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Constellation Energy (CEG) Q2 Earnings Beat, Stock Up 3.9%
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Constellation Energy Corporation (CEG - Free Report) reported second-quarter 2023 earnings of $2.56 per share, which surpassed the Zacks Consensus Estimate of 78 cents by 228.2%. In the year-ago quarter, the company recorded a loss of 34 cents per share.
The stock moved up 3.9% following the earnings release on Aug 3, owing to better-than-expected bottom-line performance.
Total Revenues
Constellation Energy’s total revenues came in at $5,446 million, which missed the Zacks Consensus Estimate of $5,525 million by 1.44%. The top line also declined 0.3% from the year-ago quarter’s figure of $5,465 million.
Constellation Energy Corporation Price, Consensus and EPS Surprise
Constellation Energy’s total operating expenses for the reported quarter were $4,777 million, down 8% from $5,191 million in the year-ago period.
Operating income totaled $669 million, up 146% from the year-ago quarter’s level of $272 million.
Net interest expenses increased 83.9% to $103 million from $56 million in the year-ago quarter.
In the reported quarter, it had repurchased approximately 3 million shares worth $252 million. To date, CEG has successfully repurchased approximately 6.2 million shares for a combined $503 million. CEG has completed half of its $1 billion share repurchase program.
Financial Position
As of Jun 30, 2023, Constellation Energy had cash and cash equivalents of $269 million compared with $422 million as of Dec 31, 2022.
As of Jun 30, 2023, the company had long-term debt of $6,156 million compared with $4,466 million as of Dec 31, 2022.
Cash used in operating activities amounted to $1,126 million in the first six months of 2023 against $1,263 million cash provided in the year-ago period.
Total capital expenditure in the first six months of 2023 was $1,336 million compared with $800 million in the year-ago period.
Guidance
Constellation Energy has raised its adjusted EBITDA guidance for 2023 to the range of $3,300-$3,700 million from the previously projected band of $2,900-$3,300 million.
Devon Energy (DVN - Free Report) reported second-quarter 2023 earnings of $1.18 per share, which outpaced the Zacks Consensus Estimate of $1.17 by 0.8%.
Devon’s long-term (three- to five-year) earnings growth rate is 51.4%. It delivered an average earnings surprise of 0.8% in the last four quarters.
Murphy Oil Corporation (MUR - Free Report) reported second-quarter 2023 earnings of 92 cents per share, which beat the Zacks Consensus Estimate of 85 cents by 8.24%.
The Zacks Consensus Estimate for 2023 EPS is pinned at $4.31. It delivered an average earnings surprise of 14% in the last four quarters.
ONEOK Inc. (OKE - Free Report) reported second-quarter 2023 operating earnings per share of $1.04, which beat the Zacks Consensus Estimate of $1 by 4%.
OKE’s long-term earnings growth rate is 6.3%. It delivered an average earnings surprise of 6.6% in the last four quarters.
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Constellation Energy (CEG) Q2 Earnings Beat, Stock Up 3.9%
Constellation Energy Corporation (CEG - Free Report) reported second-quarter 2023 earnings of $2.56 per share, which surpassed the Zacks Consensus Estimate of 78 cents by 228.2%. In the year-ago quarter, the company recorded a loss of 34 cents per share.
The stock moved up 3.9% following the earnings release on Aug 3, owing to better-than-expected bottom-line performance.
Total Revenues
Constellation Energy’s total revenues came in at $5,446 million, which missed the Zacks Consensus Estimate of $5,525 million by 1.44%. The top line also declined 0.3% from the year-ago quarter’s figure of $5,465 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
Constellation Energy’s total operating expenses for the reported quarter were $4,777 million, down 8% from $5,191 million in the year-ago period.
Operating income totaled $669 million, up 146% from the year-ago quarter’s level of $272 million.
Net interest expenses increased 83.9% to $103 million from $56 million in the year-ago quarter.
In the reported quarter, it had repurchased approximately 3 million shares worth $252 million. To date, CEG has successfully repurchased approximately 6.2 million shares for a combined $503 million. CEG has completed half of its $1 billion share repurchase program.
Financial Position
As of Jun 30, 2023, Constellation Energy had cash and cash equivalents of $269 million compared with $422 million as of Dec 31, 2022.
As of Jun 30, 2023, the company had long-term debt of $6,156 million compared with $4,466 million as of Dec 31, 2022.
Cash used in operating activities amounted to $1,126 million in the first six months of 2023 against $1,263 million cash provided in the year-ago period.
Total capital expenditure in the first six months of 2023 was $1,336 million compared with $800 million in the year-ago period.
Guidance
Constellation Energy has raised its adjusted EBITDA guidance for 2023 to the range of $3,300-$3,700 million from the previously projected band of $2,900-$3,300 million.
Zacks Rank
Currently, Constellation Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
Devon Energy (DVN - Free Report) reported second-quarter 2023 earnings of $1.18 per share, which outpaced the Zacks Consensus Estimate of $1.17 by 0.8%.
Devon’s long-term (three- to five-year) earnings growth rate is 51.4%. It delivered an average earnings surprise of 0.8% in the last four quarters.
Murphy Oil Corporation (MUR - Free Report) reported second-quarter 2023 earnings of 92 cents per share, which beat the Zacks Consensus Estimate of 85 cents by 8.24%.
The Zacks Consensus Estimate for 2023 EPS is pinned at $4.31. It delivered an average earnings surprise of 14% in the last four quarters.
ONEOK Inc. (OKE - Free Report) reported second-quarter 2023 operating earnings per share of $1.04, which beat the Zacks Consensus Estimate of $1 by 4%.
OKE’s long-term earnings growth rate is 6.3%. It delivered an average earnings surprise of 6.6% in the last four quarters.