$CEG (+1.45%) | Constellation Energy Q3'24 Earnings Highlights

🔹 Adj EPS: $2.74 (Est. $2.63) 🟢

🔹 Revenue: $6.55B (Est. $5.71B) 🟢; UP +14.7% YoY

🔹 Adj Operating Income: $860M (Est. $1.228B) 🔴

Narrowed FY24 Guidance: 

🔹 Adj EPS: $8.00-$8.40 (Prior: $7.60-$8.40; Est. $8.05) 😐

Operational Performance: 

🔹 Nuclear Fleet Output: 45,510 GWh (UP from 44,125 GWh YoY)

🔹 Capacity Factor: 95.0% for Q3 2024 (DOWN from 97.2% YoY)

🔹 Outage Days: 37 planned refueling days vs. 20 days YoY; 20 non-refueling outage days vs. 10 days YoY

Natural Gas, Oil, and Renewables Operations:

🔹 Dispatch Match Rate: 98.2%

🔹 Renewable Energy Capture: 96.0%

Recent Developments & Strategic Initiatives: 

🔸 20-Year Power Purchase Agreement (PPA): Signed with Microsoft to support the restart of the Crane Clean Energy Center (formerly Three Mile Island Unit 1)

🔸 Expected investment: Approx. $1.6B for restart

🔸 Estimated in-service date: 2028

🔸 Regulatory reviews underway; project expected to support Microsoft’s clean energy goals for data centers

🔸 Efficiency Enhancements: Expected refueling outage duration to be 50% below industry average due to strong fleet performance

CEO Joe Dominguez’s Commentary:

"The 20-year agreement with Microsoft exemplifies the growing demand for reliable, emissions-free energy. We’re committed to advancing clean energy and extending our nuclear fleet's life to meet this demand, ensuring reliability and environmental benefits."