UPDATE: Entergy 4th-Quarter Profit Off; Adjusted Net Exceeds Estimates
01/29 11:51 am (ON)
Story 0571 (ETR)
By Jim Jelter
SAN FRANCISCO (Dow Jones) - Entergy Corp., the New Orleans power company, reported Tuesday that fourth-quarter profit dropped 28%, reflecting several year-earlier gains, including asset sales and a tax settlement,
Earnings fell to $193.9 million, or 96 cents a share, from $268.3 million, or $1.27, in the year-earlier period.
Excluding one-time items, earnings from operations totaled $225.9 million, or $1.12 a share, up from $166.9 million, or 79 cents.
Revenue rose 10% to $2.73 billion from $2.48 billion.
Analysts surveyed by Thomson Financial had predicted earnings of $1.06 a share on $2.92 billion in revenue.
Entergy, (ETR) which operates the second-biggest U.S. fleet of nuclear-power stations, affirmed its 2008 earnings outlook of $6.50 to $6.90 a share. The forecast excludes costs related to the separation of the company's non-utility nuclear business and a new nuclear-services joint venture.
Entergy shares were recently trading little changed. The stock is up 16% over the past year, compared with a 10% gain for the Dow Jones Utilities Average (26099800)
