Constellation Energy won?t release its second quarter earnings for two more week, but company CEO Mayo Shattuck is willing to drop a hint: results are going to be good.
At Constellation?s annual shareholder?s meeting today, Shattuck said strong performance at each of the company?s divisions led to an “exceptionally strong” quarter.
Earnings “will significantly exceed Wall Street?s consensus estimate of 91-cents per share,” Shattuck said. “We don?t usually give a preview of our quarter?s results, but given the timing of this meeting, and the current uncertainty in all sorts of markets, it seems only fair.”
Shattuck also said cost estimates for a third nuclear reactor at the Calvert Cliffs Nuclear Power Plant in southern Maryland are under way. The cost of the plant has risen in recent months with the price of buildings materials and general economic slowdown, and Shattuck said the estimate could be complete by the middle of next year.
“Virtually all of the components and materials for a new reactor will come from abroad,” Shattuck said. “America abandoned its nuclear manufacturing base many years ago. Unfortunately that will drive the cost of new plants even higher.”
