Entergy upgrades earnings forecast
NEW ORLEANS — Entergy Corporation expects second quarter 2010 as-reported earnings of approximately $1.64 per share and operational earnings of approximately $1.70 per share compared to as-reported results of $1.14 per share and operational results of $1.23 per share in second quarter 2009. Entergy also affirmed its previously issued earnings guidance ranges for 2010.
As-reported results are prepared in accordance with generally accepted accounting principles and are comprised of operational earnings (described below) and special items. The special items included in both second quarter 2009 and 2010 as-reported results are due to expenses associated with the previously planned spin-off of the non-utility nuclear business. Charges in 2010 also include costs in connection with the unwind of the business infrastructure created for Enexus Energy Corporation and EquaGen LLC announced in April.
The second quarter 2010 earnings improvement was driven by higher earnings at Utility and Entergy Nuclear, which was partially offset by lower results at Parent & Other. Second quarter 2010 earnings also reflected accretion from Entergy’s share repurchase programs.
Entergy affirmed its earnings guidance ranges of $5.95 to $6.80 per share on an as-reported basis and $6.40 to $7.20 per share on an operational basis for 2010. As-reported earnings guidance, which was revised in April 2010, includes a special item for the potential charge in connection with the previously announced business unwind of the internal organizations created for Enexus and EquaGen as well as expenses for spin-off dis-synergies and outside services to pursue the spin-off.
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