stellation Energy (CEG) - 2024 Q4 - Annual Results

Financial Performance - GAAP Net Income for Q4 2024 was $2.71 per share, up from ($ 0.11) per share in Q4 2023; Adjusted Operating Earnings increased to $2.44 per share from$ 1.74 per share[4] - Full year 2024 GAAP Net Income reached $11.89 per share, compared to$ 5.01 per share in 2023; Adjusted Operating Earnings rose to $8.67 per share from$ 6.28 per share[6] - For the three months ended December 31, 2024, GAAP Net Income attributable to common shareholders was $852 million, compared to a loss of$ 36 million in the same period of 2023, representing a significant increase of $888 million[24] - Adjusted (non-GAAP) Operating Earnings for the twelve months ended December 31, 2024, was$ 2,735 million, up from $2,034 million in 2023, reflecting a growth of 34.5%[24] - The net income attributable to common shareholders for the twelve months ended December 31, 2024, was$ 3,749 million, compared to $1,623 million in 2023, marking an increase of 130.5%[24] - Net income for the twelve months ended December 31, 2024, was$ 3.738 billion, compared to $1.577 billion in 2023, indicating a year-over-year increase of 137.5%[29] - Operating income increased significantly to$ 4.352 billion in 2024 compared to $1.610 billion in 2023, marking a growth of 170.5%[36] - Basic earnings per share increased to$ 11.91 in 2024, compared to $5.02 in 2023, reflecting a growth of 137.3%[36] Revenue and Expenses - The company's operating revenues for the three months ended December 31, 2024, were$ 5,382 million, a decrease from $5,796 million in the same period of 2023, indicating a decline of 7.2%[24] - Operating revenues for the twelve months ended December 31, 2024, were$ 23.568 billion, a decrease of 5.4% from $24.918 billion in 2023[36] - Total operating expenses for the twelve months ended December 31, 2024, were$ 19,287 million, compared to $23,335 million in 2023, showing a reduction of 17.3%[24] - Total operating expenses decreased to$ 19.287 billion in 2024 from $23.335 billion in 2023, reflecting a reduction of 17.3%[36] Shareholder Returns - A quarterly dividend of$ 0.3878 per share was declared, payable on March 18, 2025, reflecting a 25% increase in the annual dividend[10] - The company completed $1 billion in share repurchases in 2024, totaling$ 2 billion since 2023, with $1 billion remaining authorization[10] Investments and Acquisitions - A definitive agreement was entered to acquire Calpine Corporation for$ 4.5 billion in cash and 50 million shares of common stock, enhancing capabilities and customer offerings[10] - The company plans to invest over $2.5 billion in 2025 to support long-term operations and growth investments[3] - The company is involved in a proposed transaction with Calpine Corporation, which is expected to enhance its investment-grade credit profile and operational synergies[18] Operational Metrics - The company achieved a nuclear operating capacity factor of 94.6% for the twelve months ended December 31, 2024[10] - Total nuclear generation for the twelve months ended December 31, 2024, was 181,711 GWh, an increase from 174,047 GWh in 2023, representing a growth of 4.8%[41] - The company reported a total of 266 outage days for the twelve months ended December 31, 2024, a decrease from 307 outage days in 2023[43] - Total supply/sales by region for the twelve months ended December 31, 2024, was 269,417 GWh, slightly down from 269,689 GWh in 2023[41] Sustainability and Emissions - Constellation was ranked the No. 1 producer of emissions-free energy for the 11th consecutive year, with the lowest carbon dioxide emissions among the largest private power producers[10] - The company generated approximately 90% of its annual output from carbon-free sources, contributing to its position as a leading energy supplier[12] - Constellation Energy is committed to investing in innovative technologies to enhance its sustainable energy future[12] Balance Sheet and Cash Flow - Total assets increased to$ 52.926 billion as of December 31, 2024, up from $50.758 billion in 2023, representing a growth of 4.3%[26] - Cash and cash equivalents at the end of the period rose to$ 3.129 billion, up from $454 million at the beginning of the period, marking a significant increase[29] - Total current liabilities increased to$ 6.846 billion in 2024 from $6.319 billion in 2023, an increase of 8.4%[27] - Total shareholders' equity increased to$ 13.166 billion in 2024, up from $10.925 billion in 2023, reflecting a growth of 20.5%[27] - The company experienced a net cash outflow from operating activities of$ 2.464 billion in 2024, an improvement from an outflow of $5.301 billion in 2023[29] Taxation - The effective tax rate for Q4 2024 was 0.7%, a significant decrease from 127.3% in Q4 2023[31] - The effective tax rate improved to 17.1% in 2024 from 35.1% in 2023[36] Share Count - Average common shares outstanding for Q4 2024 were 314 million, a decrease from 320 million in Q4 2023[31] - The average common shares outstanding decreased to 315 million in 2024 from 323 million in 2023[36]