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ETR · Entergy

50 filings

10-Q

ETR 10-Q Quarterly Reports

Entergy - 50 quarterly reports

Filing record · 2016–202610-K1110-Q338-K146

ETR filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 146 current reports (8-K) between 2016 and 2026.

  1. Restructuring8-K · Jan ’17Jan ’17
  2. Leadership change8-K · May ’19May ’19
  3. Leadership change8-K · May ’21May ’21
  4. Material agreement8-K · Dec ’25Dec ’25
  1. 2026-Q3

    Entergy Quarterly Report for Q3 Ended Sep 30, 2026

    Entergy Corporation's third quarter 2026 results demonstrate robust operational performance, with a significant increase in net income attributable to Entergy Corporation to $940.3 million, up from $693.8 million in the prior year's comparable period. This growth was primarily driven by a substantial increase in operating revenues within the Utility segment, which rose by $553.1 million to $4,353 million. This revenue uplift was fueled by higher retail electric prices due to updated formula rate plans and cost recovery riders across its operating companies, as well as increased industrial usage, particularly from data center and primary metals customers. The company also experienced favorable weather conditions contributing to higher residential and commercial sales. Despite increased interest expenses, largely due to significant debt issuances to fund capital expenditures, and higher operation and maintenance costs, the company's effective income tax rate remained stable at 22.8%. Entergy continues to invest heavily in its infrastructure, with substantial capital expenditure plans outlined for the coming years, focusing on generation, transmission, and distribution improvements to support reliability, resilience, and customer growth. The company's financial position appears solid, with a debt-to-capital ratio of 63.5% as of September 30, 2026, and ample liquidity through its credit facilities.

    Nov 2, 2026
  2. 2026-Q2

    Entergy Quarterly Report for Q2 Ended Jun 30, 2026

    Entergy's second quarter 2026 10-Q shows strong earnings momentum driven by its regulated utility. Entergy Corporation reported net income attributable to common shareholders of $482.6 million for Q2 2026 (up from $467.9 million) and $867.5 million for the first half (up from $828.7 million). Diluted EPS was $1.03 for the quarter versus $1.05 a year earlier, and $1.87 for the six months, flat year over year, as share count grew substantially from equity issuances. Utility net income rose to $625.7 million for the quarter, while Parent & Other losses widened to $143.1 million, mainly from higher interest expense on $1.3 billion of junior subordinated debentures issued in November 2025. The Utility segment benefited from retail price increases, higher industrial load from data centers and other large customers, and returns on construction work in progress. The company is in a heavy capital investment cycle. Planned construction spending for 2026 through 2030 totals roughly $66 billion, and the 2026 figure was raised to $13.2 billion, with large generation projects in Louisiana (including a proposed $12.9 billion gas-fired buildout tied to a Meta data center) and Arkansas. Funding relies on sizable external capital: long-term debt issuances exceeded $4.6 billion in the first half, and Entergy has about $7 billion of equity planned through 2030, with roughly $4.1 billion already settled or under forward sale agreements. Debt to capital stands at 65.2% at the parent level, with a credit facility covenant ceiling of 65%, which leaves limited headroom and makes the equity program important to credit metrics. Key risks include regulatory outcomes on several large proceedings (Louisiana data center generation, Cottonwood acquisition, River Bend, and Arkansas base rate and production tax credit matters), a FERC order on MSS-4 net operating loss carryforward surcharges whose financial exposure is not yet estimable, Winter Storm Fern costs of about $450 million, and NRC findings at Grand Gulf and River Bend. Investors will want to watch execution on the capital plan, the pace of regulatory approvals for new generation, and the parent-level leverage trajectory.

    Jul 31, 2026
  3. 2026-Q1

    Entergy Quarterly Report for Q1 Ended Mar 31, 2026

    Entergy's Q1 2026 10-Q shows continued strong utility growth driven by data center and industrial demand, but it comes with rapidly rising capital needs and leverage. Net income attributable to Entergy Corporation rose to $384.9 million ($0.83 diluted EPS) from $360.8 million ($0.82) a year earlier, a 6.7% increase. Utility net income rose to $545.4 million from $491.0 million, while Parent & Other losses widened to $155.1 million, largely from higher interest expense on $1.3 billion of junior subordinated debentures issued in November 2025 and an $18 million impairment tied to the April 2026 sale of the Independence plant interest. Industrial electric sales grew 15%, while residential sales fell 8% on weather, and total retail sales rose 4%. The balance sheet shows a sharp increase in financing needs. Long-term debt rose to $31.2 billion from $27.9 billion, and the debt-to-capital ratio climbed to 65.9% from 64.3%. Entergy's credit facility covenant caps the consolidated debt ratio at 65%, making headroom a key watch item. Management expects to issue about $6.6 billion of equity through 2029 (about $1.9 billion already settled or contracted) and $3 billion of junior subordinated debentures. The planned 2026-2029 capital program totals roughly $57 billion, with 2027 peaking at $16.8 billion, driven heavily by generation for data centers, including a proposed $12.9 billion, 5,278 MW gas buildout in Louisiana pending LPSC approval (decision expected December 2026). Key risks include Winter Storm Fern costs of about $480 million, which management expects to recover through regulatory mechanisms, higher natural gas purchases, pending regulatory proceedings in Arkansas over the Jefferson and Ironwood strategic investments, and a preliminary white NRC finding at Grand Gulf that could move the plant to Column 2 oversight.

    May 1, 2026
  4. 2025-Q3

    Entergy Quarterly Report for Q3 Ended Sep 30, 2025

    Entergy's Q3 2025 10-Q shows steady utility growth driven by data center and industrial load. Nine-month net income attributable to Entergy rose to $1.52 billion (diluted EPS $3.40) versus $769 million (EPS $1.79) a year earlier, though the prior-year period was depressed by a $317 million pension settlement charge and several regulatory charges. Third-quarter net income was $694 million ($1.53 diluted EPS), up from $645 million, supported by higher industrial sales (up 7%), a $405 million receipt from nuclear and solar production tax credit sales, and gains from the July 1, 2025 sale of the Louisiana and New Orleans natural gas distribution businesses. The capital plan is expanding sharply. Entergy now expects roughly $41 billion of Utility capital investment for 2026 through 2029, including $12 billion in 2026, driven by new gas generation (Ironwood, Jefferson, Franklin Farms, Vicksburg, Traceview, Legend and Lone Star), solar projects and the SETEX transmission line. Nine-month construction spending reached $5.6 billion, and cash from operations of $3.9 billion did not cover investing outflows of $5.2 billion, so the gap was funded with debt and equity. Debt to capital improved slightly to 64.3% from 65.3%, and Entergy has about $4.4 billion of equity planned through 2029, of which roughly $1.9 billion is already contracted under forward sale agreements. Key risks include the ongoing regulatory approval of large generation and data center-related projects, cost recovery for storm and fuel costs, uncertainty around the IRS treatment of nuclear production tax credits (a $571 million uncertain tax position), and a new antitrust class action filed in July 2025 alleging wage suppression among nuclear operators. Management also flagged that Waterford 3 was temporarily placed in NRC Column 2 and has since returned to Column 1.

    Oct 31, 2025
  5. 2025-Q2

    Entergy Quarterly Report for Q2 Ended Jun 30, 2025

    Entergy's Q2 2025 10-Q shows a strong rebound in earnings driven by the Utility segment. Net income attributable to Entergy rose to $467.9 million ($1.05 diluted EPS) in the second quarter from $48.9 million ($0.11) a year earlier, and to $828.7 million for the first half from $124.2 million. The prior-year comparison is distorted by a $317 million pension settlement charge and $151 million of Entergy Louisiana regulatory charges in Q2 2024, so the underlying growth is smaller than the headline figures suggest. Utility operating revenues rose about 13% in the quarter to $3.3 billion, supported by retail price increases from formula rate plans and a 6% increase in total electric sales, led by industrial demand growth. The balance sheet is expanding quickly to meet load growth. Planned construction and capital investment for 2025 through 2027 has been raised to $8.2 billion, $11.3 billion, and $10.1 billion, with heavy generation spending for new gas plants, solar, and transmission. Debt rose to 64.9% of capital, and long-term debt reached $28.1 billion. Entergy relied on equity to partly offset this, settling forward sales for $806 million of cash in May 2025 and holding a further 17.8 million shares of forward sale agreements that can be settled by September 2026. Liquidity is adequate, with a $3 billion revolving credit facility almost entirely undrawn. Key risks include regulatory outcomes for the Meta-linked data center generation and transmission projects at the LPSC, the Texas Legend and Lone Star plant decision, and federal policy changes under the One Big Beautiful Bill Act that narrow tax credits for solar and wind. Waterford 3 was also moved to NRC Column 2 oversight. The company completed the sale of its Louisiana and New Orleans natural gas distribution businesses on July 1, 2025, with a total expected gain of about $11 million.

    Aug 1, 2025
  6. 2025-Q1

    Entergy Quarterly Report for Q1 Ended Mar 31, 2025

    Entergy's Q1 2025 10-Q shows a strong quarter driven by its regulated Utility segment. Consolidated net income attributable to Entergy rose to $360.8 million ($0.82 diluted EPS) from $75.3 million ($0.18) a year earlier. The comparison is flattered by the prior-year quarter, which included a $131.8 million pre-tax (about $99 million after-tax) Entergy Arkansas regulatory asset write-off and a $78 million New Orleans regulatory charge. Operating revenues grew about 2% to $2.85 billion, with higher retail prices and weather/industrial volume offsetting lower sales for resale. The balance sheet and financing picture is the key investor focus. Total assets reached $66.6 billion, and the debt-to-capital ratio rose to 66.7% from 65.3% at year-end, or 65.4% on a net basis excluding securitization bonds. Long-term debt increased about $1.65 billion since December. Capital expenditures of $1.66 billion in the quarter were up sharply, driven by new generation for north Louisiana data center load, Texas gas plants, and nuclear and transmission projects. Entergy also entered into forward equity sale agreements for 17.8 million shares (initially $81.87 per share), with settlement due by September 30, 2026, which would add equity and reduce leverage when settled. The company remains in compliance with its 65% consolidated debt covenant on its $3 billion credit facility, which has about $3.0 billion available. Regulatory and growth items to monitor include the pending LPSC decision on the Meta-linked data center generation and transmission package (expected by October 2025, with a hearing set for July 2025), the PUCT decision on the Legend and Lone Star gas plants (expected Q3 2025), and the Entergy Arkansas petition for certiorari on the opportunity sales case. The Arkansas Commission approved the Lake Catherine Unit 5 certificate in April 2025, and the company disclosed a $0.60 quarterly dividend.

    May 1, 2025
  7. 2024-Q3

    Entergy Quarterly Report for Q3 Ended Sep 30, 2024

    Entergy's Q3 2024 10-Q shows a utility-focused quarter with mixed earnings drivers. Nine-month GAAP net income attributable to Entergy fell to $769.1 million from $1,368.9 million, largely because of a $317 million pre-tax pension settlement charge at Parent & Other (from a May 2024 group annuity purchase), roughly $151 million of Entergy Louisiana regulatory charges tied to a formula rate plan settlement, a $132 million Entergy Arkansas regulatory asset write-off after an adverse opportunity sales decision, and a $78 million Entergy New Orleans IRS-audit sharing charge. Third-quarter net income was $644.9 million versus $666.8 million a year earlier, with Utility earnings up and Parent & Other losses wider. Diluted EPS for the nine months was $3.58 versus $6.45, a comparison distorted by the prior-year Hurricane Ida securitization tax benefit. Operationally, Utility retail electric sales were flat in the quarter, with industrial load up 10% offset by weaker residential and commercial sales from milder weather. Retail electric price increases from formula rate plans in Arkansas, Louisiana, and Mississippi supported revenue. Capital structure is more levered: debt-to-capital rose to 65.4% from 63.8%, and Entergy issued $1.2 billion of junior subordinated debentures and a large volume of mortgage bonds. Entergy plans roughly $25 billion of Utility capital investment for 2025 through 2027, and expects to issue about $4.4 billion of equity through 2028, with about $1.4 billion already under forward sale agreements. A two-for-one stock split was announced for December 2024, and the quarterly dividend was declared at $1.20 per share. Key watch items include the pending LPSC approval of the System Energy settlement (which would resolve Grand Gulf complaints and shift 14% of Grand Gulf capacity from Entergy Louisiana to Entergy Mississippi), Hurricane Francine ($220 million to $240 million restoration costs) and Hurricane Beryl (about $85 million) recovery, growing large-load and data center generation projects, and an open SEC Division of Enforcement investigation into materials and supplies inventory accounting.

