Entergy meets Q4 profit estimates, boosts sales growth outlook

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    By Nicole Jao

    NEW YORK, Feb 22 (Reuters) – Electricity firm Entergy Corp hit fourth-quarter profit estimates on Thursday, as unplanned outages at its customers’ facilities and slower-than-expected ramp ups curbed industrial sales.

    New Orleans, Louisiana-based Entergy operates power plants that supply electricity to about three million customers in Arkansas, Louisiana, Mississippi and Texas.

    “Industrial sales were strong but not as robust as anticipated going into the quarter due to outages at customers’ facilities and slower ramp-ups from new and expansion customers,” said Kimberly Fontan, CFO of Entergy.

    For the full year, Entergy’s retail sales were flat compared with the prior year at 27,320 gigawatt hours (GWh).

    The energy company posted earnings of $111 million, or my sources 52 cents per share, on an adjusted basis for the fourth quarter, hitting analysts’ estimates, LSEG data showed.

    Entergy’s expects full-year 2024 adjusted earnings per share in a range of $7.05 to $7.35.

    The company also raised its 2024 weather-adjusted sales growth forecast to 4% from 3% previously due to a stronger industrial growth outlook.

    In January, Mississippi lawmakers approved a $10 billion planned investment by Amazon Web Services for the construction of two hyperscale data centers, marking the largest economic development project in the state’s history.

    Entergy Mississippi will provide power to the projects, which are expected to come online over a three year period starting in 2025.

    Shares of Entergy were down 0.7% at 12:45 p.m. EST. (Reporting by Nicole Jao Editing by Mark Potter)

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