NEW YORK (
swung to a profit in the first quarter but is reducing 2011 guidance because of lower commodity prices.
Constellation Energy earned $191.5 million, or 95 cents a share, in the first quarter, compared with a year-earlier loss of $123.5 million, or 62 cents a share. Adjusted earnings in the latest first quarter were $1.43 a share.
Revenue was $3.59 billion vs. year-earlier revenue of $4.3 billion.
Analysts surveyed by Thomson Reuters expected first-quarter earnings of $1.06 a share on revenue of $4.35 billion.
The company reaffirmed 2010 earnings guidance of $3.05 to $3.45 a share, but lowered the guidance range for 2011 by 20 cents to $3.25 to $3.65 a share.
The revised guidance for 2011, Constellation Energy said, reflects the impact of lower forward commodity prices on its generation fleet, which is expected to be offset, in part, by improved earnings from its NewEnergy segment.
"Power prices continued to fall in the first quarter and the magnitude of sharply falling power prices throughout our industry cannot be understated," said Mayo Shattuck, Constellation Energy's chairman and CEO, in a statement. "Therefore, we have adjusted our earnings outlook accordingly."
Analysts expect 2011 earnings of $3.49 a share.
-- Reported by Joseph Woelfel in New York.
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