Baltimore-based Constellation Energy Group, which called off a planned merger with Florida-based FPL Group this week, reported strong third-quarter earnings Friday.
The utility company, which is parent to Baltimore Gas & Electric, reported net income for the quarter jumped to $324.4 million, or $1.79 per share, from $185.5 million, or $1.03 per share, in the year-earlier quarter. Adjusted to exclude certain one-time items, earnings were $1.56 per share versus $1.08 a year ago.
“The third quarter was also marked by strong new sales volumes and high customer retention rates” CEO Mayo A. Shattuck III, said in a company statement.
He reported that the company?s retail energy business, NewEnergy, “showed substantial growth.”
Bouyed by the strong earnings, company officials raised 2006 earnings guidance to between $3.65 and $3.80 per share from a prior range of $3.35 to $3.65 per share, including results from the company?s High Desert plant which is being sold.
