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Entergy (ETR) Q3 Earnings Miss Estimates, Revenues Rise Y/Y

Entergy Corporation ETR reported third-quarter 2021 adjusted earnings of $2.45 per share, which missed the Zacks Consensus Estimate of $2.50 by 2%.

However, the reported figure inched up 0.4% from $2.44 in the year-ago quarter.

The company reported GAAP earnings of $2.63 per share compared with $2.59 a year ago.

Total Revenues

Entergy’s third-quarter revenues of $3,353.5 million exceeded the Zacks Consensus Estimate of $2,945.6 million by 13.8%. Further, revenues increased 15.5% from $2,903.6 million in the year-ago quarter due to higher Electric and Natural gas revenues.

Entergy Corporation Price, Consensus and EPS Surprise

Entergy Corporation price-consensus-eps-surprise-chart | Entergy Corporation Quote

Segment Results

Utility: The segment’s adjusted quarterly earnings came in at $2.77 per share. Its GAAP earnings were $2.82 per share compared with $2.74 in the prior-year quarter.

Parent & Other: The segment incurred a loss of 32 cents per share compared with a loss of 30 cents in the prior-year quarter.

Highlights of the Release

Operating expenses in the third quarter were $2.53 billion, up 18.9% from $2.13 billion in the year-ago quarter.

Operating income during the quarter totaled $827.9 million compared with $778 million in the year-ago quarter.

Interest expenses were $216.6 million, up 4.2% from $207.8 million in the year-ago quarter.

As of Sep 30, 2021, total retail customers served by the company increased 0.8% to 2.98 million.

Financial Highlights

As of Sep 30, 2021, the company had cash and cash equivalents of $1,000 million compared with $1,759.1 million as of Dec 31, 2020.

Long-term debt was $23.85 billion at the end of third-quarter 2021 compared with $21.20 billion as of Dec 31, 2020.

At the end of third-quarter 2021, the company generated cash from operating activities worth $1,264 million compared with cash generated from operating activities of $921.9 million in the prior-year quarter.

Guidance for 2021

For 2021, Entergy currently expects to generate adjusted earnings in the range of $5.90-$6.10, narrower than its earlier guidance range of $5.80-$6.10 per share. The Zacks Consensus Estimate for the company’s earnings is currently pegged at $5.95 per share, which lies below the midpoint of the newly guided range.

Zacks Rank

Entergy currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Utility Releases

American Electric Power AEP reported third-quarter 2021 adjusted earnings per share of $1.43, which missed the Zacks Consensus Estimate of $1.44 by 0.7%.

NextEra Energy NEE reported third-quarter 2021 adjusted earnings of 75 cents per share, which exceeded the Zacks Consensus Estimate of 72 cents by 4.2%.

Public Service Enterprise Group Incorporated PEG, or PSEG, reported third-quarter 2021 adjusted operating earnings of 98 cents per share, which surpassed the Zacks Consensus Estimate of 92 cents per share by 6.5%.


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