Entergy Corporation (ETR - Free Report) reported second-quarter 2023 earnings of $1.84 per share, which surpassed the Zacks Consensus Estimate of $1.69 by 8.9%. The reported figure also improved 135.9% from 78 cents per share in the year-ago quarter.
Q2 Revenues
Entergy’s reported revenues of $2,846 million missed the Zacks Consensus Estimate of $3,258.1 million by 12.6%. The figure also declined 16.2% from $3,314.1 million in the year-ago quarter due to lower revenues from all of its segments.
Segmental Results
Utility: The segment’s quarterly earnings came in at $2.42 per share compared with 75 cents in the prior-year quarter.
Parent & Other: The segment incurred a loss of 58 cents per share, wider than the year-ago quarter’s reported loss of 39 cents.
Highlights of the Release
Operating expenses totaled $2.09 billion, down 36.9% from $3.31 billion in the prior-year quarter.
Operating income amounted to $755.9 million, up a massive 831.7% from $81.1 million in the year-ago period.
Total interest expenses were $250.9 million, up 10.6% from $226.9 million in the comparable period of 2022.
As of Jun 30, 2023, total retail customers served by the company increased 0.7% to 3 million.
Financial Highlights
As of Jun 30, 2023, Entergy had cash and cash equivalents of $1,194.3 million compared with $224.2 million as of Dec 31, 2022.
Long-term debt was $24.32 billion as of Jun 30, 2023, compared with $23.62 billion as of Dec 31, 2022.
During the second quarter, ETR generated cash from operating activities of $866.4 million compared with $278 million in the comparable period of 2022.
Guidance for 2023
Entergy reiterated its financial guidance for 2023. The company maintained its adjusted earnings guidance in the range of $6.55-$6.85 per share. The Zacks Consensus Estimate for earnings is currently pegged at $6.69 per share, just below the midpoint of the company’s guided range.
Zacks Rank
Entergy currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
NextEra Energy (NEE - Free Report) reported second-quarter 2023 adjusted earnings of 88 cents per share, which beat the Zacks Consensus Estimate of 83 cents by 6%. The bottom line was also up 8.6% from the prior-year quarter’s level. The year-over-year improvement was due to the solid performances of Florida Power & Light Company and NextEra Energy Resources.
For the second quarter, NextEra’s operating revenues totaled $7,349 million, which surpassed the Zacks Consensus Estimate of $6,681 million by 10%. The top line improved 41.8% year over year.
DTE Energy Company (DTE - Free Report) reported second-quarter 2023 operating earnings per share (EPS) of 99 cents, which surpassed the Zacks Consensus Estimate of 89 cents by 11.2%. The bottom line also improved 12.5% from the year-ago quarter’s reported figure of 88 cents.
The company reported GAAP earnings of 97 cents per share compared with 19 cents in the prior-year quarter.
American Electric Power Company, Inc. (AEP - Free Report) reported second-quarter 2023 operating EPS of $1.13, which lagged the Zacks Consensus Estimate of $1.14 by 0.9%. The bottom line also declined 5.8% from $1.20 a year ago.
American Electric’s second-quarter operating revenues of $4,372.5 million lagged the Zacks Consensus Estimate of $4,686.7 million by 6.7%. The reported figure also decreased 5.8% from the year-ago quarter’s level of $4,639.7 million.
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Entergy Corporation (ETR - Free Report) reported second-quarter 2023 earnings of $1.84 per share, which surpassed the Zacks Consensus Estimate of $1.69 by 8.9%. The reported figure also improved 135.9% from 78 cents per share in the year-ago quarter.
Q2 Revenues
Entergy’s reported revenues of $2,846 million missed the Zacks Consensus Estimate of $3,258.1 million by 12.6%. The figure also declined 16.2% from $3,314.1 million in the year-ago quarter due to lower revenues from all of its segments.
Segmental Results
Utility: The segment’s quarterly earnings came in at $2.42 per share compared with 75 cents in the prior-year quarter.
Parent & Other: The segment incurred a loss of 58 cents per share, wider than the year-ago quarter’s reported loss of 39 cents.
Highlights of the Release
Operating expenses totaled $2.09 billion, down 36.9% from $3.31 billion in the prior-year quarter.
Operating income amounted to $755.9 million, up a massive 831.7% from $81.1 million in the year-ago period.
Total interest expenses were $250.9 million, up 10.6% from $226.9 million in the comparable period of 2022.
As of Jun 30, 2023, total retail customers served by the company increased 0.7% to 3 million.
Financial Highlights
As of Jun 30, 2023, Entergy had cash and cash equivalents of $1,194.3 million compared with $224.2 million as of Dec 31, 2022.
Long-term debt was $24.32 billion as of Jun 30, 2023, compared with $23.62 billion as of Dec 31, 2022.
During the second quarter, ETR generated cash from operating activities of $866.4 million compared with $278 million in the comparable period of 2022.
Guidance for 2023
Entergy reiterated its financial guidance for 2023. The company maintained its adjusted earnings guidance in the range of $6.55-$6.85 per share. The Zacks Consensus Estimate for earnings is currently pegged at $6.69 per share, just below the midpoint of the company’s guided range.
Zacks Rank
Entergy currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
NextEra Energy (NEE - Free Report) reported second-quarter 2023 adjusted earnings of 88 cents per share, which beat the Zacks Consensus Estimate of 83 cents by 6%. The bottom line was also up 8.6% from the prior-year quarter’s level. The year-over-year improvement was due to the solid performances of Florida Power & Light Company and NextEra Energy Resources.
For the second quarter, NextEra’s operating revenues totaled $7,349 million, which surpassed the Zacks Consensus Estimate of $6,681 million by 10%. The top line improved 41.8% year over year.
DTE Energy Company (DTE - Free Report) reported second-quarter 2023 operating earnings per share (EPS) of 99 cents, which surpassed the Zacks Consensus Estimate of 89 cents by 11.2%. The bottom line also improved 12.5% from the year-ago quarter’s reported figure of 88 cents.
The company reported GAAP earnings of 97 cents per share compared with 19 cents in the prior-year quarter.
American Electric Power Company, Inc. (AEP - Free Report) reported second-quarter 2023 operating EPS of $1.13, which lagged the Zacks Consensus Estimate of $1.14 by 0.9%. The bottom line also declined 5.8% from $1.20 a year ago.
American Electric’s second-quarter operating revenues of $4,372.5 million lagged the Zacks Consensus Estimate of $4,686.7 million by 6.7%. The reported figure also decreased 5.8% from the year-ago quarter’s level of $4,639.7 million.
4 Oil Stocks with Massive Upsides
Global demand for oil is through the roof... and oil producers are struggling to keep up. So even though oil prices are well off their recent highs, you can expect big profits from the companies that supply the world with "black gold."
Zacks Investment Research has just released an urgent special report to help you bank on this trend.
In Oil Market on Fire, you'll discover 4 unexpected oil and gas stocks positioned for big gains in the coming weeks and months. You don't want to miss these recommendations.
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