Power provider Entergy Corp. posted a 16% drop in second-quarter profit Tuesday, as demand for electricity decreased, and lowered its full-year earnings guidance. For the three months ending June 30, Entergy earned $226.8 million, or $1.14 per share, on revenue of $2.52 billion. In the year-ago second quarter, Entergy earned $271 million, or $1.37 per share, on revenue of $3.26 billion. The results fell short of Wall Street forecasts. Analysts polled by Thomson Reuters, on average, had expected per-share earnings of $1.26 and revenue of $3.06 billion.
Entergy, which has regulated power utilities in Louisiana, Texas, Arkansas and Mississippi, said industrial power sales, on a weather-adjusted basis, slid 9.7%, mostly because of lower demand from such sectors as chemicals, primary metals and refining. Residential sales were down 0.2%, while commercial and government sales fell 1%.
