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Entergy's (ETR) Q2 Earnings Top Estimates, Revenues Rise Y/Y
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Entergy Corporation (ETR - Free Report) reported second-quarter 2024 adjusted earnings of $1.92 per share, which beat the Zacks Consensus Estimate of $1.77 per share by 8.5%.
The company reported GAAP earnings per share of 23 cents, down significantly from the year-ago quarter’s level of $1.84 per share.
The year-over-year deterioration can be attributed to higher operating expenses as well as interest expenses incurred in the second quarter of 2024 compared to the year-ago quarter.
Q2 Revenues
Entergy reported revenues of $2.95 billion, which missed the Zacks Consensus Estimate of $2.98 billion by 0.8%. However, the top line increased 3.8% from $2.85 billion reported in the year-ago quarter due to higher revenues from all of its segments.
Entergy Corporation Price, Consensus and EPS Surprise
Utility: The segment’s adjusted earnings came in at $2.58 per share. The segment reported GAAP earnings of $2.06 per share, down from $2.42 reported in the second quarter of 2023.
Parent & Other: The segment posted an adjusted loss of 66 cents per share in the second quarter. It reported a GAAP loss of $1.83 per share compared with the year-ago quarter’s loss of 58 cents.
Highlights of the Release
Operating expenses totaled $2.34 billion, up 11.8% from $2.09 billion recorded in the prior-year quarter.
The operating income amounted to $617.6 million, down 18.3% from $755.9 million registered in the year-ago period.
Total interest expenses were $289.6 million, up 15.4% from $250.9 million reported in the comparable period of 2022.
As of Jun 30, 2024, the total retail customers served by the company increased 0.7% to 3.02 million.
Financial Highlights
As of Jun 30, 2024, Entergy had cash and cash equivalents of $1.36 billion compared with $0.13 billion as of Dec 31, 2023.
Long-term debt totaled $26.30 billion as of Jun 30, 2024 compared with $23.01 billion as of Dec 31, 2023.
As of Jun 30, 2024, ETR generated cash from operating activities of $1.55 billion compared with $1.83 billion in the year-ago period.
Guidance
Entergy’s financial guidance for 2024 remains unchanged. The company still expects to generate adjusted earnings in the range of $7.05-$7.35 per share. The Zacks Consensus Estimate for ETR’s 2024 earnings is currently pegged at $7.21 per share, which is just above the midpoint of the company’s guided range.
Edison International (EIX - Free Report) reported second-quarter 2024 adjusted earnings of $1.23 per share, which increased 21.8% from $1.01 in the year-ago quarter. The Zacks Consensus Estimate was pegged at $1.05.
Edison International's second-quarter operating revenues totaled $4.34 billion, which beat the Zacks Consensus Estimate of $4.03 billion by 7.5%. The top line also increased 9.4% from the year-ago quarter’s figure of $3.96 billion.
Public Service Enterprise Group Incorporated (PEG - Free Report) , or PSEG, reported second-quarter 2024 adjusted earnings of 63 cents per share, which missed the Zacks Consensus Estimate of 64 cents by 1.6%. Earnings also declined 10% from the prior-year quarter’s reported figure.
Operating revenues in the second quarter totaled $2.42 billion, which beat the Zacks Consensus Estimate of $2.4 billion by 18.7%. The top line also increased 0.1% from the year-ago quarter’s figure.
PG&E Corporation (PCG - Free Report) reported second-quarter 2024 adjusted earnings per share of 31 cents, which surpassed the Zacks Consensus Estimate of 30 cents by 3.3%. The bottom line also improved 34.8% from the year-ago quarter’s reported figure.
PCG reported second-quarter total revenues of $5.99 billion, up 13.2% from $5.29 billion registered in the year-ago period. Operating revenues also surpassed the Zacks Consensus Estimate of $5.83 billion by 2.7%.
