It’s that time of year again, folks. Companies are reporting their earnings for the third quarter of 2024—and it was certainly an eventful quarter. Here’s our roundup of the first few calls of this earnings season.
Constellation sees a way forward: Constellation ($CEG) faced a setback this week when FERC rejected the interconnection agreement between Talen Energy and AWS, which is opening a data center campus hooked up to the Susquehanna nuclear plant.
Constellation has committed itself to supporting the growing power needs of AI, particularly with the Microsoft-supported planned restart of the Three Mile Island plant, which the utility projects will require $1.6B of cash from operations for capital expenditures.
“The importance of AI and the data economy to America’s economic competitiveness and national security can’t be overstated, and Constellation will do our part to meet the moment,” CEO Joe Dominguez said, reaffirming his confidence that future deals to colocate data centers with nuclear plants will earn regulatory approval.
Constellation’s Q3, by the numbers:
- Adj. non-GAAP operating earnings of $860M, or $2.74 per share
- $1.2B in net income
- Revised full-year earnings guidance to the top half of previous projections, with the expectation of $8–$8.40 earnings per share
BWXT keeps up momentum: BWX Technologies ($BWXT) had a successful quarter. The DoD broke ground on Project Pele as the company continued work on the reactor. BWXT also won a contract from the National Nuclear Security Administration to develop a centrifuge pilot plant, and it secured additional partnerships for reactor development.
BWXT’s Q3, by the numbers:
- $672M in revenue
- $35.5M in cash and cash equivalents
- $3.4B in backlog, including $2.75B from government operations and $635M from commercial operations
The company’s CEO, Rex Geveden, is enjoying the steady growth in nuclear and continued interest from new customers. “The nuclear industry is enjoying unprecedented customer and market interest with tangible investments in nuclear solutions by end-users across our key defense, commercial power, and medical markets,” he said in a release.
BWXT expects to hit the top end of its revenue guidance for the year.
+ Market check: Shares of $CEG fell by ~10% early this week after the FERC decision came through, but have ticked up a bit and closed at $234.99 per share on Wednesday. $BWXT is down ~2% since releasing results.
Lead Reporter of Ignition
