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Constellation Energy (CEG) Q4 Earnings Miss Estimates, Sales Lag
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Constellation Energy Corporation (CEG - Free Report) reported fourth-quarter 2023 loss of 11 cents per share, which missed the Zacks Consensus Estimate of earnings of $1.70 per share by 106.5%. In the year-ago quarter, the company recorded earnings of 10 cents per share.
Full-year 2023 earnings came in at $5.01 per share against a loss of 49 cents in the previous year.
Total Revenues
Constellation Energy’s revenues totaled $5.8 billion, which missed the Zacks Consensus Estimate of $7.76 billion by 25.2%. The top line also declined 20.9% from the year-ago quarter’s figure of $7.33 billion.
Total revenues for 2023 came in at $24.9 billion, up 2% from the previous year’s $24.4 billion.
Constellation Energy Corporation Price, Consensus and EPS Surprise
Total operating expenses for the reported quarter were $5.86 billion, down 21.8% from $7.49 billion in the year-ago period.
Operating loss totaled $67 million, narrower than the reported loss of $172 million in the year-ago quarter.
Net interest expenses increased 117% to $139 million from $64 million in the year-ago period.
In the reported quarter, CEG had completed its initial $1 billion of share repurchases and authorized an additional $1 billion in continuation of the program, reinforcing its commitment to return value to shareholders.
Financial Position
As of Dec 31, 2023, Constellation Energy had cash and cash equivalents of $368 million compared with $422 million as of Dec 31, 2022.
As of Dec 31, 2023, the company had long-term debt of $7.5 billion compared with $4.5 billion as of Dec 31, 2022.
Cash used in operating activities amounted to $5.3 billion for 2023 compared with $2.4 billion in the previous year.
Total capital expenditure for 2023 was $2.4 billion compared with $1.7 billion in the previous year.
Guidance
Constellation Energy announced its 2024 adjusted earnings per share (EPS) guidance in the range of $7.23-$8.03. The Zacks Consensus Estimate for the same is pinned at $6.73.
The company expects adjusted operating and maintenance expenses to be $5.23 billion and $5.12 billion for 2024 and 2025, respectively.
Plains All American Pipeline, L.P. (PAA - Free Report) reported fourth-quarter 2023 adjusted earnings of 42 cents per unit, which surpassed the Zacks Consensus Estimate of 37 cents by 13.5%.
The Zacks Consensus Estimate for 2024 earnings is pinned at $1.26 per unit. The firm delivered an average earnings surprise of 22.3% in the last four quarters.
Occidental Petroleum Corporation (OXY - Free Report) reported fourth-quarter 2023 earnings of 74 cents per share, which was on par with the Zacks Consensus Estimate.
The Zacks Consensus Estimate for 2024 EPS is pinned at $3.88. The company delivered an average earnings surprise of 3.4% in the last four quarters.
Murphy Oil Corporation (MUR - Free Report) delivered fourth-quarter 2023 adjusted net earnings of 90 cents per share, which missed the Zacks Consensus Estimate of $1.03 by 12.6%.
The Zacks Consensus Estimate for 2024 EPS is pinned at $4.28. MUR delivered an average earnings surprise of 9.9% in the last four quarters.
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Constellation Energy (CEG) Q4 Earnings Miss Estimates, Sales Lag
Constellation Energy Corporation (CEG - Free Report) reported fourth-quarter 2023 loss of 11 cents per share, which missed the Zacks Consensus Estimate of earnings of $1.70 per share by 106.5%. In the year-ago quarter, the company recorded earnings of 10 cents per share.
Full-year 2023 earnings came in at $5.01 per share against a loss of 49 cents in the previous year.
Total Revenues
Constellation Energy’s revenues totaled $5.8 billion, which missed the Zacks Consensus Estimate of $7.76 billion by 25.2%. The top line also declined 20.9% from the year-ago quarter’s figure of $7.33 billion.
Total revenues for 2023 came in at $24.9 billion, up 2% from the previous year’s $24.4 billion.
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 $5.86 billion, down 21.8% from $7.49 billion in the year-ago period.
Operating loss totaled $67 million, narrower than the reported loss of $172 million in the year-ago quarter.
Net interest expenses increased 117% to $139 million from $64 million in the year-ago period.
In the reported quarter, CEG had completed its initial $1 billion of share repurchases and authorized an additional $1 billion in continuation of the program, reinforcing its commitment to return value to shareholders.
Financial Position
As of Dec 31, 2023, Constellation Energy had cash and cash equivalents of $368 million compared with $422 million as of Dec 31, 2022.
As of Dec 31, 2023, the company had long-term debt of $7.5 billion compared with $4.5 billion as of Dec 31, 2022.
Cash used in operating activities amounted to $5.3 billion for 2023 compared with $2.4 billion in the previous year.
Total capital expenditure for 2023 was $2.4 billion compared with $1.7 billion in the previous year.
Guidance
Constellation Energy announced its 2024 adjusted earnings per share (EPS) guidance in the range of $7.23-$8.03. The Zacks Consensus Estimate for the same is pinned at $6.73.
The company expects adjusted operating and maintenance expenses to be $5.23 billion and $5.12 billion for 2024 and 2025, respectively.
Zacks Rank
Currently, Constellation Energy has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
Plains All American Pipeline, L.P. (PAA - Free Report) reported fourth-quarter 2023 adjusted earnings of 42 cents per unit, which surpassed the Zacks Consensus Estimate of 37 cents by 13.5%.
The Zacks Consensus Estimate for 2024 earnings is pinned at $1.26 per unit. The firm delivered an average earnings surprise of 22.3% in the last four quarters.
Occidental Petroleum Corporation (OXY - Free Report) reported fourth-quarter 2023 earnings of 74 cents per share, which was on par with the Zacks Consensus Estimate.
The Zacks Consensus Estimate for 2024 EPS is pinned at $3.88. The company delivered an average earnings surprise of 3.4% in the last four quarters.
Murphy Oil Corporation (MUR - Free Report) delivered fourth-quarter 2023 adjusted net earnings of 90 cents per share, which missed the Zacks Consensus Estimate of $1.03 by 12.6%.
The Zacks Consensus Estimate for 2024 EPS is pinned at $4.28. MUR delivered an average earnings surprise of 9.9% in the last four quarters.