Constellation Profit Falls 26 Percent
From the Associated Press
Constellation Energy Group of Baltimore said its first-quarter earnings fell 26 percent, to $145.7 million (81 cents a share) from $195.7 million ($1.07 in the comparable period a year earlier, the dragged down by its merchant energy unit. Revenue fell 6 percent, to $4.83 billion.
The company said earnings in its merchant energy segment dropped to 40 cents per share, from 67 cents a year ago. Constellation said the unit was hurt by commodity hedges, coal supplier defaults and lower retail power margins.
Constellation reaffirmed its earnings guidance for the full-year within the range Wall Street expects.The company still estimates profit of $5.25 to $5.75 per share. Constellation forecasts 2009 earnings will top 2008 by 15 to 20 percent.
April 30, 2008; 10:33 AM ET
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