Constellation Energy Posts Mixed Q1, Reaffirms 2025 Guidance, Says Calpine Deal Is On Track

Constellation Energy Corp CEG stock is trading lower on Tuesday after the company reported mixed first-quarter 2025 results.

Revenue in the first quarter was $6.79 billion, an increase of 10.2% year over year, beating the consensus of $5.44 billion.

Adjusted EPS climbed to $2.14 from $1.82 year-over-year, driven by favorable market and portfolio conditions amid nuclear PTC headwinds, but missed the $2.18 consensus.

Operating income for the quarter declined by 44.5% YoY to $451 million, and margin contracted 655 bps to 6.6%. Expenses rose 18.5% to $6.34 billion.

Constellation Energy announced its acquisition of Calpine in January, merging top clean energy and gas assets to meet demand. The deal is set to create the leading U.S. retail power supplier, and closing is expected in the fourth quarter.

Constellation’s nuclear fleet produced 45,582 GWh in the quarter, slightly above last year. Excluding Salem and STP, capacity reached 94.1%. The quarter saw 88 planned refueling days and no unplanned outages.

The company’s gas and pumped storage fleet achieved a 99.2% dispatch match rate, up from 97.9%, while renewables captured 96.2% of available energy, nearly flat year over year.

Constellation CFO Dan Eggers said, “Our generation fleet performed well to start the year with our nuclear plants achieving a 94.1% capacity factor and our natural gas operations attaining a dispatch match rate of 99.2%. Our consistent operational and financial performance continues to drive value for our owners.”

2025 Outlook: Constellation Energy Reaffirmed Its Adjusted Operating Earnings guidance range of $8.90 – $9.60 per share versus $9.51 Estimate.

Price Action: CEG shares are trading lower by 3.13% at $240.50 premarket at the last check on Tuesday.

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