Entergy posts 1Q net income of $161.4M

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Associated Press

Posted on April 25, 2013 at 10:02 AM

Updated Thursday, Apr 25 at 11:02 AM

NEW ORLEANS (AP) — Entergy Corp. reported net income of $161.4 million for the first quarter on Thursday in contrast to a loss a year ago, helped by higher utility revenue. Hefty one-time costs had weighed down its year-ago results.

The electric power company's profit amounted to 90 cents per share for the three months ended March 31. It lost $151.7 million, or 86 cents per share, in the same quarter of 2012.

Excluding one-time items, the company's adjusted profit was 94 cents per share. That beat Wall Street predictions. Analysts, on average, expected earnings of 81 cents per share, according to FactSet.

Revenue rose 9 percent to $2.61 billion from $2.38 billion, slightly ahead of analysts' expectations of $2.6 billion.

Utility profits nearly doubled to $123.5 million, boosted by price increases and higher demand for power stemming from colder weather compared with the year before.

The company's wholesale commodity business posted a profit of $82.1 million, compared with a year-ago loss of $175.9 million.

The company reaffirmed it expects an adjusted 2013 profit of $4.60 to $5.40 per share. Analysts expect $4.88 per share.

Entergy shares fell 67 cents to $69.45 in morning trading. They are still near the high end of their 52-week range of $61.09 to $74.50.

Entergy delivers electricity to 2.8 million utility customers in Arkansas, Louisiana, Mississippi and Texas.

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