UPDATE: Constellation Energy Reports Downbeat Q2 Results, Lowers Full-Year Earnings Forecast

Constellation Energy Group Inc CEG reported downbeat second-quarter earnings and lowered its full-year earnings forecast on Wednesday. Constellation Energy posted its quarterly net profit at $108.1 million, or $0.49 per share, up from $83.8 million, or $0.36 per share, in the year-ago period. Excluding items, the company's earnings came in at $0.76 per share. Its revenue climbed about 1% to $3.35 billion. Analysts were expecting earnings of $0.84 per share on revenue of $3.86 billion. Constellation Energy lowered its 2011 profit projections by $0.05 per share to $3.05 to $3.35 per share. Analysts were expecting earnings of $3.20 per share. Constellation Energy shares dropped 2.72% to close at $37.85 yesterday.