LONDON (MarketWatch) -- Constellation Energy Group Inc. CEG -1.55% said Friday that its first-quarter net profit dropped 58% to $79.4 million as revenue edged down and costs rose. Revenue for the quarter slipped 0.5% to $3.57 billion and earnings per share fell to 35 cents from 95 cents a year earlier. The electricity generator, which late last month agreed to be bought by Exelon Corp. EXC -1.51% in a $7.9 billion all-stock deal, said adjusted earnings for the quarter were 63 cents a share. Analysts polled by FactSet Research had been expecting earnings of 96 cents a share on sales of $3.95 billion. Total expenses were up 5.9% at $3.43 billion as fuel prices rose and other costs increased. The group reaffirmed its guidance for 2011 earnings of between $3.10 and $3.40 a share.
