Constellation Energy (CEG) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

August 3, 2023 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, ladies and gentlemen, and welcome to the Constellation Energy Corporation Second Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. As a reminder this call may be recorded.

I'd now like to introduce your host for today's call, Emily Duncan, Senior Vice President of Investor Relations. You may begin.

Emily Duncan

Good morning, everyone, and thank you for joining Constellation Energy Corporation's second quarter earnings conference call.

Leading the call today are Joe Dominguez, Constellation's President and Chief Executive Officer; and Dan Eggers, Constellation's Chief Financial Officer. They are joined by other members of Constellation's senior management team who will be available to answer your questions following our prepared remarks.

We issued our earnings release this morning along with the presentation, all of which can be found in the Investor Relations section of Constellation's website. The earnings release and other matters, which we'll discuss during today's call contain forward-looking statements and estimates regarding Constellation and its subsidiaries that are subject to various risks and uncertainties.

Actual results could differ from our forward-looking statements based on factors and assumptions discussed in today's material, and comments made during this call. Please refer to today's 8-K and Constellation's other SEC filings for discussions of risk factors and other circumstances and considerations that, may cause results to differ from management's projections, forecasts and expectations.

Today's presentation also includes references to adjusted EBITDA and other non-GAAP measures. Please refer to the information contained in the appendix of our presentation and our earnings release for reconciliations between the non-GAAP measures and the nearest equivalent GAAP measures.

I'll now turn it over to Joe Dominguez, the CEO of Constellation.

Joe Dominguez

Thanks, Emily. Good morning, everyone. Thanks for joining our call.

I'm sorry about the delayed start here. I know it's a busy day for many of you, but it's a reminder of the old adage that all very good things are worth waiting for. I want to begin by thanking the women and men of Constellation for delivering a fantastic second quarter. It builds on the great work they did in the first quarter. For the second quarter, we earned $1.031 billion in adjusted EBITDA. As a result of the strong year-to-date results, and our expectations for the performance to continue, we are raising our 2023 adjusted EBITDA guidance range by $400 million to $3.3 billion to $3.7 billion, and we remain, despite this update, bullish for the balance of the year.