    Nov 1, 2024
  8. 2024-Q2

    Entergy Quarterly Report for Q2 Ended Jun 30, 2024

    Entergy's Q2 2024 10-Q shows a sharp earnings decline driven by non-recurring and regulatory charges rather than weaker underlying utility economics. Consolidated net income attributable to Entergy fell to $48.9 million ($0.23 per diluted share) in the second quarter, versus $391.2 million ($1.84) a year earlier, and first-half 2024 earnings fell to $124.2 million ($0.58) from $702.2 million ($3.31). The main drivers were a $317 million pre-tax ($250 million after-tax) non-cash pension settlement charge at Parent & Other from a group annuity purchase, and roughly $151 million pre-tax of regulatory charges at Entergy Louisiana tied to a July 2024 agreement in principle on its formula rate plan. Earlier in the year, a $132 million write-off at Entergy Arkansas followed an adverse court ruling in the opportunity sales case, and a $78 million New Orleans charge reflected an IRS audit settlement. Underlying utility demand looked healthier. Utility electric sales rose 4% in the quarter and 2% year to date, helped by weather and large industrial growth, and Utility revenues grew modestly. Retail price increases from formula rate plans in Arkansas, Louisiana, and Mississippi also contributed. Balance sheet and funding needs grew materially: long-term debt rose to about $26.3 billion from $23.0 billion at year-end 2023, debt to capital reached 65.9% (65.7% excluding securitization bonds), and the company raised equity forward sale agreements and a $1.2 billion junior subordinated debenture issue. The capital plan for 2024 through 2026 was increased to roughly $19.9 billion in aggregate, with accelerated resilience spending and new generation projects, including Texas solar and gas facilities. Key regulatory overhang remains. Entergy Louisiana filed a global stipulated settlement for LPSC consideration, scheduled for August 2024, that would renew its formula rate plan with a $120 million base revenue increase and $184 million of customer credits. System Energy's Grand Gulf complaints are moving toward resolution through black-box settlements totaling $588 million, and the FERC was expected to address the return on equity proceeding by year end. Investors should weigh the depressed reported quarter against the largely one-time nature of the charges and the ongoing rate-base and capital-spending growth story, while keeping an eye on the timing and terms of regulatory approvals and the SEC's inquiry into materials and supplies accounting.

    Aug 2, 2024
  9. 2024-Q1

    Entergy Quarterly Report for Q1 Ended Mar 31, 2024

    Entergy's first quarter 2024 results were sharply lower year over year, with consolidated net income attributable to Entergy Corporation falling to $75.3 million ($0.35 per diluted share) from $310.9 million ($1.47) in Q1 2023. The decline was driven primarily by a $131.8 million ($99.1 million net-of-tax) asset write-off at Entergy Arkansas after an adverse federal court judgment in the opportunity sales proceeding, and a $78 million ($57 million net-of-tax) regulatory charge at Entergy New Orleans tied to a settlement in principle with the City Council over sharing IRS audit tax benefits with customers. Q1 2023 also included a one-time Hurricane Ida securitization tax benefit that inflated that period's earnings, so the year-over-year comparison is distorted in part by prior-year items. Underlying utility drivers were mixed: retail electric price increases from formula rate plans and base rates supported revenue, while operating revenues fell to $2.79 billion from $2.98 billion largely due to lower fuel pass-through revenues, and other operation and maintenance expense rose. Balance sheet and financing indicators point to a more leveraged position. The debt-to-capital ratio rose to 65.8% at March 31, 2024 from 63.8% at year-end 2023 (63.5% to 65.6% excluding securitization bonds on a non-GAAP basis), driven by net debt issuance including $2.2 billion of long-term debt proceeds and a $1.9 billion commercial paper balance. Cash rose to $1.29 billion, and total assets grew to $61.6 billion. The company remains in compliance with its 65% debt covenant on its $3.5 billion credit facility, which had $3.5 billion of available capacity, though the covenant headroom is narrow relative to the reported ratio. Capital spending continued, including the $170 million initial payment for the Walnut Bend Solar facility and a proposed $411 million Bayou Power Station. Regulatory and litigation developments were significant for investors. The FERC System Energy/Grand Gulf complaints remain unresolved, though settlements with the Arkansas and Mississippi commissions were approved and a City Council settlement in principle (with a $116 million black box refund) was reached in April 2024. Entergy Louisiana received LPSC approval of a framework for an initial five-year, roughly $1.9 billion resilience plan, and the Entergy Louisiana formula rate plan extension remains pending with hearings now set for October 2024. The SEC Division of Enforcement is investigating Entergy's accounting for materials and supplies inventory, with management stating it does not expect a material impact. Entergy also declared a $1.13 per share quarterly dividend, unchanged from the prior several quarters.

    May 2, 2024
  10. 2023-Q3

    Entergy Quarterly Report for Q3 Ended Sep 30, 2023

    Entergy's Q3 2023 10-Q shows third-quarter net income attributable to Entergy of $666.8 million ($3.14 diluted EPS), up from $560.6 million ($2.74) a year earlier, and nine-month net income of $1.37 billion ($6.45 diluted EPS) versus $996.7 million ($4.88) in the prior year. The improvement is driven largely by the Utility segment, which benefited from retail rate increases (formula rate plans in Arkansas, Louisiana, Mississippi, New Orleans and the June 2023 Entergy Texas base rate increase), weather-driven volume, and a $129 million income tax reduction from the Hurricane Ida storm securitization in March 2023. These gains were partly offset by a $78 million write-off tied to Entergy Arkansas's October 2023 commitment to forgo recovery of ANO stator incident costs, and a $40 million Indian Point judgment reduction at Parent & Other. Year-over-year comparisons are also distorted by 2022 items, including a $551 million System Energy regulatory charge and Palisades-related gains and losses. Balance sheet and liquidity indicators are mixed. Total assets rose to $60.6 billion, long-term debt to $24.7 billion, and debt-to-capital (excluding securitization bonds) was 66.1%, down slightly from 66.6%, while cash on hand increased to $1.5 billion. Operating cash flow of $3.2 billion for the nine months improved $1.4 billion year over year, largely from lower fuel costs and storm spending. Management expects to invest about $19.6 billion in the Utility over 2024 through 2026, with major projects including solar, Orange County Advanced Power Station, and grid resilience. The Board raised the quarterly dividend to $1.13 per share from $1.07. Key pending items for investors include System Energy's FERC litigation (with a settlement in principle with the APSC, a black-box refund of $142 million to Entergy Arkansas, and a potential prudence complaint alleging over $1 billion in damages), the planned sale of the Entergy New Orleans and Entergy Louisiana gas distribution businesses for a combined base price of about $483.5 million, and Entergy Louisiana's pending rate case and formula rate plan extension request.

    Nov 2, 2023
  11. 2023-Q2

    Entergy Quarterly Report for Q2 Ended Jun 30, 2023

    Entergy's Q2 2023 10-Q shows a utility-focused quarter with a sharp swing in GAAP earnings versus the prior year, which was depressed by one-time items. Net income attributable to Entergy was $391.2 million ($1.84 diluted EPS) for the quarter, up from $159.7 million ($0.78) in Q2 2022. The prior-year quarter included a $551 million System Energy regulatory charge tied to the FERC partial settlement and a $224 million Entergy Louisiana storm-credit charge, partly offset by a $166 million Palisades sale gain and a $283 million income-tax reduction from storm securitization. Year-to-date net income was $702.2 million ($3.31 diluted EPS) versus $436.1 million ($2.13) a year earlier. Utility segment earnings drove the improvement, while Parent & Other losses widened, mainly on higher interest expense from commercial paper and the absence of the 2022 Palisades and securitization benefits. Balance-sheet and cash-flow trends were mixed. Operating cash flow rose to $1.83 billion for the first half from $816 million, largely because of lower fuel costs and higher customer collections. Total assets grew to $59.7 billion, and long-term debt increased to $24.3 billion. Entergy's debt-to-capital ratio was 66.8%, or 66.6% excluding securitization bonds, and it remains within the 65% covenant under its $3.5 billion revolver only on the covenant's own definition. Liquidity was strong, with $1.19 billion of cash and about $3.3 billion of undrawn revolver capacity. Key regulatory and capital items include the Louisiana Hurricane Ida securitization of about $1.49 billion, rate increases in several jurisdictions, the Walnut Bend and West Memphis solar projects, and the Louisiana Future Ready resilience plan. Ongoing FERC litigation against System Energy, including a May 2023 initial decision recommending roughly $257 million in refunds plus cash-working-capital changes, remains the principal contingent risk. For investors, the central takeaways are a normalized earnings recovery in the Utility segment, continued heavy capital spending funded by debt and equity, and leverage that remains high relative to peers. The filing reports no material change to risk factors and no share repurchases in the quarter. The main watch items are the outcome of the FERC proceedings, the pace of regulatory recovery for storm and resilience investments, and the cost of debt given the rising interest expense.

    Aug 3, 2023
  12. 2023-Q1

    Entergy Quarterly Report for Q1 Ended Mar 31, 2023

    Entergy's Q1 2023 10-Q shows net income attributable to Entergy of $310.9 million ($1.47 per diluted share), up from $276.4 million ($1.36) in Q1 2022, driven primarily by the Utility segment. The largest single driver was the March 2023 Hurricane Ida securitization by Entergy Louisiana, which reduced income tax expense by $129 million (net) but was partly offset by a $103 million ($76 million net-of-tax) regulatory charge for customer credits. Excluding these securitization effects, underlying performance reflects retail rate increases from formula rate plans, offset by weather-driven volume declines (retail electric sales down 3%) and higher interest expense. Operating revenues rose to $2.98 billion from $2.88 billion, and operating income declined to $462 million from $566 million, reflecting higher fuel and purchased power costs and other regulatory charges. Balance sheet and liquidity both shifted materially. Total assets rose to $59.2 billion and long-term debt increased to $24.5 billion from $23.6 billion, reflecting new issuances including $425 million at Entergy Arkansas and $325 million at System Energy, partly offset by retirements. The debt-to-capital ratio rose to 67.4% from 66.9%, and net debt to net capital excluding securitization bonds fell to 65.5% from 66.5% as cash rose to $1.97 billion, largely from the securitization proceeds. Entergy remains within its 65% credit facility covenant on a different calculation basis and reported no share repurchases in the quarter. The company also completed its exit from merchant nuclear and reclassified that business into Parent & Other. Key forward-looking items include pending regulatory proceedings: a FERC initial decision in the Unit Power Sales Agreement complaint due May 2023, a Louisiana resilience plan (about $5 billion) with a hearing in January 2024, New Orleans hardening filings, a proposed 3 GW solar acquisition in Louisiana, and ongoing FERC refund exposure at System Energy. The quarterly dividend was maintained at $1.07 per share.

