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stellation Energy (CEG) - 2024 Q1 - Quarterly Results
CEGstellation Energy (CEG)2024-05-09 10:52

Financial Performance - GAAP Net Income for Q1 2024 was 2.78pershare,whileAdjusted(non−GAAP)OperatingEarningswere2.78 per share, while Adjusted (non-GAAP) Operating Earnings were 1.82 per share[1] - GAAP Net Income for Q1 2024 increased to 2.78persharefrom2.78 per share from 0.29 per share in Q1 2023, while Adjusted (non-GAAP) Operating Earnings rose to 1.82persharefrom1.82 per share from 0.78 per share[35] - GAAP Net Income Attributable to Common Shareholders for Q1 2024 was 883million,withEarningsPerShareof883 million, with Earnings Per Share of 2.78[48] - Adjusted (non-GAAP) Operating Earnings for Q1 2024 were 579million,withEarningsPerShareof579 million, with Earnings Per Share of 1.82[48] - Operating revenues for Q1 2024 were 6.161billion,adecreasefrom6.161 billion, a decrease from 7.565 billion in Q1 2023[62] - Purchased power and fuel expenses decreased to 3.417billioninQ12024from3.417 billion in Q1 2024 from 5.729 billion in Q1 2023[62] - Net cash flows provided by operating activities were negative 723millioninQ12024,comparedtonegative723 million in Q1 2024, compared to negative 934 million in Q1 2023[56] - Capital expenditures for Q1 2024 were 738million,anincreasefrom738 million, an increase from 660 million in Q1 2023[56] Shareholder and Credit Updates - The company repurchased 500millionworthofsharesinQ12024,bringingcumulativerepurchasesto500 million worth of shares in Q1 2024, bringing cumulative repurchases to 1.5 billion since 2023[1][7] - Moody's upgraded the company's credit rating from Baa2 to Baa1, reflecting confidence in its financial performance[1][7] - The company issued a 900million,30−yeartermgreenbond,thefirstofitskindintheU.S.toincludenuclearenergyinitsuseoffunds[59]NuclearEnergyPerformance−Nuclearfleetproduced45,391GWhsinQ12024,upfrom42,463GWhsinQ12023,withacapacityfactorof93.3900 million, 30-year term green bond, the first of its kind in the U.S. to include nuclear energy in its use of funds[59] Nuclear Energy Performance - Nuclear fleet produced 45,391 GWhs in Q1 2024, up from 42,463 GWhs in Q1 2023, with a capacity factor of 93.3% excluding Salem and STP[20] - The company's nuclear plants had 78 planned refueling outage days in Q1 2024, down from 86 in Q1 2023[20] - Total Nuclear Generation increased to 45,391 GWhs in Q1 2024 from 42,463 GWhs in Q1 2023, with ERCOT contributing 2,202 GWhs in 2024 compared to none in 2023[41] - Total Outage Days decreased to 88 in Q1 2024 from 95 in Q1 2023, with refueling outage days dropping from 86 to 78[31] Renewable and Carbon-Free Energy - The company's annual output is nearly 90% carbon-free, with the capacity to power the equivalent of more than 16 million average homes[23] - Renewable energy capture for the fleet was 96.3% in Q1 2024, slightly down from 96.6% in Q1 2023, while the dispatch match rate was 97.9% compared to 98.4% in Q1 2023[47] Financial Position and Liabilities - The company's total liabilities increased to 40.454 billion as of March 31, 2024, up from 39.472billionattheendof2023[10]−Shareholders′equityincreasedto39.472 billion at the end of 2023[10] - Shareholders' equity increased to 11.56 billion as of March 31, 2024, up from 11.286billionattheendof2023[10]−Totalcurrentassetsincreasedto11.286 billion at the end of 2023[10] - Total current assets increased to 8,460 million in Q1 2024 from 8,299millioninQ42023,withcashandcashequivalentsrisingfrom8,299 million in Q4 2023, with cash and cash equivalents rising from 368 million to 562million[38]EarningsGuidance−Thecompanyreaffirmeditsfull−year2024Adjusted(non−GAAP)OperatingEarningsguidancerangeof562 million[38] Earnings Guidance - The company reaffirmed its full-year 2024 Adjusted (non-GAAP) Operating Earnings guidance range of 7.23 - 8.03pershare[1]−Constellationreaffirmeditsfull−yearadjusted(non−GAAP)earningsguidanceof8.03 per share[1] - Constellation reaffirmed its full-year adjusted (non-GAAP) earnings guidance of 7.23 to 8.03pershare[44]EnergyGenerationandMarketPrices−TotalNaturalGas,Oil,andRenewablesgenerationincreasedto8,274GWhsinQ12024from7,251GWhsinQ12023,withERCOTcontributing3,516GWhsin2024comparedto3,286GWhsin2023[41]−TotalPurchasedPowerdecreasedto14,742GWhsinQ12024from15,726GWhsinQ12023,withMid−Atlanticregionreducingpurchasedpowerfrom4,035GWhsto3,370GWhs[41]−ZECReferencePricesforNewJersey(Mid−Atlantic)remainedat8.03 per share[44] Energy Generation and Market Prices - Total Natural Gas, Oil, and Renewables generation increased to 8,274 GWhs in Q1 2024 from 7,251 GWhs in Q1 2023, with ERCOT contributing 3,516 GWhs in 2024 compared to 3,286 GWhs in 2023[41] - Total Purchased Power decreased to 14,742 GWhs in Q1 2024 from 15,726 GWhs in Q1 2023, with Mid-Atlantic region reducing purchased power from 4,035 GWhs to 3,370 GWhs[41] - ZEC Reference Prices for New Jersey (Mid-Atlantic) remained at 10.00/MWh in Q1 2024, slightly up from 9.88/MWhinQ12023[42]−ElectricityreferencepricesforPJMWest(Mid−Atlantic)increasedto9.88/MWh in Q1 2023[42] - Electricity reference prices for PJM West (Mid-Atlantic) increased to 34.25 in 2024 from 33.12in2023[64]−ComEd(Midwest)electricityreferencepricesdecreasedto33.12 in 2023[64] - ComEd (Midwest) electricity reference prices decreased to 26.07 in 2024 from 26.80in2023[64]−Central(NewYork)electricityreferencepricesincreasedto26.80 in 2023[64] - Central (New York) electricity reference prices increased to 34.88 in 2024 from $30.16 in 2023[64]