(Reuters) - Constellation Energy Group (CEG.N), which has agreed to be bought by Exelon Corp (EXC.N), posted lower-than-expected first quarterearnings as severe weather in Texas knocked two power plants offline.

Net income fell to $70.4 million, or 35 cents per share, from $191.5 million, or 95 cents per share.

Excluding one-time items, earnings of 63 cents per share, below 96 cents that analysts had on average forecast, according to Thomson Reuters I/B/E/S.

Revenues slipped less than 1 percent to $3.57 billion, but fell short of the $4.12 billion analysts had expected.

(Reporting by Matt Daily; Editing by Derek Caney)

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