By Baltimore Business Journal

Constellation Energy Group Inc.â¿¿s second-quarter profit soared, but fell short of Wall Streetâ¿¿s estimates.

Baltimore-based Constellation reported Wednesday a profit of $72.6 million, or 36 cents per share, in the second quarter. That is compared with a profit of $8.1 million, or 4 cents per share, in the year-ago quarter.

Revenue for the quarter shrunk 14 percent from $3.86 billion to $3.3 billion.

The earnings fell short of Wall Streetâ¿¿s expectations. Analysts projected earnings of 74 cents per share on revenue of $4.16 billion.

Excluding some accounting changes and special items, Constellation earned 71 cents per share.

Related: Constellation's Shattuck says time is running out on Calvert Cliff nuclear project

Constellation (NYSE: CEG) subsidiary Baltimore Gas & Electric Co.â¿¿s earnings rose slightly from 6 cents per share to 7 cents per share.

For the year, Constellation reaffirmed its earnings guidance of $3.05 to $3.45 per share. In 2011, Constellation expects earnings of $3.25 to $3.65 per share.

Constellation CEO Mayo A. Shattuck III said the positive outlook⿝ for Constellation⿿s NewEnergy and Generation businesses positions the company well for long-term growth.

Shattuck also noted the company was ⿿disappointed⿝ by the Maryland Public Service Commission⿿s rejection of BGE⿿s smart grid proposal, but hopes a recently modified submission is accepted.

Copyright 2010 American City Business Journals
Copyright 2010