Constellation Energy Reports 58% Drop In Q1 Net Profit

Constellation Energy Group Inc CEG reported a 58% decline in its first-quarter net profit. The company's net profit fell to $79.4 million. The company's revenue dropped 0.5% to $3.57 billion. CEG's earnings per share dropped to $0.35 per share, from $0.95 per share, in the year-earlier period. The company reported its quarterly adjusted earnings at $0.63 per share. However, analysts were expecting earnings of $0.96 per share on revenue of $3.95 billion. The company's total expenses rose 5.9% to $3.43 billion. CEG reaffirmed its 2011 earnings forecast of $3.10 to $3.40 per share. CEG shares fell 1.55% to close at $35.66 yesterday. Read more from Benzinga's Company news.