Constellation Energy on Friday reported earnings of 70 cent per share, on net income of $114 million for its first quarter ending March 31. This compares with earnings of 71 cents per share, on net incomeof $121 million for the same period a year ago. Sales for the quarter rose from $3.6 billion in 2005 to $4.9 billion in 2006, but expenses also climbed from $3.4 billion to $4.7 billion.

The company?s operating expenses for the quarter increased to 521 million this year, compared to 458 million in 2005. Constellation also spent $1.9 million in costs pertaining to its pending merger with Florida-based FPL Group. It also spent $2.2 million in work force reduction costs and $16.5 million in asset retirement obligations.