Constellation Energy Corp (CEG, Financial) released its Q3 2023 earnings report on November 6, 2023. The company reported a GAAP Net Income of $731 million, a significant turnaround from a net loss of $188 million in the same quarter of 2022. Adjusted EBITDA (non-GAAP) for the third quarter of 2023 increased to $1,199 million from $592 million in the third quarter of 2022.
Financial Highlights
CEG's strong performance in Q3 2023 was primarily due to favorable market and portfolio conditions, partially offset by unfavorable labor, contracting, and materials, and decreased ZEC revenue. The company also raised its full-year 2023 Adjusted EBITDA guidance to a range of $3,800 million to $4,000 million, reflecting the continued strength of its operations and current market conditions.
CEG also continued its commitment to shareholders by repurchasing $250 million of shares, completing three quarters of its $1.0 billion share repurchase program. The company also expanded its carbon-free nuclear fleet by acquiring a 44% stake in South Texas Project Electric Generating Station.
Operational Highlights
CEG achieved a major milestone in its bid to build the world's largest nuclear-powered hydrogen production facility with a U.S. Department of Energy grant of up to $1.0 billion for MachH2 hydrogen hub. The company also reached an agreement with ComEd, one of the nation's largest utilities, to power its 54 metered facilities with locally produced, carbon-free nuclear energy.
In addition, CEG earned the 2023 Great Place to Work® certification based on positive ratings from its employees on their experience working at the company.
Financial Statements Summary
According to the Consolidated Statements of Operations, CEG's operating revenues for Q3 2023 were $6,111 million. The total operating expenses were $5,134 million, resulting in an operating income of $977 million. The GAAP Net Income attributable to common shareholders was $731 million.
The Consolidated Balance Sheets showed total assets of $48,965 million as of September 30, 2023. Total liabilities were $36,965 million, and total equity was $12,000 million. The Consolidated Statements of Cash Flows and other financial details are available in the full earnings report.
For more detailed financial information, please refer to the full earnings report on the Constellation Energy Corp (CEG, Financial) investor relations website.
Explore the complete 8-K earnings release (here) from Constellation Energy Corp for further details.
