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Utility's earnings take big hit during third quarter

NEW ORLEANS — Entergy Corporation reported third quarter 2012 as-reported earnings of $337.1 million, or $1.89 per share, compared with $628.1 million, or $3.53 per share, for third quarter 2011. On an operational basis, Entergy’s third quarter 2012 earnings were $347.7 million, or $1.95 per share, compared with $628.1 million, or $3.53 per share, in third quarter 2011.

Entergy said utility earnings were lower due largely to the absence of the net earnings benefit associated with an August 2011 Internal Revenue Service settlement and higher non-fuel operation and maintenance expense. Entergy Wholesale Commodities earnings decreased due primarily to lower net revenue and higher non-fuel operation and maintenance expense, partially offset by a lower effective income tax rate. Parent & Other results declined due primarily to higher income tax expense on Parent & Other activities.

“While our near-term financial results and outlook continue to reflect the current low commodity price environment, we remained focused on managing all aspects of our business that we can control day-to-day in a safe and efficient manner,” said J. Wayne Leonard, Entergy’s chairman and CEO.

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