Entergy beats quarterly profit estimates on lower electricity production costs
Feb 18 (Reuters) - Electric utility Entergy ETR.N beat fourth-quarter profit estimates on Tuesday, benefiting from lower operating expenses and higher electricity demand.
Shares of the company rose 1.7% in premarket trading.
Power consumption is set to reach record highs in 2024, the U.S. Energy Information Administration (EIA) had said in December. Utilities are benefiting from rising electricity usage, including from energy-guzzling data centers needed to scale Big Tech's artificial intelligence (AI) technologies.
In December, Entergy Louisiana said it plans to invest in electricity generation and transmission to support the region and Meta Platform's META.O $10 billion data center in Richland Parish.
Entergy's operating expenses for the fourth quarter ended December 31 came in at $2.07 billion, compared with $2.47 billion a year ago.
For the quarter, Entergy's total retail sales were at 29,497 gigawatt hours (GWh), higher than 27,320 GWh a year ago.
The company posted a quarterly adjusted profit of 66 cents per share, above analysts' average estimate of 64 cents per share, according to data compiled by LSEG.
The New Orleans, Louisiana-based Entergy provides electricity to nearly 3 million customers across Arkansas, Louisiana, Mississippi and Texas.
It forecast its full-year 2025 profit between $3.75 per share and $3.95 per share. Analysts had estimated a profit of $3.91 per share.
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