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News & Events
Constellation Energy Releases Strong Fourth Quarter and Record Full Year 2004 Results:
01/28/2005
BALTIMORE. MD – PRNewswire-FirstCall/ -- Constellation Energy (NYSE: CEG) today reported earnings excluding special items of $3.24 per share for 2004, up 17.4 percent from $2.76 per share in 2003. Including special items of ($0.12) per share, reported earnings were $3.12 per share. A detailed addendum of special items is attached. The results excluding special items are in line with the company's most recent earnings guidance of $3.15 - $3.25 per share provided in October 2004. The company also established 2005 earnings guidance of $3.35 - $3.60 per share.
For the fourth quarter, Constellation Energy reported earnings excluding special items of $0.79 per share, up 17.9 percent from $0.67 per share in the fourth quarter of 2003. Including a ($0.03) per share special item associated with workforce reduction costs in the generation operation, the company earned $0.76 per share in the fourth quarter of 2004.
"2004 was a tremendous year for Constellation Energy. We delivered the highest earnings in company history," said Mayo A. Shattuck III, chairman, president and chief executive officer of Constellation Energy. "Today, we are fundamentally a larger company with greater earnings power. We are capitalizing on opportunities to grow our commercial platform and to run our existing businesses more efficiently. Our disciplined investment approach and growing track record of acquisition integration are evident in our results. We continue to expand our position as the market leader in competitive supply by leveraging the national scale of these businesses. Our success is a direct result of our customer-centric focus, which drives our efforts in all of our competitive supply operations. With the right mix of people, technology, market understanding and disciplined risk management, Constellation Energy is delivering strong financial and operating results. Our strategy and businesses have proven successful, and we are poised to deliver strong results in 2005 as we expand our businesses and extend our competitive market leadership."
The following tables summarize earnings per share excluding special items for the company's business segments and provide reconciliation to total company reported earnings:
Constellation Energy, a FORTUNE 200 company based in Baltimore, is the nation's largest competitive supplier of electricity to large commercial and industrial customers and the nation's largest wholesale power seller. Constellation Energy also manages fuels and energy services on behalf of energy intensive industries and utilities. It owns a diversified fleet of more than 100 generating units located throughout the United States, totaling approximately 12,000 megawatts of generating capacity. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland. In 2004, the combined revenues of the integrated energy company totaled $12.5 billion.
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