Entergy Corp (ETR) Reports Q3 2023 Earnings, Narrows Guidance Range
Entergy Corp (NYSE:ETR) reported Q3 2023 earnings per share of $3.14 on an as-reported basis, and $3.27 on an adjusted basis.
The company narrowed its 2023 adjusted EPS guidance range to $6.65 to $6.85.
Entergy announced an agreement to sell its gas distribution business for approximately $484 million.
The company's Board of Directors declared a quarterly dividend of $1.13 per share, a six percent increase.
On November 1, 2023, Entergy Corp (NYSE:ETR) released its third quarter earnings report, showcasing a robust financial performance. The company reported third quarter 2023 earnings per share of $3.14 on an as-reported basis, and $3.27 on an adjusted basis. This represents a significant increase from the third quarter 2022 earnings of $2.74 per share on an as-reported basis and $2.84 per share on an adjusted basis.
Financial Highlights
Entergy Corp (NYSE:ETR) reported as-reported earnings of $667 million for Q3 2023, up from $561 million in Q3 2022. Adjusted earnings for the same period were $694 million, up from $580 million in Q3 2022. The company attributed the increase in earnings to the exceptional commitment and effort of its employees, as well as the reliable performance of its plants and grid during the summer's extreme heat.
The company also narrowed its 2023 adjusted EPS guidance range to $6.65 to $6.85, reflecting its strong financial performance and positive outlook for the remainder of the year.
Business Developments
During the third quarter, Entergy Corp (NYSE:ETR) made significant regulatory progress, including settlements that reduce risk and uncertainty going forward. The company also announced an agreement to sell its gas distribution business for approximately $484 million. Furthermore, E-LA and Lotte Chemical USA Corporation signed a memorandum of understanding aimed at meeting Lottes sustainability goals.
Dividend Announcement
Entergys Board of Directors declared a quarterly dividend of $1.13 per share, a six percent increase. This move reflects the company's strong financial position and commitment to delivering value to its shareholders.
Recognition
Entergy was named as one of the nations top utilities in economic development by Site Selection magazine for the 16th consecutive year, underscoring its ongoing commitment to supporting economic growth and development in the regions it serves.
Investors are encouraged to review Entergy Corp (NYSE:ETR)'s full earnings report for a more detailed understanding of its financial performance and business developments during the third quarter of 2023.
Explore the complete 8-K earnings release (here) from Entergy Corp for further details.
This article first appeared on GuruFocus.
