Entergy Provides Preliminary Fourth Quarter Earnings Guidance
21 January 2010 - 11:00PM
PR Newswire (US)
NEW ORLEANS, Jan. 21 /PRNewswire-FirstCall/ -- Entergy Corporation
(NYSE: ETR) today indicated that it expects fourth quarter 2009
as-reported earnings of approximately $1.63 per share and
operational earnings of approximately $1.74 per share compared to
as-reported results of $0.89 per share and operational results of
$0.99 per share in fourth quarter 2008. As-reported results are
prepared in accordance with generally accepted accounting
principles and are comprised of operational earnings (described
below) and special items. As-reported earnings in fourth quarter
2009 include a special item at Entergy Nuclear for spin-off
dis-synergies. Utility, Parent & Other fourth quarter results
in both 2008 and 2009 include a special item for expenses for
outside services to pursue the non-utility nuclear spin-off. In
addition, each business reflects a special item in 2008 for the
effects of the unsuccessful remarketing of the Equity Units in
February 2009. The increase in fourth quarter 2009 operational
earnings was due primarily to higher results at Utility, Parent
& Other, partially offset by lower earnings at Entergy Nuclear.
Non-Nuclear Wholesale Assets business' earnings also improved over
fourth quarter 2008. As indicated below, income tax expense is
cited as a quarter-over-quarter variance explanation across the
different businesses. On an overall company basis, the fourth
quarter 2009 effective tax rate was comparable to the rate in
fourth quarter 2008. Utility, Parent & Other Higher Utility,
Parent & Other operational earnings in fourth quarter 2009 were
due primarily to lower income tax expense, as well as lower
non-fuel operation and maintenance expense primarily resulting from
the absence of regulatory charges associated with rate proceedings
at Entergy Arkansas, Inc. in 2008. Also contributing to the
earnings improvement was higher Utility net revenue, including
increased sales volume for all customer classes. Weather during the
quarter was near normal. Entergy Nuclear The quarter-over-quarter
decrease in operational earnings at Entergy Nuclear was due
primarily to higher income tax and non-fuel operation and
maintenance expense. Partially offsetting lower results was higher
net revenue, with both pricing and generation driving the increase.
Increased generation is attributed to the absence of scheduled
refueling outages in the fall of 2009, compared to 32 days of
scheduled refueling outages in fourth quarter 2008. Higher other
income associated with the decommissioning trusts also served as a
partial offset to decreased earnings. Entergy Non-Nuclear Wholesale
Assets Entergy's Non-Nuclear Wholesale Assets business' earnings
increased during the quarter due primarily to lower income tax
expense. Earnings Guidance Entergy affirmed its previously issued
2010 earnings guidance ranges assuming business as usual
operations, including $6.15 to $6.95 per share for as-reported
earnings guidance and $6.40 to $7.20 per share for operational
earnings guidance. A teleconference will be held at 10:00 a.m. CT
on Tuesday, February 2, 2010, to discuss Entergy's fourth quarter
2009 earnings announcement, and may be accessed by dialing (719)
457-2080, confirmation code 6584600, no more than 15 minutes prior
to the start of the call. The call and presentation slides can also
be accessed via Entergy's Web site at http://www.entergy.com/. A
replay of the teleconference will be available for seven days
thereafter by dialing (719) 457-0820, confirmation code 6584600.
Entergy Corporation is an integrated energy company engaged
primarily in electric power production and retail distribution
operations. Entergy owns and operates power plants with
approximately 30,000 megawatts of electric generating capacity, and
it is the second-largest nuclear generator in the United States.
Entergy delivers electricity to 2.7 million utility customers in
Arkansas, Louisiana, Mississippi and Texas. Entergy has annual
revenues of more than $13 billion and approximately 14,700
employees. Additional investor information can be accessed online
at http://www.entergy.com/investor_relations In this news release,
and from time to time, Entergy Corporation makes certain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Except to the extent
required by the federal securities laws, Entergy undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise. Forward-looking statements involve a number of risks
and uncertainties. There are factors that could cause actual
results to differ materially from those expressed or implied in the
forward-looking statements, including (a) those factors discussed
in (i) Entergy's Form 10-K for the year ended December 31, 2008,
(ii) Entergy's Form 10-Q for the quarters ended March 31, June 30
and September 30, 2009, and (iii) Entergy's other reports and
filings made under the Securities Exchange Act of 1934, (b) the
uncertainties associated with efforts to remediate the effects of
Hurricanes Gustav and Ike and the January 2009 Arkansas ice storm
and recovery of costs associated with restoration, and (c) the
following transactional factors (in addition to others described
elsewhere in this news release and in subsequent securities
filings): (i) risks inherent in the contemplated spin-off, joint
venture and related transactions (including the level of debt to be
incurred by Enexus Energy Corporation and the terms and costs
related thereto), (ii) legislative and regulatory actions, and
(iii) conditions of the capital markets during the periods covered
by the forward-looking statements. Entergy cannot provide any
assurances that the spin-off or any of the proposed transactions
related thereto will be completed, nor can it give assurances as to
the terms on which such transactions will be consummated. The
transaction is subject to certain conditions precedent, including
regulatory approvals and the final approval by the Board of
Directors of Entergy. DATASOURCE: Entergy Corporation CONTACT:
Media, Michael Burns, +1-504-576-4238, , or Investor Relations.
Michele Lopiccolo, +1-504-576-4879, , both of Entergy Corporation
Web Site: http://www.entergy.com/
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