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Constellation Energy (CEG) Up 1.03% Since Q1 Earnings Release
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Constellation Energy Corporation (CEG - Free Report) reported first-quarter 2023 earnings of 29 cents per share, which missed the Zacks Consensus Estimate of 86 cents by 66.3%. In the year-ago quarter, the company recorded earnings of 32 cents per share.
Total Revenues
Constellation Energy’s total revenues came in at $7,565 million, which surpassed the Zacks Consensus Estimate of $5,613 million by 34.8%. The top line also increased 35.3% from the year-ago quarter’s figure of $5,591 million.
The stock has moved up 1.03% since the earnings release on May 4, owing to the better-than-expected top-line performance.
Constellation Energy Corporation Price, Consensus and EPS Surprise
Constellation Energy’s total operating expenses for the reported quarter were $7,560 million, up 46.2% from $5,172 million in the year-ago period.
Operating income was $31 million, down 93% from the year-ago quarter’s $435 million.
Net interest expenses increased 94.5% to $107 million from $55 million in the year-ago quarter.
During the first quarter, the company commenced $1 billion share repurchase program. In the reported quarter, it had repurchased approximately 3.2 million shares worth $250 million.
Financial Position
As of Mar 31, 2023, Constellation Energy had cash and cash equivalents of $237 million compared with $422 million as of Dec 31, 2022.
As of Mar 31, 2023, the company had long-term debt of $5,763 million compared with $4,466 million as of Dec 31, 2022.
Cash used in operating activities amounted to $934 million in the first quarter against $1,351 million in cash provided in the year-ago quarter.
Total capital expenditure was $660 million compared with $410 million in the year-ago period.
Guidance
Constellation Energy expects adjusted EBITDA for 2023 in the range of $2,900-$3,300 million.
Zacks Rank
Currently, Constellation Energy carries a Zacks Rank #5 (Strong Sell).
ONEOK Inc. (OKE - Free Report) reported first-quarter 2023 operating earnings per share (EPS) of $2.34, which beat the Zacks Consensus Estimate of $2.07 by 13.04%.
OKE’s long-term (three to five years) earnings growth rate is currently 7.14%. The consensus estimate for 2023 EPS stands at $5.43, indicating a year-over-year increase of 41.4%.
Evergy, Inc. (EVRG - Free Report) reported first-quarter 2023 operating earnings of 59 cents per share, which surpassed the Zacks Consensus Estimate of 56 cents by 5.4%.
EVRG’s long-term earnings growth rate is currently pegged at 5.2%. The consensus estimate for 2023 EPS stands at $3.6.
Plains All American Pipeline, L.P. (PAA - Free Report) reported first-quarter 2023 adjusted earnings of 41 cents per unit, which beat the Zacks Consensus Estimate of 36 cents by 13.9%.
The consensus mark for 2023 earnings stands at $1.21 per unit. It delivered an average earnings surprise of 11.5% in the last four quarters.
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Constellation Energy (CEG) Up 1.03% Since Q1 Earnings Release
Constellation Energy Corporation (CEG - Free Report) reported first-quarter 2023 earnings of 29 cents per share, which missed the Zacks Consensus Estimate of 86 cents by 66.3%. In the year-ago quarter, the company recorded earnings of 32 cents per share.
Total Revenues
Constellation Energy’s total revenues came in at $7,565 million, which surpassed the Zacks Consensus Estimate of $5,613 million by 34.8%. The top line also increased 35.3% from the year-ago quarter’s figure of $5,591 million.
The stock has moved up 1.03% since the earnings release on May 4, owing to the better-than-expected top-line performance.
Constellation Energy Corporation Price, Consensus and EPS Surprise
Constellation Energy Corporation price-consensus-eps-surprise-chart | Constellation Energy Corporation Quote
Highlights of the Release
Constellation Energy’s total operating expenses for the reported quarter were $7,560 million, up 46.2% from $5,172 million in the year-ago period.
Operating income was $31 million, down 93% from the year-ago quarter’s $435 million.
Net interest expenses increased 94.5% to $107 million from $55 million in the year-ago quarter.
During the first quarter, the company commenced $1 billion share repurchase program. In the reported quarter, it had repurchased approximately 3.2 million shares worth $250 million.
Financial Position
As of Mar 31, 2023, Constellation Energy had cash and cash equivalents of $237 million compared with $422 million as of Dec 31, 2022.
As of Mar 31, 2023, the company had long-term debt of $5,763 million compared with $4,466 million as of Dec 31, 2022.
Cash used in operating activities amounted to $934 million in the first quarter against $1,351 million in cash provided in the year-ago quarter.
Total capital expenditure was $660 million compared with $410 million in the year-ago period.
Guidance
Constellation Energy expects adjusted EBITDA for 2023 in the range of $2,900-$3,300 million.
Zacks Rank
Currently, Constellation Energy carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
ONEOK Inc. (OKE - Free Report) reported first-quarter 2023 operating earnings per share (EPS) of $2.34, which beat the Zacks Consensus Estimate of $2.07 by 13.04%.
OKE’s long-term (three to five years) earnings growth rate is currently 7.14%. The consensus estimate for 2023 EPS stands at $5.43, indicating a year-over-year increase of 41.4%.
Evergy, Inc. (EVRG - Free Report) reported first-quarter 2023 operating earnings of 59 cents per share, which surpassed the Zacks Consensus Estimate of 56 cents by 5.4%.
EVRG’s long-term earnings growth rate is currently pegged at 5.2%. The consensus estimate for 2023 EPS stands at $3.6.
Plains All American Pipeline, L.P. (PAA - Free Report) reported first-quarter 2023 adjusted earnings of 41 cents per unit, which beat the Zacks Consensus Estimate of 36 cents by 13.9%.
The consensus mark for 2023 earnings stands at $1.21 per unit. It delivered an average earnings surprise of 11.5% in the last four quarters.