Results highlighted by growing competitive supply business and
continued productivity gains BALTIMORE, July 28
/PRNewswire-FirstCall/ -- Constellation Energy (NYSE:CEG) today
reported second quarter adjusted earnings per share of 56 cents,
above the company's guidance range of 30 to 45 cents per share and
3 cents per share below the 59 cents per share of adjusted earnings
in the same quarter last year. Adjusted earnings exclude the impact
of special items, certain economic hedges that do not qualify for
hedge accounting, and synfuel earnings. On a GAAP basis, the
company earned 52 cents per share, compared to 68 cents per share
for the same time period last year. "For nearly five years, we have
consistently met or exceeded our quarterly earnings guidance," said
Mayo A. Shattuck III, chairman, president and chief executive
officer of Constellation Energy. "This steady performance is a
credit to our proven business strategy and the resolve of our
employees to remain squarely focused on delivering business results
whether we face extreme market volatility, regulatory distraction
or merger uncertainty. "We continue to successfully grow the
wholesale power, gas and coal businesses in line with our
expectations. With a growing portfolio, Constellation Energy
Commodities Group generated significant portfolio management and
trading earnings in the second quarter of this year, continuing our
track record of leveraging scale and scope. Constellation
NewEnergy, our retail competitive supply business, also performed
well. When we bought NewEnergy four years ago, we said we would
build scale and expand the national platform. This expectation is
playing out, and NewEnergy's margins have been improving this
year," said Shattuck. The company also continued its progress
toward, and remains on track to achieve, its 2006 productivity
target of $40 million. Year-to-date, Constellation Energy has
realized approximately $28 million in permanent productivity
savings or nearly 70 percent of the full-year target. The second
quarter was also marked by the passage of Maryland Senate Bill 1,
which resulted in a rate stabilization plan for BGE's residential
customers. The legislation provides for a phased increase for BGE's
residential customers and assures full cost recovery for BGE.
Constellation Energy provided third quarter 2006 earnings guidance
of $1.10 to $1.25 per share and reaffirmed earnings guidance of
$3.35 to $3.65 per share for 2006, $4.40 to $4.65 per share for
2007, and $5.25 to $5.75 per share for 2008. "Our confidence in our
long-term outlook is strengthening as we execute our plan and build
the backlog for future earnings," said Shattuck. "With earnings
guidance for 2008 representing compounded annual growth of 22 to 28
percent from 2006, Constellation Energy's independent course and
financial outlook have never been stronger." The following tables
summarize adjusted earnings per share and earnings per share
reported in accordance with GAAP for the company's business
segments and provide a reconciliation to total company reported
earnings: Three Months Ended June 30, 2006 2005 Reported Reported
GAAP Adjusted GAAP Adjusted EARNINGS PER COMMON SHARE EPS* EPS EPS*
EPS Baltimore Gas and Electric $0.10 $0.11 (1) $0.13 $0.13 Merchant
Energy 0.40 0.43 (2) 0.52 0.45 (3) Other Nonregulated 0.02 0.02
0.01 0.01 Diluted Earnings Per Share from Continuing Operations
0.52 0.56 0.66 0.59 Income from Discontinued Operations Assuming
Dilution - - 0.02 - Diluted Earnings Per Share $0.52 $0.56 $0.68
$0.59 * Unaudited. Prior period amounts reclassified to conform
with current period's presentation. GAAP EPS was adjusted by the
following amounts to calculate Adjusted EPS (1) Addition of
merger-related costs of $0.01 per share. (2) Addition of
merger-related costs of $0.02 per share and addition of loss from
our synthetic fuel processing facilities of $0.01 per share. (3)
Subtraction of earnings from our synthetic fuel processing
facilities of $0.09 per share. Addition of mark-to market losses on
certain non- qualifying hedges on fuel adjustment clauses and gas
transportation contracts of $0.02 per share. Six Months Ended June
30, 2006 2005 Reported Reported GAAP Adjusted GAAP Adjusted
EARNINGS PER COMMON SHARE EPS* EPS EPS* EPS Baltimore Gas and
Electric $0.48 $0.49 (1) $0.53 $0.53 Merchant Energy 0.64 0.72 (2)
0.78 0.69 (3) Other Nonregulated 0.02 0.02 0.01 0.01 Diluted
Earnings Per Share from Continuing Operations 1.14 1.23 1.32 1.23
Income from Discontinued Operations Assuming Dilution 0.01 - 0.03 -
Diluted Earnings Per Share $1.15 $1.23 $1.35 $1.23 * Unaudited.
