Press release
Constellation Expects to End Year Comfortably in the Upper End of Guidance and Sees Material Improvements In 2024
Earnings Release Highlights GAAP Net Income of $96 million and Adjusted EBITDA (non-GAAP) of $658 million for the first quarter of 2023 Expect to be
About this update from Constellation Energy Corporation
[{"type":"text","content":"\nEarnings Release Highlights\n\n\n\nGAAP Net Income of $96 million and Adjusted EBITDA (non-GAAP) of $658 million for the first quarter of 2023\n\n\n\nExpect to be comfortably in the top half of our guidance range for full year Adjusted EBITDA (non-GAAP) from $2,900 million - $3,300 million\n\n\n\nDelivering on our commitment to shareholders – commenced $1 billion share repurchase program repurchasing approximately $250 million in the first quarter, equivalent to approximately 3.2 million shares, and paid first quarter dividend per share of $0.2820, double that of prior quarter\n\n\n\nBegan producing hydrogen at Nine Mile Point, demonstrating the value of producing hydrogen with carbon-free nuclear energy to help address the climate crisis\n\n\n\nExecuted on long-term debt financings consistent with plan\n\n\n\n BALTIMORE--(BUSINESS WIRE)--\nConstellation Energy Corporation (Nasdaq: CEG) today reported its financial results for the first quarter of 2023.\n\n\n“We had a strong start to 2023, putting us in position to end the year comfortably in the top half of our guidance range and giving us confidence to raise our gross margin outlook for 2024,” said Joe Dominguez, president and CEO of Constellation. “Our performance was led by the Commercial team as customers came to us for help managing their energy needs in a time of volatile markets, a trend we think will continue to create value for the balance of 2023 and into 2024. Our clean generation fleet also performed well during the quarter, reliably delivering affordable, carbon-free energy to homes and businesses across the country.”\n\n\n“We are returning significant value to our shareholders after doubling our dividend since last year and completing about a quarter of the $1 billion share repurchase program authorized in February,” said Dan Eggers, chief financial officer of Constellation. “Our balance sheet remains a competitive advantage in the marketplace and is the foundation of our capital allocation strategy, which allows us to create compelling value for our shareholders.”\n\n\nFirst Quarter 2023\n\n\nOur GAAP Net Income for the first quarter of 2023 decreased to $96 million from $106 million GAAP Net Income in the first quarter of 2022. Adjusted EBITDA (non-GAAP) for the first quarter of 2023 decreased to $658 million from $866 million in the first quarter of 2022. For...