Constellation Energy Reports Lower Revenues, BGE Posts Loss

Constellation Energy (NYSE: CEG), Baltimore's last Fortune 500 company in the process of being purchased by Chicago-based Exelon Corporation (NYSE:EXC) announced third quarter financial results today.

Revenues declined 11 percent to $2.8 billion for the third quarter ended September 30, 2011 compared to the $3.1 billion reported the same period of 2010.

Overall earnings reversed from a net loss of $1.4 billion to a net income of $73.7 million but the Baltimore Gas and Electric (BGE) division that is expected to be spun-off after the buyout reported a loss of $-0.01 cents per common share.

Earnings per diluted share was $0.36 cents versus $-6.99 in the third quarter of 2010.

Earnings were well below the average analyst estimate of $0.82 cents per share, analysts also expected revenues of $4.45 billion.

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