S&P 500 (NYSE:SPY) component Entergy Corporation (NYSE:ETR) reported net income above Wall Street’s expectations for the second quarter. Entergy is an energy company involved in electric power production and retail electric distribution operations.
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Entergy Corporation Earnings Cheat Sheet
Results: Net income for the utility-electric power rose to $370.6 million ($2.06 per share) vs. $320.6 million ($1.76 per share) in the same quarter a year earlier. This marks a rise of 15.6% from the year-earlier quarter.
Revenue: Fell 10.2% to $2.52 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Entergy Corporation beat the mean analyst estimate of $1.39 per share. It fell short of the average revenue estimate of $2.59 billion.
Quoting Management: “In May, we received the long-awaited approval for the renewal of Pilgrim Nuclear Power Station’s operating license,” said J. Wayne Leonard, Entergy’s chairman and chief executive officer.
The company beat estimates last quarter after falling short in the previous two quarters. In the first quarter, it missed the mark by 10 cents, and in the fourth quarter of the last fiscal year, it came in under estimates by 2 cents.
Revenue has fallen for the last three quarters in a row. In the first quarter, revenue declined 6.2% to $2.38 billion while the figure fell 1.7% in the fourth quarter of the last fiscal year from the year earlier.
The company reported a profit last quarter, following a quarter of being in the red. In the fourth quarter of the last fiscal year, the company booked a net loss of $160 million, or a loss of 88 cents per share.
Looking Forward: Expectations for the company’s next-quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the third quarter has risen to $2.36 per share from $2.28. The average estimate for the fiscal year is $5.26 per share, down from $5.44 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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