Entergy 3rd-qtr Profit Falls 3 Percent

NEW ORLEANS (AP) — Power provider Entergy Corp. said falling sales and higher expenses at its utility and parent segment drove down third-quarter earnings, but healthy revenues at its nuclear segment helped strengthen results.

The New Orleans-based company said its third-quarter profit fell 3 percent. Industrial sales tumbled as the slumping economy and shuttered businesses continued to hurt demand for electricity. At Entergy's utility and parent segment, higher spending on taxes, operations and maintenance cut away at margins.

But the company's nuclear segment helped offset negative results, as fewer outage days led to higher revenue from increased production. Increases in other income also bolstered margins.

Entergy reported a drop in quarterly earnings to $455.2 million, or $2.32 per share, compared with $470.3 million, or $2.41 per share during the same period last year.

Analysts polled by Thomson Reuters estimated a profit of $2.48 per share, on average.

Revenue declined 26 percent to $2.94 billion, down from $3.96 billion in the prior-year period. Analysts forecast an average revenue of $3.9 billion.

For the full year, Entergy reaffirmed its profit outlook in the range between $6.00 per share and $6.60 per share. Analysts expect a 2009 profit of $6.46 per share.

Shares of the company closed at $80.75 on Wednesday.