- Initiating full-year Adjusted (Non-GAAP) Operating Earnings per
share guidance of $7.23 to $8.03
- Nuclear PTC provides earnings visibility and platform for
growth
- Announcing 25% dividend per share growth, exceeding 10% annual
dividend growth target
- Started next $1 billion in share repurchases
- Targeting long-term base EPS growth of at least 10% through the
decade
Marking the start of its third year as an independent company,
Constellation, the nation’s largest producer of carbon-free energy,
will host a virtual investor and analyst event via webcast today to
lay out a forecast for earnings growth based on the strength of its
industry-leading commercial business and market and policy
recognition that nuclear energy is essential to addressing the
climate crisis while preserving grid reliability and the nation’s
energy security.
“The most valuable commodity in the world today remains clean
energy that can be depended on in every hour of every day, and no
U.S. company is better positioned to deliver on that promise than
Constellation, which has more clean, reliable nuclear capacity than
all other U.S. competitive generators combined,” said Joe
Dominguez, president and CEO of Constellation. “State and federal
policies, bipartisan political support, public opinion surveys and
increased customer demand for reliable and clean energy all point
to strong and growing support for nuclear energy to power our
economy for decades to come. Combined with our industry-leading
Commercial business that helps our customers achieve their climate
goals, we see a growing landscape of opportunities to continue
building our business and lead the clean energy transition.”
Highlights from the Investor Update
Strong financial outlook with predictable earnings:
Constellation initiated guidance for 2024 Adjusted (Non-GAAP)
Operating Earnings of $7.23 to $8.03 per share. The Adjusted
(Non-GAAP) Operating Earnings guidance excludes the effects of the
following from projected GAAP net income:
- Unrealized impacts of fair value adjustments
- Decommissioning-related activities
- Pension and Other Postretirement Employment Benefit (OPEB)
non-service credits
- Enterprise Resource Program (ERP) system implementation
- Other items not directly related to the ongoing operations of
the business
- Noncontrolling interest related to exclusion items
The nuclear production tax credit (PTC) in the IRA provides a
stable foundation for consistent and growing earnings that will
allow Constellation to continue investing in growth opportunities,
including by adding clean energy generation to its fleet through
uprates, repowering wind assets, license extensions and asset
acquisitions while also returning capital to shareholders. The PTC
provides revenue visibility and also preserves Constellation’s
ability to capture upside from tightening power market
conditions.
Long-term base EPS growth of at least 10%: Constellation
is targeting long-term base earnings per share (EPS) growth of at
least 10% through the decade backstopped by the nuclear production
tax credit in the Inflation Reduction Act (IRA) and effective
deployment of our strong free cash flow generation.
Base earnings, a significant component of total Adjusted
(Non-GAAP) Operating Earnings, are consistent, visible earnings
that will grow over time and can be modeled using simple price
times quantity calculations, such as expected generation volumes
times price or customer margins times volumes. The company has
opportunities to grow base earnings faster by monetizing the value
of the reliable, carbon-free nuclear power generated at its Clean
Energy Centers through hourly carbon-free matching solutions,
behind-the-meter opportunities like data centers or hydrogen,
government clean energy procurements or higher market prices.
Constellation's Assets Are Unmatched
Growth fueled by customer demand: With a customer-facing
business that serves three fourths of Fortune 100 companies and 21%
of the competitive C&I market, Constellation is well positioned
to meet the growing needs of digital infrastructure and other
essential industries looking for reliable, carbon-free electricity
to power economic growth. U.S. electricity demand is expected to
grow twice as fast through 2030 compared with the past decade,
while at the same time the grid is growing more dependent on
intermittent resources. Major tech companies alone are expected to
make significant investments to expand our nation’s digital
infrastructure over the next five years, with data centers growing
from 2% to 7.5% of U.S. electricity demand by 2030. The nation’s
top technology firms have set goals to power this growth with clean
and dependable energy. Growing recognition of nuclear energy as a
reliable clean energy resource creates opportunities for
Constellation to forge new customer relationships and capture
additional value from our 180 million MWh of annual clean energy
output.
World-class operations are a competitive advantage:
Constellation is ranked No. 1 in operational metrics among major
nuclear operators, with our clean-energy fleet avoiding the
equivalent of 251 million metric tons of carbon dioxide pollution
over the past two years. The company’s nuclear fleet achieved a
94.6% capacity factor from 2022-2023, approximately 4% above recent
industry average. That additional output compared with industry
peers is the equivalent of having another reactor’s worth of power
or $335 million in additional annual revenue (pre-tax).
Returning value to shareholders: Constellation announced
plans to grow its dividend per share by 25% this year, exceeding
the company’s dividend growth target of at least 10% annually. This
brings the total dividend increase to 150% in two years. The
company completed its first $1 billion stock repurchase plan last
year, and in December the board approved an additional $1 billion
repurchase with $150 million already executed.