    May 4, 2023
  13. 2022-Q3

    Entergy Quarterly Report for Q3 Ended Sep 30, 2022

    Entergy's Q3 2022 10-Q shows a quarter of strong Utility earnings offset by continued wind-down costs in the merchant nuclear business. Consolidated net income attributable to Entergy for the nine months ended September 30, 2022 was $996.7 million ($4.88 diluted EPS), up from $859.6 million ($4.26) a year earlier, but this figure is flattered by a $166 million pre-tax gain on the June 2022 Palisades sale and a $283 million income tax reduction from the Louisiana storm securitization, partly offset by a $551 million FERC-related regulatory charge at System Energy and a $224 million Entergy Louisiana regulatory charge. The Utility segment delivered $1.17 billion of net income for the nine months, with volume growth of about 6% and retail price increases from formula rate plans, while Entergy Wholesale Commodities has effectively exited the merchant nuclear business. Balance sheet and financing: debt-to-capital was 69.0% at September 30, 2022 versus 69.5% at year-end 2021, and the company continues to rely on equity issuance through forward sale agreements (roughly $870 million unsettled) and an at-the-market program. Cash flow from operations fell to $1.81 billion from $2.01 billion, driven by higher fuel costs and storm spending, while a $3.16 billion securitization financing and $1 billion in new equity-backed capital improved liquidity. The Board raised the quarterly common dividend to $1.07 per share from $1.01. Forward-looking items include a planned $15.5 billion Utility capital program for 2023-2025, the pending Orange County Advanced Power Station and Entergy Texas rate case, a System Energy FERC proceeding with a potential refund exposure that could reach hundreds of millions of dollars, and Inflation Reduction Act tax-credit and corporate alternative minimum tax uncertainties that management says may affect Entergy from 2026. Waterford 3 was also moved to NRC Column 2 in September 2022.

    Nov 3, 2022
  14. 2022-Q2

    Entergy Quarterly Report for Q2 Ended Jun 30, 2022

    Entergy's second quarter 2022 10-Q shows a mixed picture: consolidated net income attributable to Entergy was $159.7 million ($0.78 diluted EPS) versus a $6.0 million loss a year earlier, and first-half net income was $436.1 million ($2.13 diluted EPS) versus $328.6 million. The swing is driven largely by a $551 million pre-tax regulatory charge at System Energy tied to a partial FERC settlement with the Mississippi PSC, a $283 million net income tax reduction from the Louisiana storm cost securitization, and a $166 million pre-tax gain on the sale of the Palisades nuclear plant, which completes Entergy's exit from merchant nuclear generation. Utility operating segment earnings rose sharply year over year, while Parent & Other losses widened. Balance sheet and liquidity items warrant attention. Debt to capital (including securitization bonds) was 69.1%, and the Utility carries most of the debt. Entergy Louisiana completed a $3.2 billion storm securitization in May 2022 and used proceeds to repay a $1.2 billion term loan and redeem bonds. Entergy issued forward sale equity agreements and expects roughly $320 million of additional equity through 2024. Capital plans were raised to $3.9 billion for 2022 and $5.4 billion for 2024, reflecting generation (including solar and the proposed Orange County Advanced Power Station), resilience, and rising project costs. Operating cash flow was $816 million for the first half, up $69 million. Key risks include pending FERC litigation over System Energy's return on equity, capital structure, and Grand Gulf sale-leaseback, with potential refunds beyond the amounts already reserved; pending Louisiana and Ida-related storm cost recovery proceedings; pension asset losses of about 18% year to date (qualified plan assets fell from $7.0 billion to $5.4 billion); and supply chain and tariff pressure on solar projects. The company's dividend was held at $1.01 per quarter.

    Aug 4, 2022
  15. 2022-Q1

    Entergy Quarterly Report for Q1 Ended Mar 31, 2022

    Entergy's Q1 2022 10-Q shows consolidated net income attributable to Entergy of $276.4 million ($1.36 diluted EPS), down from $334.6 million ($1.66) in Q1 2021, driven mainly by the absence of earnings from Entergy Wholesale Commodities' Indian Point plants (sold May 2021), lower decommissioning trust earnings, and higher interest expense. The Utility segment remained the earnings engine, with net income of $340.5 million attributable to Entergy, supported by formula rate plan increases and retail electric price gains in Arkansas, Louisiana, Mississippi, and New Orleans. Consolidated operating income rose to $566 million from $508 million. Balance sheet leverage increased. Debt to capital rose to 70.5% from 69.5% at year-end 2021 (69.9% net of cash, excluding securitization bonds), and long-term debt grew to about $26.2 billion, funded by Entergy Louisiana's $1.2 billion term loan and new mortgage bonds. Operating cash flow improved sharply to $538 million from negative $49 million, helped by lower pension contributions and collections, though storm spending for Hurricane Ida increased by roughly $128 million. Entergy's $3.5 billion credit facility is in compliance with its 65% debt covenant. The filing's largest forward-looking items are storm cost recovery and the exit from merchant nuclear power. Louisiana regulators approved a settlement in March 2022 allowing $2.1 billion of Hurricane Laura, Delta, Zeta and Winter Storm Uri costs and authorizing $3.186 billion of securitization, while a further $2.64 billion Hurricane Ida request is pending. Palisades is to be shut down by May 31, 2022 and sold to Holtec, with the sale expected to close mid-2022. Pending FERC proceedings against System Energy could produce refunds, with the ALJ-based estimates totaling roughly $61 million for the return on equity and capital structure case and about $19 million to $422 million for the Grand Gulf issues, although the filing notes these are not final.

    May 5, 2022
  16. 2021-Q3

    Entergy Quarterly Report for Q3 Ended Sep 30, 2021

    Entergy's Q3 2021 10-Q shows a utility-centric company in the middle of an exit from merchant nuclear power. Consolidated net income attributable to Entergy was $859.6 million for the nine months ended September 30, 2021, down from $1,000.4 million a year earlier, and diluted EPS was $4.26 versus $4.98. The decline is driven by a $340 million pre-tax ($268 million after-tax) charge on the May 2021 sale of Indian Point Energy Center and by weaker Entergy Wholesale Commodities results. Utility operating income and net income were stronger, supported by retail rate increases and formula rate plan outcomes, though storm costs and Winter Storm Uri fuel costs weighed on cash flow. The largest investor issue is Hurricane Ida. Restoration costs are estimated at $2.1 to $2.5 billion, with about $850 million recorded as regulatory assets and about $1.3 billion as construction work in progress. Recovery is not yet approved and depends on regulatory proceedings and possible securitization, so the outcome remains uncertain. Operating cash flow fell to $2.0 billion from $2.4 billion, and total debt rose, with a debt-to-capital ratio of 69.1% at September 30, 2021 versus 68.3% at year-end 2020. Entergy also plans to issue about $1.5 billion of equity through 2024 and has a forward-sale program in place. For investors, the filing points to a utility with a sizeable capital plan (about $11.7 billion of Utility investment for 2022 to 2024, excluding Ida) and a dividend increase to $1.01 per quarter, offset by execution risk on storm recovery, rising leverage, and ongoing FERC litigation over System Energy's return on equity and Grand Gulf. The Palisades shutdown and sale, expected to close by end-2022, is the remaining step in exiting merchant generation.

    Nov 5, 2021
  17. 2021-Q2

    Entergy Quarterly Report for Q2 Ended Jun 30, 2021

    Entergy's Q2 2021 10-Q shows a quarter swung to a net loss, driven almost entirely by the Entergy Wholesale Commodities (EWC) exit from merchant nuclear power. Consolidated net income attributable to Entergy was a loss of $5.97 million ($0.03 per share) for the three months ended June 30, 2021, versus $360.5 million ($1.79 diluted) a year earlier. For the six months, net income was $328.6 million ($1.63 diluted), down from $479.2 million. The decline reflects a $340 million pre-tax ($268 million after-tax) charge tied to the May 2021 sale of the Indian Point plants to Holtec, along with lower decommissioning trust gains. The Utility segment remained solidly profitable, with six-month net income of $682.5 million, up from $664.7 million, supported by higher retail rates, a 3% increase in billed usage, and formula rate plan increases. Balance sheet leverage rose. Debt to capital reached 69.5% (68.9% net of cash and excluding securitization bonds), up from 68.3% at year-end 2020, following net debt issuance in 2021. Total debt outstanding grew, and the company has about $3.3 billion of undrawn capacity under its $3.5 billion credit facility. Cash fell to $687 million from $1.76 billion at year-end. Operating cash flow dropped to $747 million from $1.45 billion, mainly because of Winter Storm Uri fuel costs (about $720 million for February 2021 across the Utility operating companies), storm spending, higher pension contributions, and severance payments tied to the EWC exit. Looking ahead, the most significant pending items are the planned sale of Palisades to Holtec, expected to close by year-end 2022 with an adjusted net investment of only $5 million; large storm cost recovery requests at Entergy Louisiana (about $2.11 billion) and Entergy Texas (about $250 million); and FERC proceedings against System Energy over Grand Gulf, where the ALJ initial decision could imply refunds of roughly $59 million on the return-on-equity and capital-structure complaint and considerably more on the sale-leaseback complaint. The board declared a $0.95 quarterly dividend, unchanged from the prior quarter.

    Aug 6, 2021
  18. 2021-Q1

    Entergy Quarterly Report for Q1 Ended Mar 31, 2021

    Entergy's first quarter 2021 results show net income attributable to Entergy Corporation of $334.6 million, or $1.66 diluted EPS, up from $118.7 million ($0.59) in Q1 2020. The improvement was driven largely by the absence of the prior-year $211 million pre-tax decommissioning trust fund loss at Entergy Wholesale Commodities (EWC) and a $58 million Utility income tax benefit in Q1 2020 that did not recur, partially offset by lower Utility retail electric price and volume effects. Utility net income rose to $356.6 million, while EWC net income improved to $37.6 million from a loss of $111.0 million in the prior year. Operating cash flow turned negative at $(49) million, driven by roughly $720 million of Winter Storm Uri fuel and purchased power costs, about $200 million of additional storm spending, a $92 million increase in pension contributions, and a $353 million increase in deferred fuel costs. Balance sheet leverage increased meaningfully. Entergy's debt-to-capital ratio rose to 69.6% from 68.3% at year-end 2020, and net debt-to-net capital excluding securitization bonds rose to 68.0% from 66.4%. Long-term debt grew to about $24.1 billion as the company issued $3.7 billion of long-term debt in the quarter, including $650 million each of parent senior notes and $1 billion of Entergy Louisiana mortgage bonds. Management is pursuing large storm cost recovery: Entergy Louisiana seeks LPSC determination that about $2.10 billion of Hurricane Laura, Delta, Zeta and Winter Storm Uri costs were prudently incurred, and Entergy Texas seeks recovery of about $250 million. These recovery outcomes are central to the credit and cash flow outlook. The company continues its planned exit from merchant nuclear power. Indian Point 3 ceased operations April 30, 2021, and the Indian Point sale to Holtec, targeted to close in May 2021, is expected to produce a $285 million net loss. The Palisades sale is expected to close by end of 2022, and the NRC is reviewing the license transfer. Regulatory risks remain, including FERC proceedings against System Energy over Grand Gulf return on equity, capital structure and refunds, and an ALJ initial decision that could require refunds of roughly $59 million plus $422 million plus interest, as well as a new $360 million+ imprudence complaint on Grand Gulf operations.

    May 6, 2021
  19. 2020-Q3

    Entergy Quarterly Report for Q3 Ended Sep 30, 2020

    Entergy's Q3 2020 10-Q shows a utility-driven quarter with weaker sales but stronger earnings. Net income attributable to Entergy Corporation rose to $521.1 million ($2.60 diluted EPS $2.59) for the third quarter from $365.2 million ($1.82) a year earlier, and nine-month net income reached $1,000.4 million ($4.98 diluted) versus $856.2 million ($4.38). The Utility segment drove the gains, benefiting from retail price increases, lower Entergy Wholesale Commodities impairments, and lower nuclear and non-nuclear generation costs, while Utility operating revenues fell about 5% in the quarter as COVID-19 reduced commercial and industrial volumes and the Hurricanes Laura and Delta damaged the grid. The key risks center on storm restoration costs and the wind-down of the merchant nuclear fleet. Hurricane Laura restoration is estimated at $1.5 billion to $1.7 billion, mostly at Entergy Louisiana and Entergy Texas, with Entergy recording about $205 million of regulatory assets and $1.295 billion of construction work in progress; recovery through regulatory mechanisms or securitization is expected but not assured. Entergy Wholesale Commodities is exiting merchant nuclear power by mid-2022, with Indian Point 2 shut in April 2020, Indian Point 3 and Palisades slated for sale and shutdown, and about $70 million of 2020 retention and severance costs. Balance sheet leverage remains elevated but manageable. Debt to capital was 66.7% at September 30, 2020 versus 65.5% at year-end 2019, driven by $2.0 billion of senior notes and $2.51 billion of Utility mortgage bonds issued since March 2020, while the $3.5 billion credit facility had $3.3 billion of capacity available. Operating cash flow rose to $2.37 billion for the nine months, and the board raised the quarterly dividend to $0.95 per share from $0.93. Capital spending is heavy, with the Utility planning about $11.9 billion of investment for 2021 through 2023.

