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.