By Mackenzie Tatananni

Constellation Energy stock fell sharply in premarket trading Tuesday after the clean-energy company reported first-quarter earnings that missed analysts' expectations.

Adjusted earnings of $2.14 a share came in below the $2.18 analysts had forecast, according to FactSet.

Shares tumbled 6% to $233.50. Futures tracking the benchmark S&P 500 and Nasdaq Composite were down 0.7% and 1%, respectively.

The company reaffirmed its full-year outlook, guiding for adjusted operating earnings in the range of $8.90 to $9.60 a share. Wall Street was looking for $9.44 a share, above the midpoint of the range.

Earlier this year, Constellation Energy said it had entered into a definitive agreement to acquire Calpine, the nation's largest clean-energy provider. The transaction is expected to close in the fourth quarter, management said.

In addition to previously disclosed deals, CEO Joe Dominguez indicated the company was set to announce "new power agreements" in the near future.

"As presidents Trump and Biden repeatedly have emphasized, it is vital for our national security and for our economy that America lead the [artificial-intelligence] race, and I am so proud that Constellation is playing such an important role," Dominguez added.

Clean energy, particularly nuclear, is often seen as an answer to data centers' enormous appetite for power. Management noted that Constellation's nuclear fleet produced 45,582 gigawatt-hours in the first quarter of 2025, up from 45,391 GWhs in the same period last year.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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May 06, 2025 08:01 ET (12:01 GMT)

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