    Nov 4, 2020
  20. 2020-Q2

    Entergy Quarterly Report for Q2 Ended Jun 30, 2020

    Entergy's second quarter 2020 10-Q shows a utility-driven earnings base with a nuclear exit underway. Consolidated net income attributable to Entergy for the six months ended June 30, 2020 was $479.2 million ($2.39 diluted EPS), down from $491.0 million ($2.54) a year earlier, while Q2 2020 net income rose to $360.5 million ($1.79 diluted EPS) from $236.4 million ($1.22). The Q2 improvement was driven largely by $225 million (pre-tax) of gains on Entergy Wholesale Commodities decommissioning trust funds as equities rebounded from the March COVID-19 selloff, along with lower operating expenses and interest-related items. Utility net income rose for the six months, but the competitive (Wholesale Commodities) segment and Parent & Other both declined, reflecting the shutdowns of Pilgrim and Indian Point 2 and lower realized power prices. The COVID-19 pandemic is the dominant near-term risk. Management expects lower commercial and industrial sales volume in 2020, rising uncollectible accounts, and altered customer payment patterns, and has deferred pandemic-related costs as regulatory assets. To date the company reports no material effect on major projects or capital plans. Liquidity appears adequate: cash rose to $935 million, the $3.5 billion revolver had $3.3 billion of capacity available, and the company issued roughly $1.2 billion of holding-company senior notes plus $1.2 billion or more of utility mortgage bonds since March. Leverage is elevated, with the Entergy debt-to-capital ratio at 66.8% (65.6% net of cash, excluding securitization bonds), and the company's credit facility covenant caps consolidated debt at 65% of capitalization, though Entergy states it is in compliance. Key regulatory items include the FERC System Energy proceedings, where an ALJ initial decision could require refunds of several hundred million dollars plus interest, and the Entergy Arkansas opportunity sales refund ordered by the APSC. The Entergy Wholesale Commodities exit remains on schedule, with Indian Point 2 ceasing operation in April 2020, the Indian Point units targeted to close to Holtec in May 2021, and Palisades expected to close by the end of 2022. Entergy expects a loss on Indian Point (adjusted net investment of $175 million) and a modest loss or gain on Palisades ($55 million adjusted net investment).

    Aug 5, 2020
  21. 2020-Q1

    Entergy Quarterly Report for Q1 Ended Mar 31, 2020

    Entergy's first quarter 2020 10-Q shows consolidated net income attributable to Entergy of $118.7 million ($0.59 per diluted share), down from $254.5 million ($1.32) in Q1 2019. The decline is driven mainly by a $211 million pre-tax loss on nuclear decommissioning trust investments tied to the March 2020 equity market selloff, a $68.9 million drop in Entergy Wholesale Commodities (EWC) impairment and related charges to $5 million, and an Entergy Wholesale Commodities net loss of $110.4 million. The Utility segment was stronger, with net income of $319.8 million (up from $230.6 million), helped by a $58 million reduction in income tax expense from an IRS settlement on Hurricane Isaac Act 55 financing and higher retail rates, partially offset by lower volumes and weather. Operating revenues fell 7% to $2.43 billion. The balance sheet and liquidity position is more levered. Debt to capital rose to 67.2% from 65.5%, and total long-term debt increased substantially, reflecting roughly $3.2 billion of long-term debt issued in the quarter against about $1.6 billion retired. Cash and equivalents rose to $1.46 billion, with $2.57 billion of available capacity under the $3.5 billion Entergy Corporation credit facility. Management flagged COVID-19 as a source of expected lower commercial and industrial sales, higher uncollectible accounts, and potential cash flow pressure in 2020, though the first-quarter effect was minimal and no material disruption to capital projects had occurred. The Entergy Wholesale Commodities exit continues: Indian Point 2 ceased operations on April 30, 2020, Indian Point 3 and Palisades are planned for shutdown and sale, and expected restructuring costs for 2020 are about $75 million. For investors, the key items are the sharp earnings decline at the parent level driven by non-recurring-type market losses and one-time tax benefits, the rising leverage against a 65% covenant ceiling, the pending regulatory decisions (including the System Energy return-on-equity and Grand Gulf refund proceedings and the New Orleans Power Station litigation), and the ongoing uncertainty from the pandemic.

    May 11, 2020
  22. 2019-Q3

    Entergy Quarterly Report for Q3 Ended Sep 30, 2019

    Entergy's Q3 2019 10-Q shows a split picture: the regulated Utility business is driving growth while the Entergy Wholesale Commodities (EWC) merchant nuclear business continues to shrink as management executes its exit. Consolidated net income for the third quarter fell to $369.5 million from $539.8 million a year earlier, but the comparison is distorted by prior-year impairments and a large 2019 loss on the Pilgrim sale. Utility net income rose to $582.0 million from $507.7 million on higher retail prices, which more than offset lower revenues from the return of excess deferred taxes. EWC net loss widened to $140.5 million, reflecting the Pilgrim disposal loss of $156 million after tax, reduced Pilgrim output, and lower capacity prices. For the nine months, consolidated net income was $868.6 million versus $924.9 million, and EPS on a diluted basis was $4.38 versus $5.01. The balance sheet and financing activity point to a heavy capital program. Entergy raised about $7.1 billion of long-term debt and retired about $5.9 billion over the nine months, pushing the debt-to-capital ratio to 65.4% (63.8% net of cash, excluding securitization bonds), down from 66.7% at year-end 2018 mainly because equity forwards settled in May 2019 for about $608 million. Operating cash flow rose to $2.1 billion, and construction spending was about $3.1 billion. Management issued a preliminary 2020-2022 capital plan of about $11.4 billion for the Utility and roughly $65 million for EWC. The Board raised the quarterly dividend to $0.93 from $0.91. Key risks in the filing include the planned shutdowns of Indian Point 2, Indian Point 3, and Palisades, the ongoing Pilgrim license-transfer challenges, the pending FERC System Energy return-on-equity and Grand Gulf sale-leaseback refund proceedings (with the LPSC now seeking about $512 million plus interest), and New Orleans Power Station litigation. A $3.5 billion revolving credit facility with $3.3 billion available and a 65% debt-covenant ceiling provide liquidity cushion, with Entergy in compliance.

    Nov 5, 2019
  23. 2019-Q2

    Entergy Quarterly Report for Q2 Ended Jun 30, 2019

    Entergy's Q2 2019 10-Q shows a quarter of lower consolidated net income, with GAAP net income of $240.5 million versus $248.9 million a year earlier, and attributable-to-Entergy earnings of $236.4 million, or $1.22 per diluted share, against $1.34 last year. The decline is driven by the Entergy Wholesale Commodities (EWC) exit from merchant nuclear: EWC posted a $25.4 million loss, impairments of $16 million, and $56 million of severance and retention costs incurred year-to-date, with about $120 million expected in 2019 and roughly $120 million more through mid-2022. The Utility segment earned $334.8 million in the quarter, down from $378.4 million, reflecting a $169.8 million drop in other regulatory charges that was offset by higher purchased-power and O&M costs and an effective tax rate of only 0.6%. Six-month net income rose to $499.2 million from $385.1 million, largely because of the prior-year impairments and tax items, so the year-to-date comparison flatters the underlying trend. Balance-sheet and capital-plan items matter for investors. Total debt-to-capital fell to 65.5% from 66.7% after the May 2019 settlement of equity forwards raised about $608 million, and Entergy's credit facility covenant is 65% (the company says it is in compliance). Long-term debt rose to $17.2 billion, and the 2019-2021 capital plan was updated to about $4.7 billion in 2019 and $4.0 billion in 2020, led by the Utility's generation, transmission and distribution. Key regulatory items include an August 2019 framework to settle the New Orleans rate case with about a $30 million revenue reduction, the Grand Gulf System Energy return-on-equity and sale-leaseback complaints (potential refunds disputed), and a pending Mississippi Choctaw acquisition. The quarterly dividend was declared at $0.91 per share. Principal risks to watch are the timing and cost of nuclear plant shutdowns and sales (Pilgrim ceased operations in May 2019; the Indian Point and Palisades plants are scheduled to close by mid-2022), the Indian Point and Vermont Yankee transactions, which are expected to produce losses, regulatory outcomes at FERC and state commissions, and the continued return of excess deferred taxes to customers, which reduces revenue without affecting net income.

    Aug 6, 2019
  24. 2019-Q1

    Entergy Quarterly Report for Q1 Ended Mar 31, 2019

    Entergy's first-quarter 2019 Form 10-Q shows consolidated net income of $258.6 million, up from $136.2 million in Q1 2018, and EPS of $1.32 diluted versus $0.73 a year earlier. The improvement is driven mainly by the Entergy Wholesale Commodities segment, which swung to $97.1 million of net income from a $17.8 million loss, largely because of a $182.5 million increase in other income tied to gains on decommissioning trust investments and a lower tax burden. The Utility segment's net income rose to $234.1 million from $217.9 million, but its net revenue fell about $44 million, mainly due to the return of unprotected excess deferred taxes to customers, which is offset in income taxes and has no net income effect. Weather and volume were also less favorable, partly offset by retail rate increases. The balance sheet and liquidity picture is more leveraged. Debt to capital rose to 67.8% from 66.7%, and excluding securitization bonds, net debt to net capital was 66.1%. Long-term debt grew to about $17.2 billion from $15.5 billion after roughly $1.1 billion of net long-term debt issuance in the quarter, which funded capital spending of about $952 million. Operating cash flow was $501 million, down $56 million year over year. Cash and equivalents ended at $983 million. Entergy's common dividend stayed at $0.91 per share, and the Board declared the same amount for the June payment. The strategic story is the planned exit from merchant nuclear power. Entergy has sold Vermont Yankee, agreed to sell Pilgrim (expected to close by year-end 2019, with a loss), and agreed in April 2019 to sell the Indian Point units to Holtec (closing targeted for Q3 2021, with a loss). Impairment and related charges were $74 million in the quarter, and about $130 million of severance and retention costs are expected in 2019. Investors should weigh the near-term earnings noise and the eventual sale losses against a more regulated, utility-focused company. Key open items include Entergy Mississippi's formula rate plan order, the Choctaw acquisition, and the System Energy return-on-equity and Grand Gulf complaints, which carry refund exposure.

    May 3, 2019
  25. 2018-Q3

    Entergy Quarterly Report for Q3 Ended Sep 30, 2018

    Entergy's Q3 2018 10-Q shows consolidated net income attributable to Entergy of $536.4 million for the quarter (diluted EPS $2.92), up from $398.2 million ($2.21) a year earlier, while nine-month net income attributable to Entergy was $914.6 million ($5.01 diluted) versus $890.7 million ($4.94). The increase in the quarter is driven largely by a $277 million reduction in Utility net revenue tied to returning unprotected excess accumulated deferred income taxes to customers under the Tax Cuts and Jobs Act, which is offset by a lower income tax expense and therefore has no effect on net income. Quarterly results were also shaped by a $155 million pre-tax impairment at the Entergy Wholesale Commodities (EWC) nuclear plants, lower realized nuclear power prices, and a $107 million tax benefit from a decommissioning trust restructuring. The main strategic development is the continued exit from merchant nuclear generation. Entergy signed agreements in July 2018 to sell Pilgrim and Palisades to Holtec, and the Vermont Yankee sale to NorthStar awaits a Vermont Public Utility Commission decision expected in Q4 2018. Expected losses on these sales reflect the difference between Entergy's adjusted net investment (about $456 million for Pilgrim, $210 million for Palisades, and $266 million for Vermont Yankee) and the $1,000 sale prices. Management expects EWC severance and retention costs of roughly $215 million from 2019 through mid-2022 and continued impairment charges on remaining plants. On the Utility side, the company is investing heavily: preliminary 2019-2021 Utility capital plans total about $11.1 billion, and the Choctaw Generating Station acquisition (about $314 million purchase price, roughly $401 million total cost) is pending. Leverage is elevated, with debt to capital at 68.2% (67.7% excluding securitization bonds), and the company completed a $3.5 billion credit facility covenant review while keeping the debt covenant at or below 65% of capitalization. Liquidity includes $2.9 billion of available capacity under the main credit facility and $988 million of cash at quarter end.

