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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Itc Holdings Corp. | NYSE:ITC | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 45.50 | 0.00 | 01:00:00 |
By Anna Prior
Entergy Corp.'s (ETR) third-quarter earnings fell 29% as the power company recorded an uptick in operating expenses that weighed on the bottom-line and masked a rise in revenue.
Entergy, which owns utilities in Arkansas, Louisiana, Mississippi and Texas and sells power on the wholesale market, has been pressured by low U.S. natural-gas prices, which have pushed wholesale power prices lower.
Entergy plans to spin off its electric-transmission business and merge the operation with ITC Holdings Corp. (ITC). The company said that a revised closing date in 2014 has not yet been settled upon and that the definitive agreement allows for either party to terminate the deal if the transaction hasn't occurred by the end of this year.
For the latest quarter, Entergy reported a profit of $239.9 million, down from $337.1 million a year earlier. On a per-share basis, which reflects preferred dividend impacts, earnings were $1.34 compared with $1.89. Excluding special items, adjusted earnings were up at $2.41 a share from $1.95.
Earlier this month, the company said it expected to report a profit of $2.40 a share due to improved revenue at its utility business. The forecast topped the $1.98 a share analysts were expecting at that time.
Revenue rose 13% to $3.35 billion. Analysts polled by Thomson Reuters recently projected revenue of $3.14 billion.
Total operating expenses climbed 30% to $2.96 billion.
Electricity revenue rose 17% to $2.7 billion, boosted by pricing adjustments, higher volume, partially offset by less favorable weather.
For 2014, Entergy said it expects adjusted earnings between $4.60 and $5.40 a share. Analysts were looking for per-share earnings of $5.12.
Shares of Entergy, which affirmed its 2013 earnings outlook, closed Monday at $68.11 and were inactive premarket. Through the close, the stock had risen 6.8% since the start of the year.
Write to Anna Prior at anna.prior@wsj.com
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