Constellation Reports Third Quarter 2023 Results

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Earnings Release Highlights GAAP Net Income of $731 million and Adjusted EBITDA (non-GAAP) of nearly $1.2 billion for the third quarter of 2023 Raising guidance range for full year 2023 Adjusted EBITDA (non-GAAP) to $3,800 million to $4,000 million Delivering on our commitment to shareholders: Expanded the nation's largest, highly reliable carbon-free nuclear fleet by acquiring a 44% stake in South Texas Project Electric Generating Station Repurchased $250 million of shares, returning value to shareholders and completing three quarters of our $1.0 billion share repurchase program Achieved major milestone in bid to build world's largest nuclear-powered hydrogen production facility with U.S. Department of Energy grant of up to $1.0 billion for MachH2 hydrogen hub Reached agreement with ComEd, one of the nation's largest utilities, to power its 54 metered facilities with locally produced, carbon-free nuclear energy, every hour of every day Earned 2023 Great Place to Work® certification based on positive ratings from our employees on their experience working at Constellation BALTIMORE--(BUSINESS WIRE)-- Constellation Energy Corporation (Nasdaq: CEG) today reported its financial results for the third quarter of 2023. “Our continued strong performance this quarter is the result of pairing the nation’s largest clean energy fleet with an unmatched commercial business, allowing us to produce affordable and reliable carbon-free energy when and where American families and businesses need it,” said Joe Dominguez, president and CEO of Constellation. “This combination of businesses is the fundamental strength of our strategy. It allows us to help customers like Microsoft and ComEd manage their energy costs in a volatile market, while also lowering their carbon emissions with clean energy matched to their use in every hour of every day. We continue to execute our growth strategy, closing on the South Texas Project transaction ahead of schedule and moving forward with $1.5 billion in growth spending on equipment to increase the output of our nuclear plants, wind repowering and pursuit of a nuclear-powered clean hydrogen facility as part of a multi-state hub.” “Our generation fleet performed at peak levels during a summer of record heat, while our commercial business continued to win new business and realize higher margins,” said Dan Eggers, executive vice president and c...

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