    Nov 6, 2018
  26. 2018-Q2

    Entergy Quarterly Report for Q2 Ended Jun 30, 2018

    Entergy's Q2 2018 10-Q shows a quarter that was weaker on earnings but mixed on operations. Consolidated net income attributable to Entergy fell to $245.4 million ($1.36 basic EPS) from $409.9 million ($2.28) a year earlier, and six-month net income fell to $378.2 million ($2.09) from $492.5 million ($2.75). The decline was driven mainly by the Entergy Wholesale Commodities (EWC) merchant nuclear segment, which posted a net loss of $56.3 million for the quarter, along with Parent & Other losses. Comparisons are also distorted by the prior-year $373 million tax-classification benefit and by the 2018 return of unprotected excess deferred taxes to customers, which lowers revenue and tax expense equally and has no effect on net income. The Utility segment remained the earnings engine, with quarterly Utility net income of $378.4 million versus $246.4 million in 2017, helped by a $52 million IRS audit settlement benefit at Entergy Louisiana and favorable weather. Utility volume rose 4% in the quarter and 6% for the half. EWC continues its planned exit from merchant power: impairment charges were $69 million in the quarter, Vermont Yankee's sale to NorthStar is pending, and agreements to sell Pilgrim and Palisades to Holtec were signed on July 30, 2018. Management expects roughly $155 million of 2018 retention and severance costs for the EWC wind-down. Balance sheet and liquidity are the main investor watch items. Debt to capital rose to 68.5% from 67.1% (66.9% net, excluding securitization bonds, versus 65.2% at year-end 2017). Operating cash flow improved to $1.08 billion from $820 million, and Entergy has a pending equity forward sale of 15.3 million shares, with settlement due by June 2019. The quarterly dividend is $0.89 per share, unchanged.

    Aug 7, 2018
  27. 2018-Q1

    Entergy Quarterly Report for Q1 Ended Mar 31, 2018

    Entergy's Q1 2018 10-Q shows consolidated net income of $136.2 million, up from $86.1 million a year earlier, driven primarily by the Utility segment, which earned $217.9 million (up from $167.6 million). The improvement was partly offset by continued losses at Entergy Wholesale Commodities (EWC), which lost $17.8 million (versus a $27.2 million loss in Q1 2017) even though Q1 2018 included $73 million in pre-tax impairment charges on its nuclear plants. Q1 2017 had included a $212 million impairment and a $16 million gain on the FitzPatrick sale. Utility net revenue rose to $1,460 million from $1,404 million on 9% higher billed usage driven by weather and industrial demand. Consolidated GAAP EPS was $0.73 diluted, versus $0.46 a year ago. The filing's strategic focus is the planned exit from merchant nuclear generation. Entergy expects about $165 million of 2018 employee retention and severance costs for the EWC fleet reduction, plus about $205 million from 2019 through mid-2022. Planned shutdowns include Pilgrim (May 2019), Indian Point 2 (April 2020), Indian Point 3 (April 2021), and Palisades (May 2022). The Vermont Yankee sale to NorthStar awaits Vermont PUC and NRC decisions, expected in 2H 2018. Leverage rose: the debt-to-capital ratio was 68.4% (66.3% at December 2017 on the comparable basis) and the net debt ratio excluding securitization bonds reached 66.1%. Long-term debt grew to about $15.6 billion, and the company was in compliance with its 65% covenant. Cash on hand was $1.2 billion. Regulatory items include the Tax Cuts and Jobs Act flow-back to customers, with about $912 million of unprotected excess deferred taxes reclassified to current liabilities, the Louisiana formula rate plan extension through 2021, and the Entergy Arkansas internal restructuring. Key risks for investors are EWC merchant price exposure and the cost of exiting nuclear, rising debt levels against a 65% covenant, regulatory outcomes on tax-driven refunds and rate proceedings, and continued nuclear unplanned outages, which reduced EWC volumes in the quarter.

    May 4, 2018
  28. 2017-Q3

    Entergy Quarterly Report for Q3 Ended Sep 30, 2017

    Entergy's Q3 2017 10-Q shows a quarter of steady utility performance offset by continued exit from merchant nuclear power. Third-quarter consolidated net income was $401.6 million versus $393.2 million a year earlier, and nine-month net income fell to $901.1 million from $1,201.0 million, largely because of $422 million of pre-tax impairment charges at the Entergy Wholesale Commodities (EWC) nuclear plants, severance costs, and a $373 million tax benefit from tax elections on two nuclear subsidiaries that partly offset the charges. Utility net income for the nine months was $817.7 million, down from $1,027.8 million, reflecting weather, the absence of 2016 one-time items, and higher operating costs, while EWC net income was $252.5 million versus $338.7 million. Management is executing its strategy to shrink the merchant fleet: FitzPatrick was sold to Exelon in March 2017, Palisades' PPA termination was rejected by the Michigan PSC so the plant will run until spring 2022, and the planned shutdowns of Pilgrim, Indian Point 2 and 3 remain on schedule. Utility rate activity is active, with Arkansas, Louisiana, Mississippi, New Orleans and Texas proceedings in progress, a preliminary 2018-2020 Utility capital plan of about $10.7 billion, and new generation projects (Lake Charles, Montgomery County, New Orleans, Washington Parish). The balance sheet remains leveraged, with debt to capital at 64.6% (63.8% excluding securitization bonds), and a System Energy complaint and FERC proceedings could reduce future revenue. For investors, the key points are the trade-off between the utility's rate-base growth and the EWC's shrinking earnings base, the sensitivity of Entergy's results to weather and nuclear outage timing, and the regulatory and litigation risks around the System Agreement, opportunity sales, and the Grand Gulf return on equity.

    Nov 3, 2017
  29. 2017-Q2

    Entergy Quarterly Report for Q2 Ended Jun 30, 2017

    Entergy's Q2 2017 10-Q shows a quarter with sharply lower earnings, driven by its non-utility Entergy Wholesale Commodities (EWC) nuclear business. Consolidated net income attributable to Entergy fell to $409.9 million ($2.28 basic EPS) in the second quarter of 2017 from $567.3 million ($3.17) a year earlier. Six-month net income attributable to Entergy was $492.5 million ($2.74 diluted EPS) versus $797.3 million. The decline reflects $194 million of pre-tax impairment charges at the EWC nuclear plants (tied to shortened remaining operating lives under management's plan to shrink the merchant fleet), higher severance and retention costs, lower nuclear volumes from more outage days, and the March 2017 sale of the FitzPatrick plant. These were partly offset by a $373 million income tax reduction from tax elections for two EWC nuclear subsidiaries, which is why reported income tax was a benefit and the effective tax rate was negative. The Utility segment remained healthier, with net income of $246.4 million in the quarter versus $380.3 million a year earlier, the drop largely a result of the prior-year tax settlement benefits. Utility net revenue rose modestly on retail rate increases and the Louisiana Act 55 savings obligation variance, while volume and weather were a drag. Entergy's Louisiana rate-case and formula-rate proceedings, the Lake Charles and Montgomery County power station certifications, and the Indian Point and Palisades nuclear shutdown timelines are the main regulatory and strategic items to watch. Balance sheet leverage edged higher: debt to capital was 65.5% at June 30, 2017 (63.2% net debt to net capital excluding securitization bonds), up from 64.8% at year-end 2016. Entergy had $934 million of cash and $3.3 billion of available credit capacity under its $3.5 billion facility, and it paid a quarterly dividend of $0.87 per share, unchanged since fourth quarter 2016. Entergy repurchased no shares in the first half of 2017.

    Aug 3, 2017
  30. 2017-Q1

    Entergy Quarterly Report for Q1 Ended Mar 31, 2017

    Entergy's first quarter 2017 results were sharply lower on a GAAP basis. Consolidated net income fell to $86.1 million from $235.2 million a year earlier, and earnings per diluted share dropped to $0.46 from $1.28. The decline was driven primarily by $212 million of pre-tax impairment charges ($138 million after tax) at the Entergy Wholesale Commodities nuclear plants, tied to management's strategy to shrink the merchant fleet, plus higher severance and retention costs. The Utility segment remained the earnings engine, with net income of $167.6 million, roughly flat to slightly lower year over year, supported by retail price increases at Entergy Arkansas and Entergy Louisiana. The Entergy Wholesale Commodities exit from merchant power continues to shape the outlook. Entergy sold the 838 MW FitzPatrick plant to Exelon in March 2017 for about $110 million, recognizing a $16 million pre-tax gain and a $44 million tax benefit. Planned shutdowns of Palisades, Pilgrim, Indian Point 2, and Indian Point 3 are scheduled through 2021, and the company expects roughly $110 million of 2017 retention and severance costs plus about $225 million from 2018 through 2021. Nuclear generation under contract for 2018 is 63%, with a $10/MWh price sensitivity of roughly $22 million of pre-tax income for the remainder of 2017. Balance sheet and liquidity remained manageable but leverage is elevated. Debt to capital rose to 65.4% from 64.8%, and net debt to net capital excluding securitization bonds reached 62.7%. Entergy had $1.08 billion of cash and $3.27 billion of undrawn credit capacity at quarter end, and it maintained its $0.87 quarterly dividend. Large utility growth projects, including the Lake Charles, Montgomery County, and New Orleans power stations, are pending regulatory approval and will add capital needs.

    May 5, 2017
  31. 2016-Q3

    Entergy Quarterly Report for Q3 Ended Sep 30, 2016

    Entergy's Q3 2016 10-Q shows a strong nine-month earnings rebound, driven largely by one-time items rather than core operations. Consolidated net income was $1,201 million for the nine months ended September 30, 2016, versus a $262 million loss in the prior-year period, which carried $1.64 billion of pre-tax impairment charges on FitzPatrick, Pilgrim, and Palisades. The 2016 results include a $238 million tax benefit from electing corporate treatment for a nuclear plant-owning subsidiary, IRS audit settlement benefits (including $75 million at Entergy Louisiana), and $70 million of pre-tax benefits from DOE spent-fuel litigation awards. Excluding these items, the picture is more mixed: Utility net revenue rose modestly, while Entergy Wholesale Commodities net revenue fell 10% for the nine months on lower realized nuclear prices and the sale of Rhode Island State Energy Center. The nuclear fleet remains the central risk. Forward sales are 90% of 2016 remaining planned output at about $40.50/MWh and 86% of 2017 output at about $43.80/MWh, with contracted prices well below the company's earlier economics. Entergy is shutting Pilgrim (May 2019), selling FitzPatrick to Exelon for $100 million (contingent, with an automatic termination date of November 23, 2016), and reporting elevated nuclear costs, including a Grand Gulf outage and a Column 4 ANO designation. Management also disclosed a preliminary 2017-2019 capital plan of about $10.3 billion for the Utility and $0.6 billion for Wholesale Commodities, plus a $870 million incremental nuclear fleet investment initiative. Balance sheet and liquidity remain solid but leveraged: debt to capital was 59.4% (58.3% excluding securitization bonds), the $3.5 billion revolver had $3.3 billion available, and cash from operations was $2.25 billion for the nine months. Quarterly dividend was raised to $0.87 per share from $0.85.

