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Entergy beats second-quarter profit estimates on higher electricity demand
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Entergy beats second-quarter profit estimates on higher electricity demand
Aug 1, 2024 3:56 AM

Aug 1 (Reuters) - Electric utility Entergy ( ETR ) beat

second-quarter profit estimates on Thursday, driven by resilient

demand for power during the peak summer months.

Extreme heat during the quarter prompted consumers to

increase their usage of air conditioners and refrigerators,

boosting profits for companies such as Entergy ( ETR ).

The company provides electricity services to nearly 3

million customers across Arkansas, Louisiana, Mississippi and

Texas.

The company's total sales rose 4% to 34,444 gigawatt-hours

(GWh) in the April-June quarter, from 33,076 GWh a year earlier,

driven by higher residential and commercial sales.

Entergy ( ETR ) reaffirmed its full-year adjusted profit forecast of

$7.05 to $7.35 per share. Analysts estimated a profit of $7.21

for 2024, according to LSEG data.

The company posted an adjusted profit of $1.92 per share in

the second quarter, above analysts' average estimate of $1.76.

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