Constellation Energy Beats Forecast

Constellation Energy's(CEG Quote) first-quarter earnings eased from a year ago as higher sales were offset by expenses including a writedown of hedges related to gas transportation contracts.

Baltimore Gas and Electric's parent earned $113.9 million, or 63 cents a share, in the quarter, compared with $120.7 million, or 68 cents a share, last year. Adjusted for the writedowns and other items, Constellation earned 70 cents a share in the quarter, beating the Thomson First Call consensus by 4 cents.

First-quarter sales rose 37% from a year ago to $4.90 billion, wiping out the Wall Street consensus of $4.32 billion. Sales in Constellation's non-regulated businesses were $3.98 billion in the latest quarter, up from $2.72 billion. ...