Falling revenue did not prevent S&P 500 (NYSE:SPY) component Entergy Corporation (NYSE:ETR) from reporting a profit boost in the second quarter. Entergy Corporation is an energy company involved in electric power production and retail electric distribution operations.
Entergy Earnings Cheat Sheet for the Second Quarter
Results: Net income for Entergy Corporation rose to $320.6 million ($1.76 per share) vs. $315.3 million ($1.65 per share) in the same quarter a year earlier. This marks a rise of 0.1% from the year earlier quarter.
Revenue: Fell 2.1% to $2.8 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: ETR fell in line with the mean analyst estimate of $1.76 per share. It fell short of the average revenue estimate of $2.93 billion.
Quoting Management: “The Utility business continued on track to achieve its asset portfolio objectives with regulatory filings for a new 550-megawatt combined-cycle gas-fired unit at our Ninemile Point plant site and the pending acquisitions of the 620-megawatt Hot Spring and 450-megawatt Hinds existing combined-cycle plants,” said J. Wayne Leonard, Entergy’s chairman and chief executive officer. “These highly efficient facilities will provide reliable, low-cost energy to serve the growing needs of our customers while reducing the overall consumption of fossil fuels. At Entergy Wholesale Commodities, license renewal efforts continued.”
The company fell in line with estimates last quarter after topping expectations in the previous two quarters. In the first quarter, it topped the mark by one cent, and in the fourth quarter of the last fiscal year, it was ahead by one cent.
Revenue has fallen in the past two quarters. In the first quarter, revenue declined 7.9% to $2.54 billion from the year earlier quarter.
The company has now seen net income rise in two straight quarters. In the first quarter, net income rose 15.9% from the year earlier.
Competitors to Watch: Exelon Corporation (NYSE:EXC), The Southern Company (NYSE:SO), El Paso Electric Company (NYSE:EE), NextEra Energy, Inc. (NYSE:NEE), American Electric Power Co., Inc. (NYSE:AEP), Cleco Corporation (NYSE:CNL), PPL Corporation (NYSE:PPL), OGE Energy Corp. (NYSE:OGE), Progress Energy, Inc. (NYSE:PGN), and TECO Energy, Inc. (NYSE:TE).
(Source: Xignite Financials)