Entergy Beats Estimates on Nuclear Improvements

Global energy provider Entergy ( ETR) said its second-quarter operating profits were up 10% on stronger nuclear and utility business.

The company earned $241.7 million, or $1.06 a share, up from $238.9 million, or $1.06 a share, a year ago. Excluding charges relating to restructuring in its wholesale power business, Entergy earned $267.1 million, or $1.17 a share.

Analysts polled by tracking firm Thomson Financial/First Call had been looking for $1.14 a share on an operational basis.

The company said operating earnings at its utility business were $194.9 million, or 85 cents a share, up from $168.5 million, or 74 cents a share, a year ago, due primarily to higher revenue and increased sales volume. Higher electric use increased sales by 7%.

Entergy's nuclear division earned 24 cents a share, up from 15 cents a year ago on higher output levels and an absence of refueling outages. Also, results were boosted by the acquisition of Indian Point 2 in September 2001.

Looking ahead, the company reiterated its full-year guidance. "Through second-quarter 2002 we continued to achieve strong results despite daily negative revelations in our sector," Entergy said in a statement. "The first half of 2002 has been very positive and we are pleased to confirm our 2002 operational earnings per share guidance at the $3.40 to $3.60 range."

First Call analysts are expecting $3.53 a share for the year.

Shares of Entergy closed at $36.90 Monday before the earnings release.

More from Technology

Cisco Sinks After Analyst Downgrades Stock on Valuation

Cisco Sinks After Analyst Downgrades Stock on Valuation

Analysts Say Adobe's Post-Earnings Stock Decline Is a Buying Opportunity

Analysts Say Adobe's Post-Earnings Stock Decline Is a Buying Opportunity

Netflix's Key Challenges Could Intensify in 2019

Netflix's Key Challenges Could Intensify in 2019

Adobe Takes Hit as Acquisition Costs Muddy Results and Outlook

Adobe Takes Hit as Acquisition Costs Muddy Results and Outlook

5 Stocks to Buy Right Now Before 2019

5 Stocks to Buy Right Now Before 2019