Constellation Energy Corporation (CEG Quick QuoteCEG - Free Report) reported first-quarter 2023 earnings of 29 cents per share, which missed the Zacks Consensus Estimate of 86 cents by 66.3%. In the year-ago quarter, the company recorded earnings of 32 cents per share.

Total Revenues

Constellation Energy’s total revenues came in at $7,565 million, which surpassed the Zacks Consensus Estimate of $5,613 million by 34.8%. The top line also increased 35.3% from the year-ago quarter’s figure of $5,591 million.

The stock has moved up 1.03% since the earnings release on May 4, owing to the better-than-expected top-line performance.

Highlights of the Release

Constellation Energy’s total operating expenses for the reported quarter were $7,560 million, up 46.2% from $5,172 million in the year-ago period.

Operating income was $31 million, down 93% from the year-ago quarter’s $435 million.

Net interest expenses increased 94.5% to $107 million from $55 million in the year-ago quarter.

During the first quarter, the company commenced $1 billion share repurchase program. In the reported quarter, it had repurchased approximately 3.2 million shares worth $250 million.

Financial Position

As of Mar 31, 2023, Constellation Energy had cash and cash equivalents of $237 million compared with $422 million as of Dec 31, 2022.

As of Mar 31, 2023, the company had long-term debt of $5,763 million compared with $4,466 million as of Dec 31, 2022.

Cash used in operating activities amounted to $934 million in the first quarter against $1,351 million in cash provided in the year-ago quarter.

Total capital expenditure was $660 million compared with $410 million in the year-ago period.

Guidance

Constellation Energy expects adjusted EBITDA for 2023 in the range of $2,900-$3,300 million.

Zacks Rank

Currently, Constellation Energy carries a Zacks Rank #5 (Strong Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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