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Entergy's (ETR) Q2 Earnings Top Estimates, Revenues Rise Y/Y
Entergy Corporation (ETR - Free Report) reported second-quarter 2024 adjusted earnings of $1.92 per share, which beat the Zacks Consensus Estimate of $1.77 per share by 8.5%.
The company reported GAAP earnings per share of 23 cents, down significantly from the year-ago quarter’s level of $1.84 per share.
The year-over-year deterioration can be attributed to higher operating expenses as well as interest expenses incurred in the second quarter of 2024 compared to the year-ago quarter.
Q2 Revenues
Entergy reported revenues of $2.95 billion, which missed the Zacks Consensus Estimate of $2.98 billion by 0.8%. However, the top line increased 3.8% from $2.85 billion reported in the year-ago quarter due to higher revenues from all of its segments.
Entergy Corporation Price, Consensus and EPS Surprise
Entergy Corporation price-consensus-eps-surprise-chart | Entergy Corporation Quote
Segmental Results
Utility: The segment’s adjusted earnings came in at $2.58 per share. The segment reported GAAP earnings of $2.06 per share, down from $2.42 reported in the second quarter of 2023.
Parent & Other: The segment posted an adjusted loss of 66 cents per share in the second quarter. It reported a GAAP loss of $1.83 per share compared with the year-ago quarter’s loss of 58 cents.
Highlights of the Release
Operating expenses totaled $2.34 billion, up 11.8% from $2.09 billion recorded in the prior-year quarter.
The operating income amounted to $617.6 million, down 18.3% from $755.9 million registered in the year-ago period.
Total interest expenses were $289.6 million, up 15.4% from $250.9 million reported in the comparable period of 2022.
As of Jun 30, 2024, the total retail customers served by the company increased 0.7% to 3.02 million.
Financial Highlights
As of Jun 30, 2024, Entergy had cash and cash equivalents of $1.36 billion compared with $0.13 billion as of Dec 31, 2023.
Long-term debt totaled $26.30 billion as of Jun 30, 2024 compared with $23.01 billion as of Dec 31, 2023.
As of Jun 30, 2024, ETR generated cash from operating activities of $1.55 billion compared with $1.83 billion in the year-ago period.
Guidance
Entergy’s financial guidance for 2024 remains unchanged. The company still expects to generate adjusted earnings in the range of $7.05-$7.35 per share. The Zacks Consensus Estimate for ETR’s 2024 earnings is currently pegged at $7.21 per share, which is just above the midpoint of the company’s guided range.
Zacks Rank
Entergy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
Edison International (EIX - Free Report) reported second-quarter 2024 adjusted earnings of $1.23 per share, which increased 21.8% from $1.01 in the year-ago quarter. The Zacks Consensus Estimate was pegged at $1.05.
Edison International's second-quarter operating revenues totaled $4.34 billion, which beat the Zacks Consensus Estimate of $4.03 billion by 7.5%. The top line also increased 9.4% from the year-ago quarter’s figure of $3.96 billion.
Public Service Enterprise Group Incorporated (PEG - Free Report) , or PSEG, reported second-quarter 2024 adjusted earnings of 63 cents per share, which missed the Zacks Consensus Estimate of 64 cents by 1.6%. Earnings also declined 10% from the prior-year quarter’s reported figure.
Operating revenues in the second quarter totaled $2.42 billion, which beat the Zacks Consensus Estimate of $2.4 billion by 18.7%. The top line also increased 0.1% from the year-ago quarter’s figure.
PG&E Corporation (PCG - Free Report) reported second-quarter 2024 adjusted earnings per share of 31 cents, which surpassed the Zacks Consensus Estimate of 30 cents by 3.3%. The bottom line also improved 34.8% from the year-ago quarter’s reported figure.
PCG reported second-quarter total revenues of $5.99 billion, up 13.2% from $5.29 billion registered in the year-ago period. Operating revenues also surpassed the Zacks Consensus Estimate of $5.83 billion by 2.7%.