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.
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.
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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.
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.
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
See This Stock Now for Free >>
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