Entergy Corp. and ITC Holdings Call Off Plans to Spin Off Entergy's Electric Transmission Business and Merge it into ITC
Dec 13 13
Entergy Corp. and ITC Holdings Corp. have called off plans to spin off Entergy's electric transmission business and merge it into ITC, because the deal failed to get regulatory approval. The companies announced the deal in 2011 and have been working since then to get the necessary approvals to complete the deal. However, Entergy and ITC failed to get Mississippi Public Service Commission's support earlier December 2013 and they say this prevented the spinoff from moving forward. Mississippi utility regulators unanimously rejected the proposal because the deal could have meant a $300 million rate increase for Mississippi customers over 30 years. The companies formally terminated the agreement Friday and filed paperwork to withdraw remaining regulatory paperwork.
Entergy Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Reaffirms Earnings Guidance for the Year 2013; Provides Earnings Guidance for the Year 2014; Reports Asset Impairment Charges for the Third Quarter of 2013
Oct 29 13
Entergy Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported total operating revenues of $3,351,959,000 compared to $2,963,560,000 a year ago. Operating income was $388,894,000 compared to $690,852,000 a year ago. Income before income taxes was $268,735,000 compared to $575,173,000 a year ago. Net income attributable to the company was $239,850,000 compared to $337,088,000 a year ago. Diluted earnings per share was $1.34 compared to $1.89 a year ago. Operational adjusted EBITDA was $165 million compared to $185 million a year ago. Consolidated operational earnings were $2.41 per share against $1.95 per share a year ago. Adjusted LBITDA was $130 million against EBITDA of $185 million a year ago.
For the nine months, the company reported total operating revenues of $8,699,041,000 compared to $7,865,820,000 a year ago. Operating income was $1,129,452,000 compared to $976,979,000 a year ago. Income before income taxes was $793,422,000 compared to $676,653,000 a year ago. Net income attributable to the company was $564,973,000 compared to $550,405,000 a year ago. Diluted earnings per share was $3.16 compared to $3.16 a year ago. Operational adjusted EBITDA was $419 million compared to $457 million a year ago. Consolidated operational earnings were $4.36 per share against $4.51 per share a year ago. Adjusted EBITDA was $122 million against $101 million a year ago.
The company affirmed its 2013 operational earnings guidance range of $4.60 to $5.40 per share, noting that current expectations point to around the middle of the range.
The company is initiating 2014 operational earnings guidance in the range of $4.60 to $5.40 per share. Operational guidance is based on Entergy's current business operations, and does not reflect any impacts from the proposed spin-merge of the transmission business with ITC.
Asset impairment and related charges were $291,505,000 for the third quarter of 2013.
Entergy Corporation Declares Quarterly Dividend, Payable on December 2, 2013
Oct 25 13
The Board of Directors of Entergy Corporation has declared a quarterly dividend of 83 cents per common share. The payment date is December 2, 2013, to stockholders of record on November 7, 2013.
Entergy Corporation Provides Preliminary Earnings Guidance for the Third Quarter of 2013 and Reaffirms Earnings Guidance for 2013
Oct 15 13
Entergy Corporation provided preliminary earnings guidance for the third quarter of 2013. The company expects earnings of approximately $1.33 per share and operational earnings of approximately $2.40 per share. Results for third quarter 2012 were $1.89 per share on an as-reported basis and $1.95 per share on an operational basis.
The company affirmed its previously issued 2013 operational earnings guidance to be in the range of $4.60 per share to $5.40 per share, noting that current expectations point to around the middle of the range.
Entergy Corporation to Report Q3, 2013 Results on Oct 29, 2013
Oct 3 13
Entergy Corporation announced that they will report Q3, 2013 results at 9:00 AM, Eastern Standard Time on Oct 29, 2013