Constellation Energy Stock Falls After Mixed Earnings Report

The stock was up 57% this year at Thursday’s close, bolstered by growing interest in nuclear energy. (Getty Images)

Key Points

• Constellation Energy’s third-quarter adjusted earnings of $3.04 a share miss analysts’ estimates .
• Revenue of $6.57 billion exceeds Wall Street expectations of $6.2 billion.
• The company narrows its full-year adjusted earnings guidance to $9.05-$9.45 a share, from a previous range of $8.90-$9.60.

Shares of Constellation Energy fell Friday after the nuclear power company posted weaker-than-expected quarterly earnings and narrowed its full-year guidance.

Constellation Energy posted adjusted earnings of $3.04 a share for the third quarter, below analysts’ consensus estimates of $3.11. Revenue totaled $6.57 billion, up from $6.55 billion last year and well ahead of Wall Street’s call for $6.2 billion.

The company now expects full-year adjusted earnings of $9.05 to $9.45 a share in 2025. It had previously forecast a range of $8.90 to $9.60.

Shares dropped 4.3% to $336.31 in premarket trading Friday. Constellation Energy stock has risen 57% this year as of Thursday’s close, bolstered by an insatiable demand for electricity from data centers and renewed government support for nuclear energy.

Constellation Energy didn’t announce any new deals to provide electricity to artificial-intelligence hyperscalers—something investors have paid close attention to this year. CEO Joe Dominguez acknowledged the “growing recognition of nuclear’s role in powering the data economy.”

The company’s nuclear fleet, excluding two co-owned plants in New Jersey and Texas, operated at 96.8% capacity in the third quarter, up from 95% the year prior.

Constellation Energy’s acquisition of Calpine, one of the country’s largest operators of natural-gas plants, remains on track to close by the end of the year, the company said. The $26.6 billion deal will massively expand Constellation Energy’s natural gas portfolio and boost its potential electricity output by around 80%.

Write to Nate Wolf at nate.wolf@barrons.com