Prior period amounts reclassified to conform with current period's
presentation. GAAP EPS was adjusted by the following amounts to
calculate Adjusted EPS (1) Addition of merger-related costs of
$0.01 per share. (2) Addition of mark-to-market losses on certain
non-qualifying hedges on gas transportation contracts of $0.05 per
share, addition for merger- related costs of $0.03 per share, and
addition for workforce reduction costs of $0.01 per share.
Subtraction of earnings from our synthetic fuel processing
facilities of $0.01 per share. (3) Subtraction of earnings from our
synthetic fuel processing facilities of $0.15 per share. Addition
of mark-to-market losses on certain non- qualifying hedges on fuel
adjustment clauses and gas transportation contracts of $0.06 per
share. Baltimore Gas and Electric Baltimore Gas and Electric
Company reported adjusted earnings of 11 cents per share in the
second quarter of 2006, consistent with management's earnings
guidance range of 8 to 13 cents per share and 2 cents per share
below the 13 cents per share earned in the second quarter of 2005.
The year-over-year decrease was due to inflationary and other
operating cost increases, partially offset by increased revenue
from the gas base rate increase ordered in December 2005. Merchant
On an adjusted basis, the merchant segment earned 43 cents per
share during the second quarter of 2006, exceeding management's
guidance range of 20 to 35 cents per share. These results compare
to last year's second quarter adjusted earnings of 45 cents per
share. As expected, the Mid-Atlantic Fleet was the primary driver
of the year- over-year decrease, largely as a result of increased
costs of generation, primarily coal and emissions, against fixed
revenues from legacy contracts to serve BGE's residential
customers. In addition, the Merchant realized lower competitive
transition charges (CTC), as customers completed their CTC
obligations, and incurred higher costs, including inflationary cost
increases and higher interest expense compared to last year. These
factors were largely offset as the result of continued strong
commercial business performance. Constellation Energy Commodities
Group delivered solid new business growth driven primarily by
strong portfolio management and trading results and benefited from
a higher backlog of business going into the quarter. Constellation
NewEnergy achieved year-over-year growth in both its electric and
gas businesses. The Generation Group delivered strong productivity,
as it continued to drive down its cost per megawatt hour generated.
Other Non-Regulated Constellation Energy's other non-regulated
businesses reported adjusted earnings of 2 cents per share for the
second quarter of 2006, compared to 1 cent per share in the second
quarter of 2005. Constellation Energy / FPL Group Merger Update On
Dec. 19, 2005, Constellation Energy and FPL Group, Inc. (NYSE:FPL)
announced their pending merger, which will create the nation's
largest competitive energy supplier and its second-largest electric
utility portfolio. Constellation Energy and FPL Group continue to
pursue merger approval. On June 23, 2006, Constellation Energy
filed the required merger proxy with the Securities and Exchange
Commission. The merger remains subject to other closing
requirements, including review and approval by the Maryland Public
Service Commission, federal regulatory agencies and shareholders of
both Constellation Energy and FPL Group. The June 2006 financial
statements and selected supplemental information are attached.
Adjusted Earnings Constellation Energy presents adjusted earnings
per share (adjusted EPS) in addition to its reported earnings per
share in accordance with generally accepted accounting principles
(reported GAAP EPS). Adjusted EPS is a non- GAAP financial measure
that differs from reported GAAP EPS because it excludes the
cumulative effects of changes in accounting principles,
discontinued operations, special items (which we define as
significant items that are not related to our ongoing, underlying
business or which distort comparability of results) included in
operations and the impact of certain economic, non- qualifying
hedges. Adjusted EPS also excludes synfuel earnings due to the
potential for oil-price volatility to result in a
difficult-to-forecast phase- out of tax credits. Constellation
Energy has excluded from adjusted earnings two categories of
non-qualifying hedges: hedges against the Commodities Group New
England fuel adjustment clauses and hedges on gas transportation
and storage contracts. The mark-to-market impact of these hedges is
significant to reported results, but economically neutral to the
company in that offsetting gains on underlying accrual positions
will be recognized in the future. We present adjusted EPS because
we believe that it is appropriate for investors to consider results
excluding these items in addition to our results in accordance with
GAAP. We believe such a measure provides a picture of our results
that is more comparable among periods since it excludes the impact
of items such as workforce reduction costs or gains and losses on
the sale of a business, which may recur occasionally, but tend to
be irregular as to timing, thereby distorting comparisons between
periods. However, investors should note that these non-GAAP
measures involve judgments by management (in particular, judgments
as to what is classified as a special item or an economic,
non-qualifying hedge to be excluded from adjusted earnings). These
non-GAAP measures are also used to evaluate management's
performance and for compensation purposes. Constellation Energy
also provides its earnings guidance in terms of adjusted EPS.
