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.
Twang & Tourism: The Country Music Trail
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Wasted away — Margaritaville in Biloxi to close by Sept. 19
- WILLOUGHBY: Broadband Voice founder Gary Watts isn’t afraid to take chances
- Severstal selling plants, including Severstal Columbus
- McDaniel alleges GOP race-baiting; says party should be 'purged'
- Mississippi Power conducts successful tests at Kemper plant
- Seafood dealer/processor guilty of illegal handling of oysters
- Chevron U.S.A.'s base oil facility begins production
- Medical transportation company opening operation/call center
- Corn growers watch bear market eat profits
- Chinese drywall manufacturer fined, banned from doing business in U.S.