    Nov 4, 2016
  32. 2016-Q2

    Entergy Quarterly Report for Q2 Ended Jun 30, 2016

    Entergy's Q2 2016 10-Q shows a sharply higher consolidated net income of $572.6 million for the quarter (vs. $153.7 million in Q2 2015) and $807.8 million year-to-date (vs. $456.7 million), but the improvement is driven largely by one-time items rather than operating strength. Key drivers include a $238 million income tax reduction from a tax election for a nuclear plant-owning subsidiary, IRS 2010-2011 audit settlement benefits (including a $75 million Entergy Louisiana Vidalia benefit and a $54 million Act 55 benefit), and a $59 million pre-tax reduction in expenses from DOE spent-fuel litigation judgments. Underlying performance is weaker: Entergy Wholesale Commodities net revenue fell 22% in the quarter and 13% year-to-date, nuclear capacity factor dropped to 76% from 89% in Q2 (Indian Point 2 extended outage), and average realized nuclear prices declined, with the Pilgrim and FitzPatrick shutdowns and Palisades impairments reducing the merchant footprint. The Utility segment remained the core earnings engine, with net revenue up on retail base rate increases (Entergy Arkansas, Entergy Louisiana formula rate plan, Entergy New Orleans rider) tied to the $949 million Union Power Station acquisition. Capital spending is elevated, with 2016 planned construction and investments of $3.77 billion, and investing cash outflows rose sharply. Financing was used to fund these investments, with debt-to-capital (excluding securitization bonds) rising to 58.4% from 57.7% and net debt-to-net capital rising to 56.6% from 55.0%. Entergy's $3.5 billion credit facility had $3.25 billion available, and liquidity remained adequate. Investors should weigh the one-time nature of the second-quarter tax and litigation benefits against the ongoing merchant nuclear pressures, the Indian Point NRC licensing uncertainty, the ANO Column 4 regulatory oversight and cost increases, and the planned nuclear sustainability program, whose costs cannot yet be estimated.

    Aug 4, 2016
  33. 2016-Q1

    Entergy Quarterly Report for Q1 Ended Mar 31, 2016

    Entergy's first quarter 2016 10-Q shows consolidated net income falling to $235.2 million from $302.9 million a year earlier, and GAAP EPS of $1.28 diluted versus $1.65. The decline is driven mainly by the Entergy Wholesale Commodities (EWC) nuclear segment, where net income fell to $79.6 million from $123.4 million on lower realized wholesale prices, lower capacity prices, and the December 2015 sale of Rhode Island State Energy Center. Utility net income fell to $199.7 million from $227.8 million, mainly on lower net revenue from weather-driven volume declines, partly offset by the Entergy Arkansas base rate increase. Entergy has now sold forward 88% of planned 2016 nuclear output at about $40/MWh, and 63% of 2017 output at about $46/MWh, versus market-based revenue expectations that remain weak. The company is shutting Pilgrim (May 2019) and FitzPatrick (January 2017), and Entergy is also flagging a new nuclear performance improvement plan whose costs cannot yet be estimated. Balance sheet and capital activity were heavy. Entergy completed roughly $948 million for Union Power Station Power Block 2 and Power Blocks 3 and 4 plus about $237 million for Power Block 1 (New Orleans), and bought Waterford 3 undivided interests. Long-term debt rose about $1.4 billion, and the debt-to-capital ratio climbed to 60.9% from 59.1%; excluding securitization bonds and net of cash, net debt to net capital rose to 57.8% from 55.0%. Entergy's credit facility had $2.9 billion of availability and it had $578 million of commercial paper outstanding. Management also flagged a $60 million pre-tax hit in 2016 from the Indian Point 2 outage extension, and an $87 million liability at Entergy Arkansas tied to the FERC opportunity sales proceeding. Operating cash flow was $533 million versus $611 million a year earlier. Quarterly dividends are unchanged at $0.85 per share, and no shares were repurchased in the quarter.

    May 6, 2016
  34. 2015-Q3

    Entergy Quarterly Report for Q3 Ended Sep 30, 2015

    Entergy's Q3 2015 Form 10-Q shows a sharply weaker quarter driven by a non-cash impairment. Consolidated net loss attributable to Entergy was $(723.0) million, or $(4.04) per share, versus $230.0 million ($1.28 per share) in Q3 2014. The primary driver is $1,642 million ($1,062 million after-tax) of impairment and related charges on the FitzPatrick and Pilgrim nuclear plants, which Entergy decided in October 2015 to close. The Utility segment remained solid, with Q3 consolidated net income of $364 million and net revenue up $105 million, supported by favorable weather, a 6% increase in billed usage, and formula rate plan increases in Louisiana and Mississippi. Entergy Wholesale Commodities (EWC) is under severe pressure: its Q3 net loss was $(1,031) million, net revenue fell $75 million, and realized nuclear prices declined. Management is forward-selling nuclear output at roughly $43/MWh for Q4 2015 and $47/MWh for 2016. Balance sheet and liquidity look manageable but leverage is rising. Debt to capital reached 60.2% (58.7% excluding securitization bonds) versus 56.2% at year-end 2014, mainly because retained earnings fell after the impairment. Entergy has a $3.5 billion credit facility with $2.97 billion available, and $664 million of commercial paper is outstanding. Operating cash flow was $2.35 billion for the nine months, down $542 million year over year. The company is also pursuing growth through the Union Power Station acquisition, the St. Charles Power Station, and a $8.4 billion Utility capital plan for 2016-2018. Pending decisions include the Rhode Island State Energy Center sale for about $490 million, expected to close in 2015, and the System Agreement termination settlement, targeted for August 31, 2016. For investors, the central questions are the trajectory of EWC economics, the remaining nuclear fleet (Indian Point and Palisades), and whether the Utility's rate base growth can offset the weaker merchant generation earnings. The filing also flags incremental costs at ANO related to NRC Column 4 oversight, estimated at about $50 million in 2015 and $35 million in 2016, and up to $175 million of severance and retention costs tied to the plant closures.

    Nov 4, 2015
  35. 2015-Q2

    Entergy Quarterly Report for Q2 Ended Jun 30, 2015

    Entergy's Q2 2015 10-Q shows a sharp earnings decline driven almost entirely by its non-utility Entergy Wholesale Commodities (EWC) nuclear segment. Consolidated net income attributable to Entergy fell to $148.8 million ($0.83 per diluted share) in Q2 2015 from $189.4 million ($1.05) in Q2 2014, and for the six months to $446.9 million ($2.48) from $590.6 million ($3.29). EWC net revenue dropped by $121 million in the quarter and $342 million year-to-date, reflecting the December 2014 shutdown of Vermont Yankee, lower realized nuclear prices, and weaker nuclear volumes from more outage days. Management expects EWC's forward nuclear energy prices to be about $44/MWh for the second half of 2015 and $47/MWh for 2016, with 88% and 81% of planned output sold forward, respectively, which signals continued pressure on merchant nuclear economics. The regulated Utility segment performed better, with net revenue up $70 million in Q2 and $143 million year-to-date, supported by formula rate plan increases in Louisiana, a Mississippi rate increase, and volume gains. Balance sheet metrics were stable: debt to capital was 57.0% at June 30, 2015 (53.9% net debt to net capital excluding securitization bonds), and Entergy had $910 million of cash and $3.2 billion of available credit facility capacity. Subsequent to quarter-end, Entergy issued $650 million of 4.0% notes due 2022 to refinance $550 million of maturing notes and reduce commercial paper. Management also flagged ongoing regulatory and cost items, including roughly $50 million of incremental NRC-related costs at Arkansas Nuclear One in 2015, a pending Union Power Station acquisition targeted to close in late 2015, and the proposed Louisiana utility business combination. For investors, the key questions are the trajectory of nuclear merchant economics as Vermont Yankee's loss flows through and forward prices remain low, the pace of utility rate-base growth and regulatory approvals, and whether the decommissioning trust and balance sheet remain sufficient to absorb further impairments or outage costs.

    Aug 6, 2015
  36. 2015-Q1

    Entergy Quarterly Report for Q1 Ended Mar 31, 2015

    Entergy's Q1 2015 10-Q shows consolidated net income of $302.9 million, down from $406.1 million in Q1 2014, with diluted EPS of $1.65 versus $2.24. The decline is driven almost entirely by Entergy Wholesale Commodities (EWC), where net income fell to $123.4 million from $242.5 million. EWC net revenue dropped $221 million, reflecting the December 2014 shutdown of Vermont Yankee, lower realized nuclear prices, and unfavorable mark-to-market activity. The Utility segment partly offset this, with net income rising to $227.8 million from $205.4 million on a $73 million increase in net revenue driven by formula rate plans and other retail price increases. The balance sheet and liquidity picture remained sound. Debt to capital was 57.4% (56.0% excluding securitization bonds), and cash stood at $1.18 billion at quarter-end. Operating cash flow fell to $611 million from $767 million, mainly due to a $62 million increase in income tax payments tied to the final IRS 2006-2007 audit settlement, higher Vermont Yankee spending, and larger pension contributions. The company also repurchased $25 million of stock and maintained its $0.83 quarterly dividend. Key forward-looking items include the pending $1.1 billion-plus Union Power Station acquisition (closing targeted for late 2015, subject to multiple regulatory approvals), the Louisiana utility business combination (LPSC decision requested for August 2015), Entergy Arkansas's $268 million rate request, and heightened NRC oversight at Arkansas Nuclear One, which adds an estimated $35 million in inspection costs in 2015.

    May 7, 2015
  37. 2014-Q3

    Entergy Quarterly Report for Q3 Ended Sep 30, 2014

    Entergy's Q3 2014 10-Q shows consolidated net income of $234.9 million for the quarter (vs. $244.2 million in Q3 2013) and $835.3 million year-to-date (vs. $579.2 million), with the year-over-year nine-month improvement driven mainly by Entergy Wholesale Commodities (EWC), whose nine-month net income rose to $236.3 million from $0.8 million on higher realized nuclear power prices. Q3 results were weighed down by roughly $102.9 million of pre-tax Vermont Yankee impairment and decommissioning charges and a $60.9 million write-off of Entergy Mississippi's new nuclear development regulatory assets, while the Utility segment's net income declined to $315.3 million for the quarter from $352.3 million. Balance-sheet and liquidity indicators were stable. The debt-to-capital ratio (excluding securitization bonds) improved to 55.2% from 56.3%, cash rose to $1.07 billion, and Entergy's $3.5 billion credit facility had $3.2 billion of capacity available. Operating cash flow rose to $2.89 billion for the nine months from $2.20 billion, helped by Louisiana Act 55 storm financing proceeds and lower tax payments. The Board declared a quarterly dividend of $0.83 per share. Key forward-looking items include the Vermont Yankee shutdown by year-end 2014, the planned 2015-2017 capital plan (Utility $7.8 billion, EWC $0.9 billion), the pending Entergy Louisiana / Entergy Gulf States Louisiana combination targeted for the second half of 2015, the ANO NRC preliminary yellow/red findings that could place the plant in a degraded regulatory column, and ongoing System Agreement and MISO-related regulatory and litigation risk.