Dividend Declaration: Our Board of Directors has declared
a quarterly dividend of $0.3525 per share on our common stock. The
dividend is payable on Tuesday, March 19, 2024, to shareholders of
record as of 5 p.m. Eastern time on Friday, March 8, 2024.
Webcast Information
The Constellation investor call will begin at 8:30 a.m. Eastern
Time. The webcast and associated materials can be accessed
https://investors.constellationenergy.com.
Non-GAAP Financial Measures
Beginning in 2024, in analyzing and planning for our business,
we will be supplementing our use of net income as determined under
generally accepted accounting principles in the United States
(GAAP), with Adjusted (non-GAAP) Operating Earnings as a
performance measure. Adjusted (non-GAAP) Operating Earnings
reflects an additional way of viewing our business that, when
viewed with our GAAP results and an accompanying reconciliation to
GAAP net income, may provide a more complete understanding of
factors and trends affecting our business. Adjusted (non-GAAP)
Operating Earnings should not be relied upon to the exclusion of
GAAP financial measures and is, by definition, an incomplete
understanding of our business, and must be considered in
conjunction with GAAP measures. In addition, Adjusted (non-GAAP)
Operating Earnings is neither a standardized financial measure, nor
a presentation defined under GAAP and may not be comparable to
other companies’ presentations or deemed more useful than the GAAP
information provided elsewhere, including in our 2024 Business and
Earnings Outlook presentation, which is posted on our website at:
www.ConstellationEnergy.com. We have provided the non-GAAP
financial measure as supplemental information and in addition to
the financial measures that are calculated and presented in
accordance with GAAP. Adjusted (non-GAAP) Operating Earnings should
not be deemed more useful than, a substitute for, or an alternative
to the most comparable GAAP Net Income measure . This press release
and 2024 Business and Earnings Outlook presentation provide
reconciliations of Adjusted (non-GAAP) Operating Earnings to the
most directly comparable financial measures calculated and
presented in accordance with GAAP and , in addition to being posted
on our website, have been furnished to the Securities and Exchange
Commission on Form 8-K on February 27, 2024.
Cautionary Statements Regarding Forward-Looking
Information
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 that are subject to risks and uncertainties. Words such as
“could,” “may,” “expects,” “anticipates,” “will,” “targets,”
“goals,” “projects,” “intends,” “plans,” “believes,” “seeks,”
“estimates,” “predicts,” and variations on such words, and similar
expressions that reflect our current views with respect to future
events and operational, economic, and financial performance, are
intended to identify such forward-looking statements.
The factors that could cause actual results to differ materially
from the forward-looking statements made by Constellation Energy
Corporation and Constellation Energy Generation, LLC, (Registrants)
include those factors discussed herein, as well as the items
discussed in (1) the Registrants' 2023 Annual Report on Form 10-K
(to be filed on February 27, 2024) in (a) Part I, ITEM 1A. Risk
Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis
of Financial Condition and Results of Operations, and (c) Part II,
ITEM 8. Financial Statements and Supplementary Data: Note 19,
Commitments and Contingencies, and (2) other factors discussed in
filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these
forward-looking statements, whether written or oral, which apply
only as of the date of this press release. Neither of the
Registrants undertakes any obligation to publicly release any
revision to its forward-looking statements to reflect events or
circumstances after the date of this press release.
About Constellation
A Fortune 200 company headquartered in Baltimore, Constellation
Energy Corporation (Nasdaq: CEG) is the nation’s largest producer
of clean, carbon-free energy and a leading supplier of energy
products and services to businesses, homes, community aggregations
and public sector customers across the continental United States,
including three fourths of Fortune 100 companies. With annual
output that is nearly 90% carbon-free, our hydro, wind and solar
facilities paired with the nation’s largest nuclear fleet have the
generating capacity to power the equivalent of 16 million homes,
providing about 10% of the nation’s clean energy. We are further
accelerating the nation’s transition to a carbon-free future by
helping our customers reach their sustainability goals, setting our
own ambitious goal of achieving 100% carbon-free generation by
2040, and by investing in promising emerging technologies to
eliminate carbon emissions across all sectors of the economy.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240226306288/en/
Emily Duncan Investor Relations 833-447-2783
investorrelations@constellation.com
Paul Adams Corporate Communications 667-218-7700
paul.adams@constellation.com
Constellation Energy (NASDAQ:CEG)
과거 데이터 주식 차트
부터 3월(3) 2025 으로 3월(3) 2025
Constellation Energy (NASDAQ:CEG)
과거 데이터 주식 차트
부터 3월(3) 2024 으로 3월(3) 2025