Constellation Energy is unable to reconcile its guidance to GAAP
earnings per share because we do not predict the future impact of
special items, economic, non-qualifying hedges and synfuel results
due to the difficulty of doing so. The impact of special items,
economic, non-qualifying hedges and synfuel results could be
material to our operating results computed in accordance with GAAP.
SEC Filings The company plans to file its Form 10-Q for the three
months ended June 30, 2006, on or about Aug. 8, 2006.
Forward-Looking Statements We make statements in this news release
that are considered forward- looking statements within the meaning
of the Securities Exchange Act of 1934. These statements are not
guarantees of our future performance and are subject to risks,
uncertainties and other important factors that could cause our
actual performance or achievements to be materially different from
those we project. For a full discussion of these risks,
uncertainties and factors, we encourage you to read our documents
on file with the Securities and Exchange Commission, including
those set forth in our periodic reports under the forward-looking
statements and risk factors sections. Conference Call July 28, 2006
Constellation Energy will host a conference call at 8:30 a.m. (EDT)
on July 28, 2006, to review its second quarter results. To
participate, analysts, investors, media and the public in the U.S.
may dial (888) 455-2894 shortly before 8:30 a.m. The international
phone number is (773) 681-5899. The conference password is ENERGY.
A replay will be available approximately one hour after the end of
the call by dialing (800) 216-4437 (U.S.) or (402) 220-3876
(international). The replay password is ENERGY. A live audio
webcast of the conference call, presentation slides and the
earnings press release will be available on the Investor Relations
page of Constellation Energy's Web site at:
http://www.constellation.com/. The call will also be recorded and
archived on the site. The reference to our Web site is an active
textual reference and the contents of our Web site are not part of
this press release. Constellation Energy
(http://www.constellation.com/), a FORTUNE 200 company with 2005
revenues of $17.1 billion, is the nation's largest competitive
supplier of electricity to large commercial and industrial
customers and the nation's largest wholesale power seller.
Constellation Energy also manages fuels and energy services on
behalf of energy intensive industries and utilities. It owns a
diversified fleet of more than 100 generating units located
throughout the United States, totaling approximately 12,000
megawatts of generating capacity. The company delivers electricity
and natural gas through the Baltimore Gas and Electric Company
(BGE), its regulated utility in Central Maryland. Addendum -
Amounts Excluded From GAAP EPS to Arrive at Adjusted EPS Synfuel
Earnings - after-tax loss of $(1.6) million, or $(0.01) per share
We have removed a $(1.6) million after-tax loss recognized in the
second quarter of 2006 from our results. The loss includes the
following items: -- After-tax income associated with second quarter
synfuel operations of $2.0 million which assumes, based on our
estimates, that 68 percent of 2006 tax credits will be phased-out
under Section 45K (previously Section 29) of the Internal Revenue
Code in 2006; -- A $(7.5) million after-tax loss resulting from an
increase in the assumed phase-out of tax credits associated with
first quarter 2006 production. Specifically, we assumed a 46
percent phase-out at March 31, 2006, but now have increased our
phase-out estimate to 68 percent at June 30, 2006; and, -- Under
Section 45K of the Internal Revenue Code, both the tax credit and
oil base price used for purposes of computing the tax credit
phase-out are indexed annually for inflation. The inflation
adjustment is only known retroactively when it is published by the
IRS. In April 2006, the IRS published the 2005 inflation factor
resulting in $3.9 million of after-tax income that was recorded in
the second quarter of 2006 to increase the tax credits above the
estimate included in our 2005 results. Special Item: Merger Costs -
after-tax charge of $(6.0) million, or $(0.03) per share In the
second quarter of 2006, we recorded a $(6.0) million after-tax
charge relating to costs associated with our pending merger with
FPL Group, Inc. We expect to continue to incur additional expenses
in 2006 in connection with our pending merger. Additional
Information This communication is not a solicitation of a proxy
from any security holder of FPL Group or Constellation Energy.
