NEW ORLEANS – Entergy said Tuesday that its fourth-quarter net income dropped 50 per cent, hampered in part by some higher expenses and a comparison to year-ago results that included income tax benefits.
But its adjusted earnings and revenue beat Wall Street’s view.
For the three months ended Dec. 31, the power company earned $146.9 million, or 82 cents per share. That compares with $296.3 million, or $1.66 per share, a year earlier.
Taking out certain items, earnings were $1 per share. Analysts predicted earnings of 83 cents per share, according to a FactSet poll.
Total operating expenses climbed to $2.51 billion from $2.11 billion. Interest expense increased to $163.1 million from $154.4 million.
Revenue rose 10 per cent to $2.69 billion from $2.44 billion. Wall Street expected $2.49 billion.
Full-year net income dropped 16 per cent to $711.9 million, or $3.99 per share, from $846.7 million, or $4.76 per share, in the previous year. Annual revenue increased 11 per cent to $11.39 billion from $10.3 billion.
Entergy reaffirmed its guidance for 2014 earnings of $4.60 to $5.40 per share. The New Orleans-based company said that based on assumptions as of Dec. 31, there are indications results will be near the upper end of the projected range.
Analysts expect earnings of $5.08 per share.
Entergy Corp.’s stock rose 20 cents to $62.97 in midday trading. Its shares are down just over 2 per cent from a year ago.