Constellation Energy Posts 1Q Loss On Items

BALTIMORE (AP) — Utility company Constellation Energy Group Inc. on Tuesday posted a first-quarter net loss on several one-time losses, but reaffirmed its full-year earnings outlook.

The Baltimore-based company reported a net loss of $123.5 million, or 62 cents per share, compared with earnings of $145.7 million, or 81 cents per share, in the prior-year period.

Constellation Energy said its loss was due mainly to special charges related to divestiture activities, merger termination costs and impairments related to Constellation Energy Partners and nuclear decommissioning trust funds. Excluding nonrecurring items, the company reported adjusted earnings of 74 cents per share in the latest quarter.

Analysts polled by Thomson Reuters estimated a profit of 70 cents per share. Analysts typically exclude one-time items from their estimates.

"We're pleased with the operational performance of the company in the first quarter," Mayo A. Shattuck III, chairman, president and CEO of Constellation Energy said in a statement. "The steps we have taken strengthened the balance sheet considerably and improved our liquidity."

Revenue slid 11 percent to $4.3 billion from $4.8 billion. Analysts forecast revenue of $4.38 billion.