Constellation Energy has filed with the Securities and Exchange
Commission a registration statement on Form S-4 (Registration No.
333-135278) that includes a preliminary joint proxy
statement/prospectus of Constellation Energy and FPL Group and
other relevant documents regarding the proposed transaction. A
definitive joint proxy statement/prospectus will be sent to
security holders of FPL Group and Constellation Energy seeking
approval of the proposed transaction. WE URGE INVESTORS TO READ THE
DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT
DOCUMENTS WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT FPL GROUP, CONSTELLATION ENERGY AND THE
PROPOSED TRANSACTION. Investors and security holders also can
obtain these materials (when they are available) and other
documents filed with the SEC free of charge at the SEC's website,
http://www.sec.gov/. In addition, a copy of the definitive joint
proxy statement/prospectus (when it becomes available) may be
obtained free of charge from Constellation Energy, Shareholder
Services, 750 E. Pratt St., Baltimore, MD 21202, or from FPL Group,
Shareholder Services, P.O. Box 14000, 700 Universe Blvd., Juno
Beach, Florida 33408-0420. This communication shall not constitute
an offer to sell or the solicitation of an offer to buy any
securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended. FPL Group, Constellation Energy, and their respective
directors and executive officers of FPL Group and Constellation
Energy and other persons may be deemed to be participants in the
solicitation of proxies in respect of the proposed transaction.
Information regarding FPL Group's and Constellation Energy's
directors and executive officers is available in the preliminary
joint proxy statement/prospectus contained in the above-referenced
registration statement on Form S-4. Constellation Energy Group and
Subsidiaries Consolidated Statements of Income (Unaudited) Three
Months Ended Six Months Ended June 30, June 30, 2006 2005 2006 2005
(In Millions, Except Per Share Amounts) Revenues Nonregulated
revenues $3,781.4 $2,871.7 $7,756.6 $5,587.6 Regulated electric
revenues 498.7 465.1 1,002.7 956.6 Regulated gas revenues 141.8
141.7 560.1 506.3 Total revenues 4,421.9 3,478.5 9,319.4 7,050.5
Expenses Fuel and purchased energy expenses 3,395.7 2,587.2 7,319.9
5,264.8 Operating expenses 582.0 465.6 1,103.0 923.9 Merger-related
costs 7.1 - 9.0 - Workforce reduction costs - - 2.2 - Depreciation,
depletion, and amortization 138.8 133.5 273.1 264.1 Accretion of
asset retirement obligations 16.7 15.3 33.2 30.4 Taxes other than
income taxes 72.9 67.1 147.8 135.6 Total expenses 4,213.2 3,268.7
8,888.2 6,618.8 Income from Operations 208.7 209.8 431.2 431.7
Other Income 13.6 14.1 27.8 27.0 Fixed Charges Interest expense
79.3 74.8 156.3 154.5 Interest capitalized and allowance for
borrowed funds used during construction (3.8) (2.5) (6.6) (5.4) BGE
preference stock dividends 3.3 3.3 6.6 6.6 Total fixed charges 78.8
75.6 156.3 155.7 Income from Continuing Operations Before Income
Taxes 143.5 148.3 302.7 303.0 Income Tax Expense 50.4 30.5 96.6
66.6 Income from Continuing Operations 93.1 117.8 206.1 236.4
Income from discontinued operations, net of income taxes of $4.5,
$0.5 and $7.8, respectively - 3.9 0.9 6.0 Net Income $93.1 $121.7
$207.0 $242.4 Earnings Applicable to Common Stock $93.1 $121.7
$207.0 $242.4 Average Shares of Common Stock Outstanding - Basic
179.1 177.6 178.8 177.2 Average Shares of Common Stock Outstanding
- Diluted 180.7 179.7 180.6 179.2 Earnings Per Common Share from
