Constellation expects energy demand, data centers to boost business

If there is a word to describe Constellation Energy’s performance in 2023, it would be one that CEO Joe Dominguez frequently uses in talks with analysts: “overperformance.” The Baltimore company (NASDAQ: CEG) recorded record profits last year, reporting adjusted earnings before taxes (EBITDA) of $4.025 billion for the year, which was above the top end of the company’s guidance range. Dominguez said on Tuesday he expects 2024 to be another strong year for the company as it continues to benefit from federal energy legislation, increased energy demand and a rise in data centers. Constellation expects to grow its earnings per share by 10% over the next decade, the company said.