Entergy Corp. posts first quarter earnings increase, revenue down 7%

by Talk Business & Politics staff ([email protected]) 363 views 

Entergy's Arkansas Nuclear One power plant in Russellville, Ark. (photo from Entergy newsroom)

New Orleans-based Entergy Corp. on Monday (May 11) posted first quarter adjusted net income of $230 million, down from the $254.537 million in the same quarter of 2019. The adjusted earnings per share of $1.14 beat the consensus estimate of 92 cents.

Revenue in the quarter was $2.427 billion, down from $2.609 billion in the same quarter of 2019. The revenue was below the consensus estimate of $2.54 billion.

The utility, which provided electricity to most of Arkansas and operates two nuclear plants in Russellville, also posted one-time charges related to asset write-offs and impairments in the nuclear energy segment.

“The past few months have presented extraordinary circumstances, and we extend our well-wishes to all affected. We also extend our deepest thanks to everyone working tirelessly to help those in need,” Entergy Chairman and CEO Leo Denault said in the earnings report. “Providing safe, reliable power is essential, especially during times like these; that’s why at Entergy we plan and prepare for the extraordinary, and our response has been effective. We are meeting the needs and expectations of our customers and communities, our major projects remain on track, and our capital plan is unchanged.”

The company affirmed its 2020 earnings per share guidance range of $5.45 to $5.75.

The company’s utility segment posted first quarter income of $320 million, up from $231 million in the same quarter of 2019. The parent segment posted a net quarterly loss of $90 million, compared with a $73 million loss in the same quarter of 2019. The Energy wholesale commodities segment posted a $111 million loss in the quarter, a wide swing from a $97 millio gain in the first quarter of 2019. The segment loss was related to the asset write-offs and impairments in the nuclear energy segment.

Following are the gigawatt hours billed in the quarter by customer segment.
• Residential: 8.126, down from 8.471 in the 2019 quarter
• Commercial: 6.244 million, down from 6.423 in the 2019 quarter
• Industrial: 11.815, down from 11.683 in the 2019 quarter

The company ended the quarter with 2.922 million electric retail customers, up from the 2.905 million in the same quarter of 2019.

Entergy shares (NYSE: ETR) closed Monday at $96.22, up $1.21. The earnings report was posted before the markets opened Monday. During the past 52 weeks the share price has ranged between $135.55 and $75.19.

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