Continuing Operations -Basic $0.52 $0.67 $1.15 $1.34 Income from
discontinued operations - Basic - 0.02 0.01 0.03 Earnings Per
Common Share - Basic $0.52 $0.69 $1.16 $1.37 Earnings Per Common
Share from Continuing Operations - Diluted $0.52 $0.66 $1.14 $1.32
Income from discontinued operations - Diluted - 0.02 0.01 0.03
Earnings Per Common Share - Diluted $0.52 $0.68 $1.15 $1.35 Certain
prior-period amounts have been reclassified to conform with the
current period's presentation. Constellation Energy Group and
Subsidiaries Consolidated Balance Sheets (Unaudited) June 30,
December 31, 2006 2005 ASSETS (In Millions) Current Assets Cash and
cash equivalents $228.1 $813.0 Accounts receivable (net of
allowance for uncollectibles of $53.9 and $47.4, respectively)
2,527.0 2,727.9 Fuel stocks 531.3 489.5 Materials and supplies
200.3 197.0 Mark-to-market energy assets 867.1 1,339.2 Risk
management assets 282.6 1,244.3 Unamortized energy contract assets
46.0 55.6 Deferred income taxes 337.1 - Other 544.1 555.3 Total
current assets 5,563.6 7,421.8 Investments And Other Assets Nuclear
decommissioning trust funds 1,137.9 1,110.7 Investments in
qualifying facilities and power projects 302.4 306.2 Regulatory
assets (net) 103.7 154.3 Goodwill 151.8 147.1 Mark-to-market energy
assets 766.5 1,089.3 Risk management assets 437.4 626.0 Unamortized
energy contract assets 125.6 141.2 Other 340.7 410.6 Total
investments and other assets 3,366.0 3,985.4 Property, Plant And
Equipment Nonregulated property, plant and equipment 8,832.2
8,580.8 Regulated property, plant and equipment 5,617.7 5,520.5
Nuclear fuel (net of amortization) 319.8 302.0 Accumulated
depreciation (4,485.2) (4,336.6) Net property, plant and equipment
10,284.5 10,066.7 Total Assets $19,214.1 $21,473.9 LIABILITIES AND
EQUITY Current Liabilities Short-term borrowings $155.0 $0.7
Current portion of long-term debt 1,344.0 491.3 Accounts payable
and accrued liabilities 1,380.9 1,667.9 Customer deposits and
collateral 245.4 458.9 Mark-to-market energy liabilities 732.7
1,348.7 Risk management liabilities 808.8 483.5 Unamortized energy
contract liabilities 461.9 489.5 Deferred income taxes - 151.4
Accrued expenses and other 575.8 780.4 Total current liabilities
5,704.5 5,872.3 Deferred Credits And Other Liabilities Deferred
income taxes 1,129.2 1,180.8 Asset retirement obligations 939.0
908.0 Mark-to-market energy liabilities 547.2 912.3 Risk management
liabilities 926.9 1,035.5 Unamortized energy contract liabilities
1,111.1 1,118.7 Postretirement and postemployment benefits 389.0
382.6 Net pension liability 390.0 401.4 Deferred investment tax
credits 60.6 64.1 Other 97.9 101.0 Total deferred credits and other
liabilities 5,590.9 6,104.4 Long-Term Debt Long-term debt of
nonregulated businesses 3,411.6 3,406.6 Long-term debt of BGE
1,179.3 1,204.3 6.20% deferrable interest subordinated debentures
due October 15, 2043 to BGE wholly owned BGE Capital Trust II
relating to trust preferred securities 257.7 257.7 Unamortized
discount and premium (6.0) (8.0) Current portion of long-term debt
(1,344.0) (491.3) Total long-term debt 3,498.6 4,369.3 Minority
Interests 21.6 22.4 BGE Preference Stock Not Subject To Mandatory
Redemption 190.0 190.0 Common Shareholders' Equity Common stock
2,672.9 2,620.8 Retained earnings 2,881.9 2,810.2 Accumulated other
comprehensive loss (1,346.3) (515.5) Total common shareholders'
equity 4,208.5 4,915.5 Total Liabilities And Equity $19,214.1
$21,473.9 Constellation Energy Group and Subsidiaries Merchant
