surprise of 6% in the last four quarters.
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Constellation Energy (CEG) Q3 Earnings Beat Estimates, Sales Lag
Constellation Energy Corporation (CEG - Free Report) reported third-quarter 2023 earnings of $2.26 per share, which surpassed the Zacks Consensus Estimate of $1.37 by 64.9%. In the year-ago quarter, the company recorded a loss of 57 cents per share.
Total Revenues
Constellation Energy’s total revenues came in at $6,111 million, which missed the Zacks Consensus Estimate of $6,806 million by 10.2%. The top line, however, improved 0.9% from the year-ago quarter’s figure of $6,051 million.
Constellation Energy Corporation Price, Consensus and EPS Surprise
Constellation Energy Corporation price-consensus-eps-surprise-chart | Constellation Energy Corporation Quote
Highlights of the Release
Total operating expenses for the reported quarter were $5,134 million, down 15.7% from $6,091 million in the year-ago period.
Operating income totaled $977 million against a reported loss of $41 million in the year-ago quarter.
Net interest expenses increased 9.3% to $82 million from $75 million in the year-ago period.
In the reported quarter, CEG had repurchased approximately 2.3 million shares worth $250 million. To date, it has successfully repurchased approximately 8.5 million shares using $756 million, inclusive of taxes and transaction costs, of the $1 billion authorization.
Financial Position
As of Sep 30, 2023, Constellation Energy had cash and cash equivalents of $1,889 million compared with $422 million as of Dec 31, 2022.
As of Sep 30, 2023, the company had long-term debt of $7,512 million compared with $4,466 million as of Dec 31, 2022.
Cash used in operating activities amounted to $2,119 million in the first nine months of 2023 against $69 million cash provided in the year-ago period.
Total capital expenditure in the first nine months of 2023 was $1,735 million compared with $1,090 million in the year-ago period.
Guidance
Constellation Energy has raised its adjusted EBITDA guidance for 2023 to the range of $3,800-$4,000 million from the previously projected band of $3,300-$3,700 million.
Zacks Rank
Currently, Constellation Energy sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Other Releases
Plains All American Pipeline, L.P. (PAA - Free Report) reported third-quarter 2023 adjusted earnings of 35 cents per unit, which surpassed the Zacks Consensus Estimate of 24 cents by 45.8%.
The Zacks Consensus Estimate for 2023 earnings is pinned at $1.29 per unit. PAA delivered an average earnings surprise of 18.3% in the last four quarters.
Murphy Oil Corporation (MUR - Free Report) delivered third-quarter 2023 adjusted net earnings of $1.59 per share, which beat the Zacks Consensus Estimate of $1.34 by 18.7%.
The consensus mark for 2023 earnings per share (EPS) is pinned at $5.03. MUR delivered an average earnings surprise of 14% in the last four quarters.
ONEOK Inc. (OKE - Free Report) reported third-quarter 2023 operating EPS of 99 cents, which beat the Zacks Consensus Estimate of 98 cents by 1.02%.
OKE’s long-term (three to five years) earnings growth rate is 6.93%. It delivered an average earnings surprise of 6% in the last four quarters.