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Entergy's (ETR) Q4 Earnings Lag Estimates, Revenues Fall Y/Y
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Entergy Corporation (ETR - Free Report) reported fourth-quarter 2023 adjusted earnings of 52 cents per share, which missed the Zacks Consensus Estimate of 55 cents by 5.5%. The company reported GAAP earnings per share of $4.64, up significantly from the year-ago quarter’s level of 51 cents.
For 2023, Entergy reported adjusted earnings of $6.77 per share, which matched the Zacks Consensus Estimate. The full-year bottom line improved 5.5% from $6.42 per share in 2022.
Q4 Revenues
Entergy reported revenues of $2.72 billion, which missed the Zacks Consensus Estimate of $3.27 billion by 16.6%. The figure also declined 16.7% from $3.27 billion reported in the year-ago quarter due to lower revenues from all of its segments.
For 2023, the company reported revenues of $12.15 billion, which missed the Zacks Consensus Estimate of $12.70 billion by 4.3%. The top line also declined 11.7% from $13.76 billion reported in 2022.
Entergy Corporation Price, Consensus and EPS Surprise
Utility: The segment’s quarterly earnings were $3.96 per share compared with $1.15 in the prior-year quarter.
Parent & Other: The segment reported adjusted earnings of 67 cents per share against the year-ago quarter’s loss of 58 cents.
Highlights of the Release
Operating expenses totaled $2.47 billion, down 12.6% from $2.82 billion recorded in the prior-year quarter.
Operating income amounted to $256.6 million, down 42.8% from $448.9 million registered in the year-ago period.
Total interest expenses were $254.4 million, up 7.6% from $236.4 million reported in the comparable period of 2022.
As of Dec 31, 2023, total retail customers served by the company increased 0.4% to 3.01 million.
Financial Highlights
As of Dec 31, 2023, Entergy had cash and cash equivalents of $132.5 million compared with $224.2 million as of Dec 31, 2022.
Long-term debt totaled $23.01 billion as of Dec 31, 2023, compared with $23.62 billion as of Dec 31, 2022.
As of Dec 31, 2023, ETR generated cash from operating activities of $4.29 billion compared with $2.59 billion a year ago.
Guidance for 2024
Entergy introduced its financial guidance for 2024. The company expects 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 $7.22 per share, which is just above the midpoint of the company’s guided range.
Alliant Energy Corporation (LNT - Free Report) reported fourth-quarter 2023 operating earnings of 48 cents per share, which lagged the Zacks Consensus Estimate of 55 cents by 12.7%. The bottom line improved 4.3% from the year-ago quarter’s figure of 46 cents.
Revenues totaled $961 million, which missed the Zacks Consensus Estimate of $1.3 billion by 23.1%. The top line also decreased 9.2% from the year-ago quarter’s level of $1.1 billion.
FirstEnergy (FE - Free Report) reported fourth-quarter 2023 operating earnings of 62 cents per share, which surpassed the Zacks Consensus Estimate of 60 cents by 3.3%. The bottom line increased 24% from the year-ago quarter’s figure of 50 cents.
Operating revenues of $3.15 billion missed the Zacks Consensus Estimate of $3.29 billion by 4.2%. The top line also declined by 0.9% from $3.18 billion recorded in the year-ago quarter.
IDACORP, Inc. (IDA - Free Report) reported fourth-quarter 2023 earnings of 61 cents per share, which surpassed the Zacks Consensus Estimate by a penny. The company reported earnings of 83 cents in the year-ago quarter.
IDACORP's total revenues came in at $509.6 million, which lagged the Zacks Consensus Estimate of $552 million by 7.7%. The top line also decreased by 1.6% from the year-ago quarter’s figure of $518 million.
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Entergy's (ETR) Q4 Earnings Lag Estimates, Revenues Fall Y/Y
Entergy Corporation (ETR - Free Report) reported fourth-quarter 2023 adjusted earnings of 52 cents per share, which missed the Zacks Consensus Estimate of 55 cents by 5.5%.
The company reported GAAP earnings per share of $4.64, up significantly from the year-ago quarter’s level of 51 cents.
For 2023, Entergy reported adjusted earnings of $6.77 per share, which matched the Zacks Consensus Estimate. The full-year bottom line improved 5.5% from $6.42 per share in 2022.
Q4 Revenues
Entergy reported revenues of $2.72 billion, which missed the Zacks Consensus Estimate of $3.27 billion by 16.6%. The figure also declined 16.7% from $3.27 billion reported in the year-ago quarter due to lower revenues from all of its segments.
For 2023, the company reported revenues of $12.15 billion, which missed the Zacks Consensus Estimate of $12.70 billion by 4.3%. The top line also declined 11.7% from $13.76 billion reported in 2022.
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 were $3.96 per share compared with $1.15 in the prior-year quarter.
Parent & Other: The segment reported adjusted earnings of 67 cents per share against the year-ago quarter’s loss of 58 cents.
Highlights of the Release
Operating expenses totaled $2.47 billion, down 12.6% from $2.82 billion recorded in the prior-year quarter.
Operating income amounted to $256.6 million, down 42.8% from $448.9 million registered in the year-ago period.
Total interest expenses were $254.4 million, up 7.6% from $236.4 million reported in the comparable period of 2022.
As of Dec 31, 2023, total retail customers served by the company increased 0.4% to 3.01 million.
Financial Highlights
As of Dec 31, 2023, Entergy had cash and cash equivalents of $132.5 million compared with $224.2 million as of Dec 31, 2022.
Long-term debt totaled $23.01 billion as of Dec 31, 2023, compared with $23.62 billion as of Dec 31, 2022.
As of Dec 31, 2023, ETR generated cash from operating activities of $4.29 billion compared with $2.59 billion a year ago.
Guidance for 2024
Entergy introduced its financial guidance for 2024. The company expects 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 $7.22 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
Alliant Energy Corporation (LNT - Free Report) reported fourth-quarter 2023 operating earnings of 48 cents per share, which lagged the Zacks Consensus Estimate of 55 cents by 12.7%. The bottom line improved 4.3% from the year-ago quarter’s figure of 46 cents.
Revenues totaled $961 million, which missed the Zacks Consensus Estimate of $1.3 billion by 23.1%. The top line also decreased 9.2% from the year-ago quarter’s level of $1.1 billion.
FirstEnergy (FE - Free Report) reported fourth-quarter 2023 operating earnings of 62 cents per share, which surpassed the Zacks Consensus Estimate of 60 cents by 3.3%. The bottom line increased 24% from the year-ago quarter’s figure of 50 cents.
Operating revenues of $3.15 billion missed the Zacks Consensus Estimate of $3.29 billion by 4.2%. The top line also declined by 0.9% from $3.18 billion recorded in the year-ago quarter.
IDACORP, Inc. (IDA - Free Report) reported fourth-quarter 2023 earnings of 61 cents per share, which surpassed the Zacks Consensus Estimate by a penny. The company reported earnings of 83 cents in the year-ago quarter.
IDACORP's total revenues came in at $509.6 million, which lagged the Zacks Consensus Estimate of $552 million by 7.7%. The top line also decreased by 1.6% from the year-ago quarter’s figure of $518 million.