Company blames dip on expenses
Entergy said Tuesday that its fourth-quarter net income dropped 50 percent, hampered in part by some higher expenses and a comparison to year-ago results that included income tax benefits.
But its adjusted earnings and revenue beat Wall Street’s view.
For the three months ended Dec. 31, the power company earned $146.9 million, or 82 cents per share. That compares with $296.3 million, or $1.66 per share, a year earlier.
Taking out certain items, earnings were $1 per share. Analysts predicted earnings of 83 cents per share, according to a FactSet poll.
Total operating expenses climbed to $2.51 billion from $2.11 billion. Interest expense increased to $163.1 million from $154.4 million.
Revenue rose 10 percent to $2.69 billion from $2.44 billion. Wall Street expected $2.49 billion.
Full-year net income dropped 16 percent to $711.9 million, or $3.99 per share, from $846.7 million, or $4.76 per share, in the previous year. Annual revenue increased 11 percent to $11.39 billion from $10.3 billion.
Entergy reaffirmed its guidance for 2014 earnings of $4.60 to $5.40 per share.
The New Orleans company said that based on assumptions as of Dec. 31, there are indications results will be near the upper end of the projected range.
Analysts expect earnings of $5.08 per share.
Entergy Corp.’s stock rose dipped 19 cents to $62.58 Tuesday. Its shares are down just over 2 percent from a year ago.