Entergy Corp. says its earnings fell 12% in the fourth quarter as the energy company recorded higher income tax expenses and regulatory charges in its utility business. Entergy reported profit of $170.6 million, or 89 cents per share, compared with profit of $193.9 million, or 96 cents per share, in the year-ago quarter. Excluding charges, Entergy reported profit of 99 cents per share for the fourth quarter compared with $1.12 per share for the year-ago quarter. Revenue rose 10% to $3 billion from $2.7 billion.
Analysts surveyed by Thomson Reuters expected profit of $1.01 per share on revenue of $2.91 billion. Analyst estimates typically exclude one-time charges. Entergy warned last month that earnings for the quarter would miss analyst estimates.
From its utility business, Entergy reported a loss of $82.6 million, or 43 cents per share, during the quarter. The loss reflected higher income tax expenses associated with annual income tax adjustments across Entergy’s companies. Also, it recorded a charge for costs that it has not been able to recover from customers in Arkansas.
Sales were hurt by milder-than-normal weather, the recession and hurricanes Gustav and Ike in September. Industrial sales were down 11.3% in the quarter as the economy weakened and because outages from the hurricanes were reflected in October billings.