Entergy lowers expectations due to Vermont plant closing
Published: January 22,2014
NEW ORLEANS — Entergy expects its fourth-quarter net income to drop, hurt by the cost of closing its Vermont Yankee Nuclear Power Station.
Wall Street expected a steeper profit decline.
Entergy plans to shut down the Vermont Yankee plant at the end of 2014. Additionally, in December the company agreed to pay $10 million for economic development to help counteract the loss of some jobs at the plant. It will pay another $5.2 million to support clean energy projects.
The New Orleans-based company added that its utility earnings decreased because its income tax costs and other expenses rose.
Entergy expects to report net income of 81 cents per share, or 99 cents per share from operations, in the October-December quarter. In the fourth quarter of 2012, it reported profit of $1.66 per share, or $1.72 per share from operations.
Analysts expect profit of 73 cents per share, according to FactSet.
Entergy said it still expects to earn $4.60 to $5.40 per share from operations in 2014, in line with Wall Street’s view.
The company will report fourth-quarter results on Feb. 11.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Drew Brees settles lawsuit alleging investment fraud
- Doctor convicted of using phony church for tax shelter
- Ex-Delta mayor indicted, accused of stealing city property
- Cochran's legal counsel asks Court to toss McDaniel's lawsuit
- Williams-Sonoma expanding, adding nearly 1,000 jobs
- Biloxi baseball project still alive but may be held for 2015
- Travis retiring as head of Mississippi World Trade Center
- More than half-dozen groups file charter school applications
- Pearl ordering rental properties to retrofit with sprinklers, build storm shelters