Entergy Says First-Quarter Earnings to Exceed Forecasts

Electric utility operator Entergy (ETR Quote), which called off its $7.6 billion merger with FPL Group (FPL Quote) on Monday, reported Tuesday that first-quarter earnings per share would be 10% to 15% higher than the most optimistic analysts' forecasts.

Two analysts surveyed by Thomson Financial/First Call were expecting, on average, earnings of 38 cents a share.

Still, Entergy said it expects operational earnings for the full year to be $3 to $3.20 per share, unchanged from its previously issued earnings guidance. The 13-analyst estimate for the full year is $3.10 a share.

Entergy plans to release first quarter earnings on April 25.

On Monday the company said it expected earnings of $3.30 to $3.50 a share for 2002, on track with the current consensus estimate of $3.40 a share.

Shares of Entergy closed Monday at $38 on the New York Stock Exchange, and have a 52-week range of $19.94 to $43.88.