financetom
Business
financetom
/
Business
/
Entergy misses quarterly profit estimates on higher expenses, lower sales
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Entergy misses quarterly profit estimates on higher expenses, lower sales
Apr 24, 2024 5:40 AM

April 24 (Reuters) - Electric utility company Entergy

Corp ( ETR ) missed Wall Street estimates for first-quarter

profit on Wednesday, hurt by higher operating expenses and lower

sales.

The utility, which serves three million customers in

Arkansas, Louisiana, Mississippi and Texas, posted a drop in

industrial consumers, falling 2.1% to 43,849 from 44,784 year

over year, edging profits lower.

On an adjusted basis, the firm posted a profit of $1.08 per

share for the quarter that ended March 31, below the average

analysts' estimate of $1.51 per share, according to LSEG data.

Overall, sales were down 0.5% to 31,172 gigawatt-hours (GWh)

due to lower commercial and industrial sales.

Additionally, operating expenses were 1.6% higher at $2.6

billion due to higher operating and maintenance costs.

The company also reported a 12 cents per share impact from

weather, as winter storms at the start of the year caused

outages in its key service territories.

Quarterly income fell to $75 million from $311 million in

the prior-year quarter due to higher depreciation and

amortization expenses in the utilities segment.

The company, however, reaffirmed its full-year adjusted

profit forecast between $7.05 and $7.35 per share.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Tilray Stock Is Trading Higher Tuesday: Here's Why
Tilray Stock Is Trading Higher Tuesday: Here's Why
Jul 30, 2024
Tilray Brands Inc ( TLRY ) shares are trading higher Tuesday after the company reported better-than-expected financial results for the fourth quarter. Q4 Revenue: $229.882 million, versus estimates of $227.07 million Q4 EPS: 4 cents, versus estimates for a loss of 2 cents Total revenue was up approximately 25% on a year-over-year basis. Cannabis net revenue jumped 12% to $71.9 million in the quarter,...
Arvinas' Q2 Net Loss Narrows as Revenue Rises; Names Andrew Saik CFO
Arvinas' Q2 Net Loss Narrows as Revenue Rises; Names Andrew Saik CFO
Jul 30, 2024
09:22 AM EDT, 07/30/2024 (MT Newswires) -- Arvinas ( ARVN ) reported a Q2 net loss Tuesday of $0.49 per share, narrowing from a loss of $1.25 a year earlier. Analysts polled by Capital IQ expected a loss of $0.58 per share. Revenue for the quarter ended June 30 was $76.5 million, up from $54.5 million a year earlier. Analysts...
ZYUS Life Sciences Receives
ZYUS Life Sciences Receives "No Objection Letter" from Health Canada for Trichomylin Trial
Jul 30, 2024
09:26 AM EDT, 07/30/2024 (MT Newswires) -- ZYUS Life Sciences ( ZLSCF ) , which is developing cannabinoid-based pharmaceutical drug candidates for pain management, on Tuesday said it has received a No Objection Letter (NOL) from Health Canada for a proof-of-concept (POC) trial for its lead drug candidate, Trichomylin softgel capsules. The POC trial aims to assess the preliminary efficacy...
Don't write off Nike, says Britain's JD Sports
Don't write off Nike, says Britain's JD Sports
Jul 30, 2024
LONDON (Reuters) - British sports and fashion retailer JD Sports, one of Nike's largest customers, gave the world's biggest sports brand by revenue a vote of confidence on Tuesday, with a senior executive saying it will be just fine. Late last month, Nike's shares plummeted after the group warned its sales would fall this year, hurt by faltering demand for...
Copyright 2023-2026 - www.financetom.com All Rights Reserved