S&P 500 (NYSE:SPY) component Constellation Energy Group Inc. (NYSE:CEG) reported a lower net income in first quarter, missing analysts’ estimates. Constellation Energy Group, Inc. is an energy company that provides energy solutions and electric transmission through its subsidiaries.
Constellation Energy Group Earnings Cheat Sheet for the First Quarter
Results: Net income for the electric utilities company fell to $70.4 million (35 cents/share) vs. $191.5 million (95 cents/share) a year earlier. A decline of 63.2% from the year earlier quarter.
Revenue: Fell 0.5% to $3.57 billion YoY.
Actual vs. Wall St. Expectations: CEG fell short of the mean analyst estimate of 96 cents/share. Estimates ranged from 90 cents per share to $1.07 per share.
Quoting Management: “Our continuing strategy to grow assets and expand our industry-leading, customer-driven business got off to a fast start in 2011, beginning with our integration of Boston Generating’s fleet of gas plants in January and continuing with our recent expansion into the residential competitive electric market in Illinois,” said Mayo A. Shattuck III, chairman, president and chief executive officer of Constellation Energy.
Competitors to Watch: Calpine Corporation (NYSE:CPN), NRG Energy, Inc. (NYSE:NRG), Dynegy Inc. (NYSE:DYN), Exelon Corporation (NYSE:EXC), ALLETE, Inc. (NYSE:ALE), ITC Holdings Corp. (NYSE:ITC), Integrys Energy Group, Inc. (NYSE:TEG), The AES Corporation (NYSE:AES), Pepco Holdings, Inc. (NYSE:POM), and American Electric Power Co., Inc. (NYSE:AEP)
Stock Performance: Shares of CEG are down .2% from the previous close of $35.66.