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Dec 31, 2024
Constellation Energy Q4 2024 Earnings Report
Constellation Energy reported strong operational and financial performance, exceeding guidance and advancing strategic initiatives.
Key Takeaways
Constellation Energy reported a GAAP Net Income of $2.71 per share and Adjusted (non-GAAP) Operating Earnings of $2.44 per share for Q4 2024. The company affirmed its full-year 2025 Adjusted (non-GAAP) Operating Earnings guidance range of $8.90 - $9.60 per share. They also entered a definitive agreement to acquire Calpine Corporation.
GAAP Net Income was $2.71 per share, and Adjusted (non-GAAP) Operating Earnings were $2.44 per share for Q4 2024.
Affirmed full-year 2025 Adjusted (non-GAAP) Operating Earnings guidance range of $8.90 - $9.60 per share.
Entered a definitive agreement to acquire Calpine Corporation, combining clean energy production with reliable natural gas assets.
Completed $1 billion of share repurchases, with a total of $2 billion repurchased since 2023 and $1 billion authorization remaining.
Constellation Energy
Constellation Energy
Forward Guidance
Constellation Energy affirmed its 2025 adjusted operating earnings guidance range at $8.90-9.60 per share and will invest over $2.5 billion in 2025 to reliably operate the business for the long-term and fund growth investments.
Positive Outlook
- Affirming 2025 Adjusted (non-GAAP) Operating Earnings guidance range of $8.90 - $9.60 per share.
- The acquisition of Calpine will create new capabilities that will increase product offerings across America.
- Constellation will invest over $2.5 billion in 2025 to reliably operate the business for the long-term.
- The company's strong balance sheet and industry leading generation and commercial businesses backstop future performance.
- The company expects to grow the dividend per share by another 10% in 2025.
Challenges Ahead
- Forward-looking statements are subject to risks and uncertainties.
- Projections require inherent uncertainty in projecting gains and losses associated with fair value adjustments required by GAAP.
- Adjustments include future changes in fair value impacting derivative instruments.
- Adjustments also include debt and equity securities held within nuclear decommissioning trusts.
- The proposed transaction with Calpine is subject to regulatory approvals and other closing conditions.