    Nov 6, 2014
  38. 2014-Q2

    Entergy Quarterly Report for Q2 Ended Jun 30, 2014

    Entergy's Q2 2014 10-Q shows a strong quarter and first half, driven primarily by the competitive Entergy Wholesale Commodities (EWC) nuclear fleet. Consolidated net income attributable to Entergy rose to $189.4 million ($1.05 diluted EPS) in Q2 2014 from $163.7 million ($0.92) a year earlier, and first-half net income attributable to Entergy reached $590.6 million ($3.29 diluted EPS) versus $325.1 million ($1.82) in 2013. EWC was the main driver: six-month EWC net revenue rose $343 million to $1,219 million on higher realized Northeast power prices, better nuclear availability (89% capacity factor vs. 82%), and mark-to-market gains. The Utility segment also grew, with six-month net revenue up $161 million on retail rate increases and weather-driven volume growth, though Utility earnings are subject to ongoing regulatory outcomes. The balance sheet and liquidity picture is solid but leveraged. Debt to capital (ex-securitization) was 55.4% at June 30, 2014, down from 56.3% at year-end 2013, and Entergy had $650 million of cash and $3.3 billion of available credit facility capacity. Operating cash flow for the first half was $1.53 billion, up $413 million, helped by lower income tax payments. Planned 2014-2016 capital spending totals about $6.9 billion, with Utility spending on generation, transmission, and distribution. Several risk items remain: the planned Vermont Yankee shutdown by year-end 2014, an NRC yellow/red-finding dispute at Arkansas Nuclear One (ANO) with ANO now in the NRC's degraded-cornerstone column, pending Waterford 3 steam generator prudence disputes (up to $71 million staff disallowance proposed, $141 million intervenor claim), a $95 million ANO stator-drop cost estimate with partial insurance recovery from NEIL, and an ongoing dispute over the System Agreement and MISO-related rate matters. For investors, the key questions are how durable the EWC pricing tailwind is given Vermont Yankee's closure and contracted-price sensitivity (a $10/MWh move in nuclear power prices shifts 2014 pre-tax income by roughly $126 million up or $55 million down), and whether Utility rate cases and storm-cost recoveries (Hurricane Isaac, Mississippi rate case, Louisiana business combination study) proceed favorably.

    Aug 7, 2014
  39. 2014-Q1

    Entergy Quarterly Report for Q1 Ended Mar 31, 2014

    Entergy Corporation's first quarter 2014 results show a strong rebound in earnings driven by its competitive Entergy Wholesale Commodities (EWC) nuclear business. Consolidated net income attributable to Entergy rose to $401.2 million, or $2.24 per diluted share, versus $161.4 million, or $0.90 per diluted share, in the first quarter of 2013. EWC net revenue climbed $255 million to $748 million, primarily on higher realized nuclear power prices during a cold winter and tight Northeast pipeline capacity. The Utility segment also improved, with net income of $205.4 million versus $127.8 million, supported by favorable weather, higher industrial sales, and rate increases, while lower O&M partly offset higher interest and depreciation costs. Balance sheet and liquidity metrics were stable to modestly improved. The debt-to-capital ratio, excluding securitization bonds, fell to 55.9% from 56.3%, and net debt to net capital (also excluding securitization bonds) declined to 54.1% from 54.8%. Cash and cash equivalents increased to $908 million, operating cash flow rose to $767 million from $544 million, and Entergy maintained its $0.83 quarterly dividend. Key uncertainties remain, including the planned Vermont Yankee shutdown at the end of 2014, ongoing FERC and regional proceedings tied to the MISO RTO and the System Agreement, the ANO stator incident and related insurance dispute with NEIL, and the sensitivity of EWC earnings to power prices, which the company estimates at roughly $148 million of pre-tax income per $10/MWh change for the rest of 2014. For investors, the quarter highlights the earnings leverage of Entergy's nuclear fleet to wholesale power prices and the continued execution of its utility regulatory agenda. Quarter-to-quarter comparisons are heavily influenced by weather and price volatility, so the first-quarter jump should be viewed alongside the company's forward hedge positions and the significant regulatory and decommissioning items still pending.

    May 8, 2014
  40. 2013-Q3

    Entergy Quarterly Report for Q3 Ended Sep 30, 2013

    Entergy's Q3 2013 10-Q shows consolidated net income of $244.2 million for the quarter, down from $342.7 million a year earlier, driven mainly by a $291.5 million ($183.7 million after-tax) impairment and related charges to write down Vermont Yankee, which Entergy announced it will close and decommission in the fourth quarter of 2014. Excluding that charge, the Utility segment performed well: Utility net income rose to $352.3 million from $300.5 million on higher net revenue (driven by formula rate plan increases, rider recoveries, and industrial volume growth), partially offset by higher compensation, depreciation, and interest costs. Entergy Wholesale Commodities posted a loss of $92.8 million in the quarter, reflecting the impairment and lower energy prices, though nuclear capacity factor improved to 94% from 90%. For the nine months, consolidated net income was $579.2 million versus $566.5 million, with the 2013 period absorbing a smaller impairment ($291.5 million) than the 2012 period ($355.5 million). The 2013 results also benefited from a lower effective tax rate (27% year-to-date versus 16.3% in 2012, which had been affected by IRS settlement benefits), and the company is pursuing a major strategic restructuring: a proposed spin-off and merger of its transmission business into ITC Holdings, which faces regulatory delays in Texas, Louisiana, Arkansas, and Mississippi and is not expected to close in 2013. Liquidity remains solid, with $3.5 billion of credit capacity (about $3.3 billion available), a debt-to-capital ratio of 58.4%, and a $0.83 quarterly dividend maintained. Key investor watch items include the timing of the ITC transaction and its rate-mitigation commitments, the FERC-driven System Agreement exits (Entergy Arkansas in December 2013, Entergy Texas under a proposed 60-month notice), the planned move to the MISO RTO, the ongoing Indian Point license and state water-quality proceedings, the ANO stator-drop damage (roughly $100 million estimated, with a disputed $50 million NEIL insurance sublimit), and the human capital management restructuring expected to eliminate about 800 positions at a cost of $145 to $185 million.

    Nov 7, 2013
  41. 2013-Q2

    Entergy Quarterly Report for Q2 Ended Jun 30, 2013

    Entergy's Q2 2013 10-Q shows consolidated net income of $168.1 million for the quarter, down from $370.6 million in Q2 2012, which was inflated by a one-time IRS settlement and a tax benefit. For the six months, consolidated net income was $335.0 million versus $223.8 million a year earlier, but the prior-year period included a $355.5 million pre-tax Vermont Yankee impairment and the same IRS-related benefit, so the comparison is distorted. Underlying utility results improved on retail price increases from riders and formula rate plans, while Entergy Wholesale Commodities (EWC) weakened on lower nuclear volumes from outages and lower realized prices. Nuclear fleet realized prices are being pressured by low New York and New England power prices, with 83% of remaining 2013 and 77% of 2014 planned nuclear output sold forward at about $46 per MWh. The largest strategic item is the proposed spin-off and merger of Entergy's transmission business into an ITC Holdings subsidiary. Approvals are pending at the PUCT, LPSC, APSC, MPSC, and New Orleans City Council, with the ALJs in Texas recommending denial. The merger agreement was extended to December 31, 2013, so execution and regulatory risk remain significant. Other near-term items include the ANO stator incident (estimated $95-120 million in costs, partly offset by a $50 million insurance receivable that is disputed by NEIL), a human capital restructuring expected to eliminate about 800 positions at $145-185 million in one-time costs, and the planned sale of Entergy Solutions District Energy for about $130 million. Financially, Entergy's debt to capital ratio was 59.0% at June 30, 2013, up slightly from 58.7%, and it had $3.3 billion of available credit facility capacity. Liquidity is adequate, with cash of $311 million and commercial paper of $948 million, and the Board raised the commercial paper limit to $1.5 billion. The quarterly dividend was held at $0.83 per share. Investors should watch the EWC nuclear economics, the ITC transaction approvals, and the ANO recovery.

    Aug 7, 2013
  42. 2013-Q1

    Entergy Quarterly Report for Q1 Ended Mar 31, 2013

    Entergy's first-quarter 2013 10-Q shows consolidated net income of $167.0 million, up sharply from a $146.7 million loss in Q1 2012, which included a $355.5 million ($223.5 million after-tax) Vermont Yankee impairment. Net income attributable to Entergy Corporation was $161.4 million, or $0.90 diluted EPS, versus a loss of $0.86 per share a year earlier. The improvement is driven mainly by the absence of the prior-year impairment, higher Utility net revenue (up roughly $117 million on retail price increases such as Entergy Mississippi's Hinds plant rider and Entergy Louisiana's formula rate plan, plus favorable weather), and higher Entergy Wholesale Commodities net revenue of about $41 million on better realized prices. Those gains were partly offset by higher operation and maintenance, depreciation, and taxes other than income taxes. The effective tax rate was 41.1%. The Wholesale Commodities nuclear fleet remains the main risk area. Its capacity factor fell to 83% from 88% on more unplanned and refueling outage days, and realized prices are under pressure from weak New York and New England power markets. The company has sold 84% of planned 2013 nuclear output at about $45/MWh and 76% of 2014 output at about $47/MWh. A March 31, 2013 stator-drop incident at the Arkansas Nuclear One plant (ANO 1) killed a contract worker, shut down ANO 2 until April 28, and leaves ANO 1's return to service and repair costs uncertain. NEIL, the insurer, has taken the position that a $50 million sublimit applies, which Entergy disputes. Regulatory items include the proposed spin-off of the transmission business to ITC Holdings, with FERC action deadlined for September 18, 2013, and continued System Agreement and MISO proceedings. Liquidity was adequate. Cash fell to $263 million, and Entergy had $2.9 billion of undrawn credit capacity. The quarterly dividend was held at $0.83 per share. Debt to capital was 58.7%, and net debt to net capital excluding securitization bonds was 56.3%, up from 55.8% at year-end 2012. Share repurchases were paused in Q1 2013.

    May 8, 2013
  43. 2012-Q3

    Entergy Quarterly Report for Q3 Ended Sep 30, 2012

    Entergy's Q3 2012 10-Q shows a sharp earnings decline versus the prior-year quarter, driven largely by a one-time 2011 IRS settlement benefit that inflated the comparison base. Third-quarter 2012 consolidated net income was $342.7 million versus $633.1 million in Q3 2011, and nine-month net income fell to $566.5 million from $1,207.3 million. The Utility segment's Q3 net income dropped to $300.5 million from $528.5 million, while Entergy Wholesale Commodities fell modestly to $118.8 million from $130.9 million. The nine-month results also absorbed a $355.5 million ($223.5 million after-tax) impairment on Vermont Yankee, and the nuclear fleet's realized price declined to about $50 per MWh from $55, with capacity factor falling to 88% from 93%. The filing's most important forward-looking items concern the planned spin-off of the Utility's transmission business into ITC Holdings, the proposed move of the Utility operating companies into the MISO RTO, and the estimated $400-500 million in restoration costs from Hurricane Isaac, of which roughly $400 million was recorded as payables and regulatory assets or construction work in progress with recovery not yet assured. Entergy also disclosed a 2013-2015 preliminary capital plan of $5.4 billion for the Utility and $1.2 billion for Wholesale Commodities. Balance sheet metrics were stable, with debt to capital at 57.7% and a $3.5 billion credit facility with $2.2 billion available. Nuclear licensing matters for Indian Point 2 and 3 remain contested before the NRC, and a Texas class action seeks $153 million to $972 million in present-value damages. For investors, the key questions are the durability of Wholesale Commodities earnings as contracted nuclear prices reset lower in 2013-2014, the regulatory outcome of the ITC transaction and Hurricane Isaac cost recovery, and whether the Vermont Yankee and Indian Point licensing risks escalate. The quarter's reported results should be read against the one-time tax items that distorted the comparison.

    Nov 6, 2012
  44. 2012-Q2

    Entergy Quarterly Report for Q2 Ended Jun 30, 2012

    Entergy's second-quarter 2012 10-Q shows a mixed picture. Consolidated net income for the six months ended June 30, 2012 fell to $223.8 million from $574.3 million a year earlier, driven primarily by a $355.5 million pre-tax ($223.5 million after-tax) impairment on Vermont Yankee recorded in Q1 2012 and a sharp decline in Entergy Wholesale Commodities (EWC) net revenue. Second-quarter net income rose to $370.6 million from $320.6 million, but this was flattered by a one-time IRS settlement on Louisiana Act 55 storm financing, which produced a large income tax benefit that is partly offset by a regulatory charge because benefits must be shared with customers. Underlying operations were weaker: EWC net revenue fell on lower realized nuclear prices (about $48.67/MWh vs. $52.38/MWh) and a nuclear capacity factor of 85% versus 91% in the prior-year quarter. The nuclear fleet outlook is pressured by forward pricing. EWC has sold 90% of planned 2012 nuclear output at about $49/MWh and 84% of 2013 output at $45-50/MWh, implying further price declines. Management also flagged rising costs from NRC post-Fukushima orders that cannot yet be estimated, and ongoing regulatory and licensing risk, including Indian Point 2 and 3 license renewal hearings and the D.C. Circuit vacating the NRC Waste Confidence Decision. The utility business is progressing on the proposed MISO RTO move and the spin-off of its transmission business to ITC Holdings, though approvals are mixed across states. Balance sheet metrics are stable: debt to capital was 57.4%, the Entergy Corporation credit facility had $2.0 billion available, and the quarterly dividend was maintained at $0.83 per share.

