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Entergy's (ETR) Q1 Earnings Miss Estimates, Revenues Rise Y/Y
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Entergy Corporation (ETR - Free Report) reported first-quarter 2023 earnings of $1.14 per share, which missed the Zacks Consensus Estimate of $1.34 by 14.9%. The reported figure also declined 13.6% from $1.32 per share in the year-ago quarter.
The company reported GAAP earnings of $1.47 per share compared with $1.36 in the prior-year period.
Q1 Revenues
Entergy’s reported revenues of $2,981.1 million beat the Zacks Consensus Estimate of $2,804.2 million by 6.4%. The figure also improved 3.6% from $2,877.9 million in the year-ago quarter due to higher Electric revenues.
Entergy Corporation Price, Consensus and EPS Surprise
Utility: The segment’s quarterly earnings came in at $1.87 per share compared with $1.67 in the prior-year quarter.
Parent & Other: The segment incurred a loss of 41 cents per share, wider than the year-ago quarter’s loss of 35 cents.
Highlights of the Release
Operating expenses were $2.52 billion, up 9% from $2.31 billion in the prior-year quarter.
Operating income totaled $462.1 million, down 18.4% from $566.1 million in the year-ago period.
Total interest expenses were $245.7 million, up 10.9% from $221.5 million in the comparable period of 2022.
As of Mar 31, 2023, total retail customers served by the company increased 0.5% to 3 million.
Financial Highlights
As of the same date, Entergy had cash and cash equivalents of $1,970.5 million compared with $224.2 million as of Dec 31, 2022.
Long-term debt was $24.46 billion as of Mar 31, 2023, compared with $23.62 billion as of Dec 31, 2022.
During the quarter under review, ETR generated cash from operating activities of $959.5 million compared with $538 million in first-quarter 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 $6.70 per share, in line with the midpoint of the company’s guided range.
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2023 adjusted earnings of 84 cents per share, which beat the Zacks Consensus Estimate of 75 cents by 12%. The bottom line also increased 13.5% from that reported in the prior-year quarter.
NextEra’s operating revenues were $6,716 million, which surpassed the Zacks Consensus Estimate of $5,777 million by 16.2%. The top line also improved 132.4% year over year.
Upcoming Releases
Xcel Energy (XEL - Free Report) is scheduled to announce first-quarter 2023 results on Apr 27. The Zacks Consensus Estimate for earnings is currently pegged at 74 cents per share.
Xcel Energy’s long-term (three- to five-year) earnings growth is expected to be 6.6%. The consensus mark for 2023 sales indicates a year-over-year increase of 2.7%.
WEC Energy Group (WEC - Free Report) is set to release first-quarter 2023 results on May 1. The Zacks Consensus Estimate for earnings is currently pegged at $1.59 per share.
WEC Energy’s long-term earnings growth is projected at 5.8%. The consensus estimate for 2023 earnings indicates a year-over-year decline of 0.3%.
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Entergy's (ETR) Q1 Earnings Miss Estimates, Revenues Rise Y/Y
Entergy Corporation (ETR - Free Report) reported first-quarter 2023 earnings of $1.14 per share, which missed the Zacks Consensus Estimate of $1.34 by 14.9%. The reported figure also declined 13.6% from $1.32 per share in the year-ago quarter.
The company reported GAAP earnings of $1.47 per share compared with $1.36 in the prior-year period.
Q1 Revenues
Entergy’s reported revenues of $2,981.1 million beat the Zacks Consensus Estimate of $2,804.2 million by 6.4%. The figure also improved 3.6% from $2,877.9 million in the year-ago quarter due to higher Electric revenues.
Entergy Corporation Price, Consensus and EPS Surprise
Entergy Corporation price-consensus-eps-surprise-chart | Entergy Corporation Quote
Segmental Results
Utility: The segment’s quarterly earnings came in at $1.87 per share compared with $1.67 in the prior-year quarter.
Parent & Other: The segment incurred a loss of 41 cents per share, wider than the year-ago quarter’s loss of 35 cents.
Highlights of the Release
Operating expenses were $2.52 billion, up 9% from $2.31 billion in the prior-year quarter.
Operating income totaled $462.1 million, down 18.4% from $566.1 million in the year-ago period.
Total interest expenses were $245.7 million, up 10.9% from $221.5 million in the comparable period of 2022.
As of Mar 31, 2023, total retail customers served by the company increased 0.5% to 3 million.
Financial Highlights
As of the same date, Entergy had cash and cash equivalents of $1,970.5 million compared with $224.2 million as of Dec 31, 2022.
Long-term debt was $24.46 billion as of Mar 31, 2023, compared with $23.62 billion as of Dec 31, 2022.
During the quarter under review, ETR generated cash from operating activities of $959.5 million compared with $538 million in first-quarter 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 $6.70 per share, in line with 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.
A Recent Utility Release
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2023 adjusted earnings of 84 cents per share, which beat the Zacks Consensus Estimate of 75 cents by 12%. The bottom line also increased 13.5% from that reported in the prior-year quarter.
NextEra’s operating revenues were $6,716 million, which surpassed the Zacks Consensus Estimate of $5,777 million by 16.2%. The top line also improved 132.4% year over year.
Upcoming Releases
Xcel Energy (XEL - Free Report) is scheduled to announce first-quarter 2023 results on Apr 27. The Zacks Consensus Estimate for earnings is currently pegged at 74 cents per share.
Xcel Energy’s long-term (three- to five-year) earnings growth is expected to be 6.6%. The consensus mark for 2023 sales indicates a year-over-year increase of 2.7%.
WEC Energy Group (WEC - Free Report) is set to release first-quarter 2023 results on May 1. The Zacks Consensus Estimate for earnings is currently pegged at $1.59 per share.
WEC Energy’s long-term earnings growth is projected at 5.8%. The consensus estimate for 2023 earnings indicates a year-over-year decline of 0.3%.