Entergy expects 3Q earnings to grow 13 percent
NEW ORLEANS — Power provider Entergy Corp. said Friday it expects third-quarter earnings per share to grow 13 percent from the same period last year and said it’s sticking with its previous prediction for the full year.
Entergy expects to report net income of $2.61 per share for the third quarter, up from $2.32 per share a year ago. Entergy also affirmed its previously issued earnings guidance ranges for 2010.
Its shares rose $1.01 to $78.01 in pre-market trading.
The company’s third-quarter forecast tops Wall Street’s current expectations. Analysts polled by Thomson Reuters expect a profit of $2.47 per share.
Entergy attributed the forecast to a boost from its utility and parent company operations as well as a share buyback plan. Those factors were partially offset by lower earnings in its nuclear unit.
For the full-year, it expects net income of $5.95 to $6.80 per share; analysts expect $6.82.
The company is currently under investigation by the Justice Department over alleged anti-competitive practices in four states where it is a major power provider.
The investigation covers subsidiaries with a total of about 2.7 million customers: Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans and Entergy Texas. Also involved is Entergy Services Inc., which provides shared services to all of the utilities, such as engineering.
Entergy said in a regulatory filing this week that it is cooperating with the probe and believes its operations “have satisfied all applicable laws and regulations.”
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