    Aug 8, 2012
  45. 2012-Q1

    Entergy Quarterly Report for Q1 Ended Mar 31, 2012

    Entergy's first quarter 2012 results were weak on a GAAP basis, driven by a non-cash charge. Consolidated net loss attributable to Entergy was $151.7 million, or $(0.86) per diluted share, versus $248.7 million, or $1.38 per diluted share, in Q1 2011. The decline is primarily due to a $355.5 million ($223.5 million after-tax) impairment charge to write down Vermont Yankee and related assets to fair value, which sits in the Entergy Wholesale Commodities (EWC) segment. Operating revenues fell about 6% to $2.38 billion, and EWC net revenue dropped 14% to $452 million on lower realized nuclear pricing and more outage days. Utility net income fell to $67.2 million from $168.7 million, mainly on milder weather, higher O&M, and a $46.3 million income tax expense from correcting an overstated regulatory asset at Entergy Gulf States Louisiana. Forward-looking commentary centers on the nuclear fleet and regulatory milestones. EWC has sold forward 89% of planned nuclear output for the rest of 2012 at about $48/MWh and 84% for 2013 at $45-50/MWh, signaling continued price pressure. Key risks include NRC license renewal proceedings for Pilgrim and Indian Point 2/3 (Indian Point hearings are set for October 2012), Vermont Yankee litigation and state certification proceedings, the NRC's post-Fukushima orders with uncertain cost impacts, and pending regulatory decisions tied to the proposed spin-off of the transmission business to ITC and the move to MISO. Liquidity remains adequate, with a $3.5 billion credit facility of which $2.0 billion was available at March 31, 2012, and the dividend held at $0.83 per quarter. Debt-to-capital rose to 57.8% from 57.3%. For investors, the headline loss is largely non-cash, but the underlying trends are the important signal: nuclear merchant economics are compressing, and the utility earnings base is sensitive to weather and cost recovery timing. The quarter's results and the outcomes of the Vermont Yankee, Indian Point, and MISO proceedings will likely drive the investment case over the next several quarters.

    May 9, 2012
  46. 2011-Q3

    Entergy Quarterly Report for Q3 Ended Sep 30, 2011

    Entergy's Q3 2011 10-Q shows a sharp swing in reported earnings driven by a one-time IRS settlement, not by operating improvement. Consolidated net income attributable to Entergy was $628.1 million in Q3 2011 versus $492.9 million in Q3 2010, and diluted EPS rose to $3.53 from $2.62. The Utility segment's net income jumped to $528.5 million, helped by a $422 million reduction in income tax expense from a settlement with the IRS on the mark-to-market tax treatment of power purchase contracts. About $199 million of that benefit is being shared with customers through a regulatory charge that cut Utility net revenue by roughly the same amount, so the underlying benefit to shareholders is smaller than the headline figure. Excluding the settlement, underlying trends were mixed: Utility net revenue fell on lower Entergy Wholesale Commodities pricing and the loss of the Harrison County plant, and Wholesale Commodities net income declined to $130.9 million from $143.7 million. For the nine months, net income attributable to Entergy rose to $1.19 billion from $1.02 billion, again largely because of the IRS settlement, while operating cash flow fell by about $1.0 billion, mainly because 2010 included $703 million of Louisiana storm-cost financing proceeds. Entergy's forward pricing position for its nuclear fleet is a key watch item: the company has sold 94% of planned 2011 nuclear output at about $52/MWh and 89% of 2012 output at about $49/MWh, well below the 2010 realized price of roughly $59/MWh, which points to further margin pressure in the merchant nuclear business in 2012. Balance sheet metrics were stable (debt to capital 57.3%, unchanged year over year), though the $3.5 billion revolving credit facility, which expires in August 2012, is now classified as current debt. Longer-term, Entergy is preparing a large capital program, with $6.0 billion of Utility and $1.1 billion of Wholesale Commodities investment planned for 2012-2014. Major projects include the Ninemile 6 self-build unit, the Grand Gulf uprate (now estimated at $734 million), the Waterford 3 steam generator replacement (cost rising to about $687 million), and acquisitions of the Hot Spring, Hinds, and Rhode Island State Energy Center plants. Entergy also proposed joining MISO, with transition costs of up to $140 million, and faces open items such as the Vermont Yankee litigation, the System Agreement bandwidth refunds, and the Vermont Yankee impairment question.

    Nov 7, 2011
  47. 2011-Q2

    Entergy Quarterly Report for Q2 Ended Jun 30, 2011

    Entergy's Q2 2011 10-Q shows a mixed quarter. Consolidated net income for the second quarter was $320.6 million, roughly flat versus $320.3 million a year earlier, and six-month net income rose to $574.3 million from $539.1 million. Growth came from the Utility segment, where net income rose to $252.7 million for the quarter from $230.2 million, driven by retail rate increases (Entergy Arkansas, Entergy Texas, Entergy Louisiana) and modest volume growth. Entergy Wholesale Commodities (EWC) was the weak spot: quarterly net income fell to $65.6 million from $104.6 million, as realized nuclear power prices dropped to about $52 per MWh from $58, and EWC's nuclear fleet has already sold 96% of 2011 output at about $54/MWh and 87% of 2012 output at about $49/MWh. Management expects realized prices to fall again in 2011. The balance sheet and capital plans carry more risk. Debt-to-capital rose to 58.1% from 57.3%, and net debt to net capital (excluding securitization bonds) rose to 55.1% from 52.1%. Cash fell to $530 million from $1.29 billion at year-end. Entergy is pursuing about $1.0 billion of new generation and acquisitions, including Acadia Unit 2 (about $300 million, closed April 2011), the Hot Spring and Hinds plants (about $253 million and $206 million purchase prices, closing expected mid-2012), and the Ninemile 6 self-build (about $721 million). The Waterford 3 steam generator replacement cost estimate rose to about $687 million. The Utility operating companies also proposed joining MISO, with estimated transition costs of about $140 million and a target implementation date of December 2013. For investors, the key items are the continued decline in merchant nuclear pricing, rising leverage tied to the capital program, and regulatory outcomes on the MISO move, the System Agreement, and the Waterford 3 cost recovery. The company also declared an unchanged quarterly dividend of $0.83 per share and repurchased $159.6 million of stock in the first half.

    Aug 8, 2011
  48. 2011-Q1

    Entergy Quarterly Report for Q1 Ended Mar 31, 2011

    Entergy's first-quarter 2011 Form 10-Q shows consolidated net income rising to $253.7 million from $218.8 million, driven mainly by the Utility segment (net income up to $168.7 million from $143.0 million) and lower interest expense from the absence of a 2010 debt write-off. Offsetting this, Entergy Wholesale Commodities (EWC) net income fell to $123.2 million from $90.5 million on a year-over-year basis, though its net revenue declined 7% to $525 million on lower nuclear volumes (higher forced outages) and lower contracted prices. Notably, the 2010 comparison was depressed by one-time charges tied to unwinding the planned non-utility nuclear spin-off, so the year-over-year swings partly reflect those non-recurring items rather than underlying trends. Free cash flow was pressured: operating cash flow fell to $323 million from $674 million, largely due to $147 million higher pension contributions, and investing outflows rose to $897 million on nuclear fuel purchases and construction spending. The balance sheet and strategy items are the main forward-looking drivers. Debt-to-capital rose to 57.6% (54.0% on a net-debt-to-net-capital basis excluding securitization bonds), and Entergy repurchased $54 million of stock while maintaining its $0.83 quarterly dividend. Management disclosed a proposal to join MISO, targeted for December 2013, and agreed to acquire two KGen gas-fired plants (Hot Spring, about $253 million, and Hinds, about $206 million) plus Acadia Unit 2, which closed April 29, 2011. Waterford 3 steam generator costs are now projected to reach about $687 million. Management also expects continued pressure in the nuclear business, having sold 96% of 2011 and 87% of 2012 planned nuclear output forward at roughly $53 and $49 per MWh, respectively, down from $58.72 realized in Q1 2010. Key risks for investors include the Vermont Yankee litigation over a state-ordered March 2012 shutdown, nuclear regulatory reviews following the Japan incident, the Department of Justice investigation, pending FERC System Agreement proceedings, and the Texas power price class action (certification hearing August 2011). The earnings trajectory now depends on regulatory outcomes for the utility's large capital program and on the EWC nuclear fleet's ability to sustain capacity factors and manage declining contracted prices.

    May 9, 2011
  49. 2010-Q3

    Entergy Quarterly Report for Q3 Ended Sep 30, 2010

    Entergy's Q3 2010 10-Q shows a strong nine-month period, with consolidated net income attributable to Entergy of $1.02 billion (diluted EPS $5.38) versus $917 million (diluted EPS $4.66) a year earlier. Growth was driven by the Utility segment, where net income rose to $711 million from $567 million on a 9% increase in billed electricity usage, a weather-related rebound in sales, and retail rate increases. Non-Utility Nuclear earnings fell to $348 million from $462 million as realized prices declined to $59.27/MWh from $61.68/MWh and planned outages reduced volume. Results also absorbed write-offs tied to the unwinding of the planned Non-Utility Nuclear spin-off (Enexus/EquaGen), including $58 million of capitalized software costs and a $39 million debt financing cost write-off, although a $43 million tax reserve reversal following a favorable Tax Court ruling on the U.K. Windfall Tax benefited the effective tax rate. The spin-off strategy was effectively abandoned after the New York PSC rejected the transaction in March 2010 and the Vermont Public Service Board denied its petition in June 2010. Entergy has reorganized the nuclear and non-nuclear wholesale businesses into Entergy Wholesale Commodities, expects roughly $15 million of additional after-tax unwinding costs, and is returning capital to shareholders through a $750 million buyback (expected to be completed in 2010) plus a new $500 million program authorized in October 2010. The quarterly dividend was raised to $0.83 from $0.75. Balance sheet metrics were stable, with debt to capital at 57.5% and net debt to net capital at 50.9%, and the company had $1.67 billion of undrawn capacity on its $3.47 billion credit facility. Key risks flagged include the pending Little Gypsy repowering project cost recovery ($199.8 million reclassified to a regulatory asset), the System Agreement proceedings and the APSC's review of Entergy Arkansas's post-System Agreement options, a U.S. Department of Justice civil antitrust investigation, Vermont Yankee's license and state approval uncertainty, Indian Point cooling-water and NYDEC certification challenges, and a $1.19 billion cooling tower retrofit estimate at Indian Point. Entergy also expects to close the $262 million (approximately 580 MW) Acadia Unit 2 acquisition in early 2011, subject to regulatory approval.

    Nov 5, 2010
  50. 2010-Q2-A

    Entergy Quarterly Report (Amendment) for Q2 Ended Jun 30, 2010

    Entergy Corporation's 10-Q filing for the period ending June 30, 2010, primarily details its exhibit list, indicating ongoing corporate actions and compliance with regulatory requirements. Investors should note the inclusion of various certifications (Items 31 and 32) required by the SEC for senior officers, confirming the accuracy of financial reporting. This demonstrates a commitment to transparency and adherence to governance standards. The filing also includes supplemental indenture information for Entergy Texas, Inc., suggesting debt management activities and potential financing updates for its subsidiaries.

    Sep 3, 2010