Entergy (ETR) Earnings Surpass Expectations, Market Shrugs

Entergy Corporation (NYSE: ETR) has reported its financial results for the fourth quarter of 2023 and the full year, as well as initiating guidance for 2024. The company's earnings per share for the fourth quarter of 2023 were $4.64 on an as-reported basis and 52 cents on an adjusted (non-GAAP) basis. For the full year, Entergy reported earnings per share of $11.10 on an as-reported basis and $6.77 on an adjusted basis.

Drew Marsh, Entergy's Chair and Chief Executive Officer, highlighted the company's accomplishments, saying, "2023 was a year of successful execution to support our customers. We delivered meaningful outcomes that included our best forced outage rates in a decade, a system that withstood record summer demand, as well as timely delivery of new service and clean energy options to support our rapidly growing customer base."

Key business highlights included the approval of legislation in Mississippi to bring Amazon Web Services' $10 billion data center complexes to the state, as well as approvals for solar facilities that will add approximately 225 megawatts of renewable capacity for E-LA. Additionally, Entergy received recognition for its sustainability efforts, being named to the Dow Jones Sustainability Index for the 22nd consecutive year and being acknowledged by Newsweek as one of America's most responsible companies.

In terms of financial performance, for the full year 2023, the utility business reported earnings attributable to Entergy Corporation of $2,507 million, or $11.81 per share, on an as-reported basis, and earnings of $1,896 million, or $8.93 per share, on an adjusted basis. The parent & other segment reported a loss attributable to Entergy Corporation of $(151 million), or (71) cents per share, on an as-reported basis, and a loss of $(458 million) or $(2.16) per share on an adjusted basis.

Looking ahead, Entergy initiated its 2024 adjusted earnings per share guidance range of $7.05 to $7.35.

Following the release of this news, the company's shares have moved -0.9% and are now trading at a price of $100.33.

The company's full 8-K submission is available here.

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