By Baltimore Business Journal

Exelon Corp. released third-quarter earnings Wednesday that fell short of analystsâ¿¿ estimates, but said earnings met the company's guidance and expectations for the year remain the same.

The Chicago-based energy company, in a deal to acquire Baltimore's Constellation Energy Group Inc. for $7.9 billion, earned $601 million, or 90 cents per share, in the quarter. That was well short of the $1.08 per share average estimate of 11 analysts polled by Thomson Reuters. The company earned $845 million, or $1.27 per share, in the third quarter of 2010.

Exelonâ¿¿s (NYSE:EXC) revenue in the most recent quarter was $5.3 billion, slightly up from $5.29 billion in the same quarter a year earlier. The average revenue estimate of five analysts polled by Thomson Reuters was $5.19 billion.

Exelon CEO John W. Rowe said that the companyâ¿¿s results enable it to reaffirm its full-year guidance of $4.05 to $4.25 per diluted share.

Exelon struck a deal in April to buy Constellation for $7.9 billion. The deal is subject to approval of the Maryland Public Service Commission. Meanwhile, Exelon plans to develop a new $95 million to $125 million Baltimore headquarters for Constellation pending the deal's closure.

Exelon executive Calvin Butler said Wednesday the company has narrowed down its list of options for the headquarters to nine sites although he declined to disclose specific sites.

Constellation-Exelon merger: Timeline of key dates

Peter Key of the Philadelphia Business Journal compiled this report.

Copyright 2011 American City Business Journals

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