By Matt Grossman
Entergy Corp. on Wednesday posted a roughly flat profit year over year in the latest quarter as the Covid-19 pandemic brought growth in residential demand but a decline in commercial billing.
The New Orleans-based utility recorded earnings of $1.93 a share, a cent higher than the $1.92 in earnings it reported in the fourth quarter of 2019. Its total earnings were $388 million, compared with $385 million in the year-ago period.
Adjusting for one-time items, the company's profit was 71 cents a share. Analysts surveyed by FactSet had forecast an adjusted profit of 67 cents a share.
Billed retail sales decreased 2.3% in the quarter year over year to $26.06 billion, a trend Entergy attributed to the effects of hurricanes and the Covid-19 pandemic. Residential billed sales rose 3.4% after adjusting for weather, while commercial billed sales declined 4.6%.
Entergy forecast full-year adjusted earnings per share of $5.80 to $6.10 in 2021. Analysts had been estimating 2021 adjusted earnings of $5.91 a share.
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