Profits for Constellation Energy dip as utility company blames inflation

Blaming higher costs to produce electricity and other factors, Constellation Energy Group reported Friday that net income for the second quarter fell 24 percent to $93.1 million, or 52 cents per share from $121.7 million or 86 cents per share a year ago.

Earnings fell in the quarter despite a 27 percent jump in revenue to $4.42 billion from $3.48 billion for the second quarter in 2005. Earlier this year, company officials said they expected earnings for the quarter to reach between 30 cents and 45 cents per share.