Energy Operating Statistics (Unaudited) Six Months Ended June 30,
Hydro & Nuclear Coal Oil Gas Other Total Generation by Fuel
Type (%) 2006 51.5 30.9 0.2 15.5 1.9 100.0 2005 53.3 30.8 0.7 13.5
1.7 100.0 Thousands of MWH 2006 14,613 8,782 45 4,406 530 28,376
2005 14,982 8,656 208 3,811 470 28,127 Utility Operating Statistics
(Unaudited) Three Months Six Months Ended Ended June 30, June 30,
2006 2005 2006 2005 ELECTRIC Revenues (In Millions) Residential
$231.1 $229.6 $480.4 $492.5 Commercial Excluding Delivery Service
Only 205.2 177.5 405.4 353.6 Delivery Service Only 27.5 24.8 47.6
48.0 Industrial Excluding Delivery Service Only 13.6 13.6 28.8 26.2
Delivery Service Only 6.4 6.6 12.1 12.5 System Sales 483.8 452.1
974.3 932.8 Other 14.9 13.0 28.4 23.8 Total $498.7 $465.1 $1,002.7
$956.6 Distribution Volumes (In Thousands) - MWH Residential 2,751
2,793 6,211 6,519 Commercial Excluding Delivery Service Only 1,803
1,922 3,885 4,064 Delivery Service Only 1,961 1,851 3,582 3,497
Industrial Excluding Delivery Service Only 141 163 304 320 Delivery
Service Only 754 767 1,463 1,503 Total 7,410 7,496 15,445 15,903
GAS Revenues (In Millions) Residential Excluding Delivery Service
Only $69.6 $78.9 $312.8 $293.2 Delivery Service Only 4.0 4.0 12.1
13.5 Commercial Excluding Delivery Service Only 19.4 24.7 98.4 91.6
Delivery Service Only 8.4 5.4 19.6 17.0 Industrial Excluding
Delivery Service Only 0.8 1.4 5.2 5.4 Delivery Service Only 5.3 2.7
9.9 5.5 System Sales 107.5 117.1 458.0 426.2 Off-System Sales 33.6
26.1 100.0 80.5 Other 2.5 2.0 5.8 4.3 Total $143.6 $145.2 $563.8
$511.0 Distribution Volumes (In Thousands) - DTH Residential
Excluding Delivery Service Only 4,303 5,436 20,294 24,566 Delivery
Service Only 501 755 2,500 3,504 Commercial Excluding Delivery
Service Only 1,668 2,058 7,273 8,820 Delivery Service Only 5,198
5,880 13,857 17,170 Industrial Excluding Delivery Service Only 75
131 392 551 Delivery Service Only 5,076 4,758 10,813 9,028 System
Sales 16,821 19,018 55,129 63,639 Off-System Sales 4,688 3,521
10,653 10,878 Total 21,509 22,539 65,782 74,517 Utility operating
statistics do not reflect the elimination of intercompany
transactions. Heating Degree Days (Calendar-Month Basis) Heating
Degree Days - Actual 435 559 2,561 3,091 - Normal 525 525 2,976
2,967 Cooling Degree Days - Actual 218 210 223 210 - Normal 236 238
240 241 Constellation Energy Group and Subsidiaries Supplemental
Financial Statistics (Unaudited) Six Months Ended June 30, 2006
2005 Ratio of Earnings to Fixed Charges 2.74 2.75 Effective Tax
Rate 31.2% 21.5% Equity Investment In Nonregulated Businesses --
End of Period $2,585.9 $3,279.4 Equity Investment In Regulated
Business -- End of Period $1,622.6 $1,633.0 Common Stock Data Three
Months Ended Six Months Ended June 30, June 30, 2006 2005 2006 2005
Common Stock Dividends - Per Share --Declared $0.3775 $0.3350
$0.7550 $0.6700 --Paid $0.3775 $0.3350 $0.7125 $0.6200 Market Value
Per Share --High $55.68 $57.91 $60.55 $57.91 --Low $50.55 $50.36
$50.55 $43.01 --Close $54.52 $57.69 $54.52 $57.69 Shares
Outstanding -- End of Period (In Millions) 179.4 177.8 179.4 177.8
Book Value per Share -- End of Period $23.46 $27.63 $23.46 $27.63
DATASOURCE: Constellation Energy CONTACT: Media Contacts: Robert L.
Gould or Angelique Rewers, +1-410-234-7433, or Investor Contact:
Kevin Hadlock, +1-410-783-3647, all of Constellation Energy Web
site: http://www.constellation.com/ Company News On-Call:
http://www.prnewswire.com/comp/084087.html
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