Why Constellation Energy Stock Crashed 11% After Earnings
Electric utility stock Constellation Energy (NASDAQ: CEG) tumbled 10% through 10:35 a.m. ET Monday morning despite beating analyst forecasts for third-quarter earnings this morning.
Wall Street anticipated Constellation would earn $2.64 per share, adjusted for one-time items, on sales of $5.7 billion. In fact, Constellation says it earned $2.74 per share, and sales exceeded $6.5 billion.
This good news gets better. Constellation's $2.74 profit was only a non-GAAP (adjusted) number. But earnings as calculated according to generally accepted accounting principles (GAAP) were $3.82 per share, an increase of 69% over last year's Q3 profit.
Source Fool.com
