Another Utility Misses Estimates (ETR, D, AEP, CHK)
Entergy Corporation (NYSE:ETR) joined the ranks of electricity generators that haven’t been able to reach consensus estimates for the first quarter of 2009.The company’s results resemble the earlier reports from Dominion Resources, Inc. (NYSE:D) and American Electric Power Co. Inc.…
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The company reported EPS of $1.20, 23% below EPS for the same period last year, and more than 10% below average estimates of $1.35. Revenues for the quarter reached $2.79 billion, well below average estimates of $3.07 billion.
Entergy’s sales to industrial customers was off by 13.2% from the same period a year ago. AEP reported declines averaging 15% in industrial demand.
Entergy has reaffirmed its EPS guidance for 2009 at $6.70-$7.30, “assuming a business-as-usual operation for the full year.” What makes the company think that 2009 will reflect business-as-usual?
Entergy’s shares are unchanged this morning, at $66.90/share. The 52-week range is $59.87-$123.27.
Paul Ausick
May 4, 2009
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