Entergy reports third quarter earnings - 01.11.23 - News

NEW ORLEANS, Nov. 1, 2023

NEW ORLEANS, Nov. 1, 2023 /PRNewswire/ -- Entergy Corporation (NYSE: ETR) reported third quarter 2023 earnings per share of $3.14 on an as-reported basis, and $3.27 on an adjusted (non-GAAP) basis.

"The commitment and effort given by our employees were exceptional, and our plants and grid all performed well to deliver reliable service to our customers during this summer's extreme heat," said Drew Marsh, Entergy Chairman and Chief Executive Officer. "The quarter's results keep us firmly on track to achieve our commitments, and we made important regulatory progress including settlements that reduce risk and uncertainty going forward."

Business highlights included the following:

Entergy narrowed its 2023 adjusted EPS guidance range to $6.65 to $6.85.
SERI reached a settlement in principle with the APSC to resolve all of the APSC's complaints against SERI; the settlement is subject to FERC approval.
Entergy announced agreement to sell its gas distribution business for approximately $484 million.
E-LA and Lotte Chemical USA Corporation signed a memorandum of understanding aimed at meeting Lotte's sustainability goals.
The CCNO approved E-NO's request to extend its FRP through the 2026 filing year.
FERC issued its order on rehearing for the sale leaseback renewal and uncertain tax positions case.
The PUCT approved E-TX's base rate case settlement.
E-AR committed to resolve recovery of costs associated with the March 2013 ANO stator incident.
E-LA filed a proposal which includes modifying extending its current FRP for three years.
Entergy's Board of Directors declared a quarterly dividend of $1.13 per share, a six percent increase.
Entergy was named as one of the nation's top utilities in economic development by Site Selection magazine for the 16^th consecutive year.

Table of contents Page

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News release 1
Appendices 7

A: Consolidated results and adjustments 8

B: Earnings variance analysis 11

C: Utility operating and financial measures 14

D: Consolidated financial measures 15

E: Definitions and abbreviations and acronyms 16

F: Other GAAP to non-GAAP reconciliations 18

Financial statements 20

Consolidated earnings (GAAP and non-GAAP measures)
Third quarter and year-to-date 2023 vs. 2022 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments)
	Third quarter			Year-to-date
	2023	2022	Change	2023	2022	Change
(After-tax, $ in millions)
As-reported earnings	667	561	106	1,369	997	372
Less adjustments	(27)	(19)	(8)	42	(216)	258
Adjusted earnings (non-GAAP)	694	580	114	1,327	1,213	114
Estimated weather impact	135	21	115	103	86	17

(After-tax, per share in $)
As-reported earnings	3.14	2.74	0.40	6.45	4.88	1.57
Less adjustments	(0.13)	(0.10)	(0.03)	0.20	(1.06)	1.26
Adjusted earnings (non-GAAP)	3.27	2.84	0.43	6.25	5.94	0.32
Estimated weather impact	0.64	0.10	0.54	0.48	0.42	0.06


	Calculations may differ due to rounding

Consolidated results

For third quarter 2023, the company reported earnings of $667 million, or $3.14 per share, on an as-reported basis and earnings of $694 million, or $3.27 per share, on an adjusted basis. This compared to third quarter 2022 earnings of $561 million, or $2.74 per share, on an as-reported basis and earnings of $580 million, or $2.84 per share, on an adjusted basis.

Summary discussions by business follow. Additional details, including information on OCF by business, are provided in Appendix A. An analysis of variances by business is provided in Appendix B.

Business segment results

Utility
For third quarter 2023, the Utility business reported earnings attributable to Entergy Corporation of $752 million, or $3.54 per share, on an as-reported basis and $810 million, or $3.82 per share, on an adjusted basis. This compared to third quarter 2022 earnings of $672 million, or $3.29 per share, on both an as-reported and adjusted basis.

Drivers for the increase in quarterly earnings included:

the effects of weather on retail volume,
the net effect of regulatory actions across the operating companies,
lower other O&M, and
higher other income (deductions) from affiliate preferred investments (offset at P&O and largely earnings neutral at the consolidated level).

The drivers were partially offset by an Entergy Arkansas write-off in third quarter 2023 totaling $(78 million) ($(59 million) after tax), including $(69 million) for replacement power costs included in deferred fuel and $(10 million) for undepreciated property, plant, and equipment. The write-off was recorded to reflect Entergy Arkansas' offer to forgo its opportunity to seek recovery of costs resulting from the March 2013 ANO stator incident. The write-off was considered an adjustment and excluded from adjusted earnings.

Depreciation expense on new assets and higher interest expense also provided partial offsets.

On a per share basis, third quarter 2023 results reflected higher diluted average number of common shares outstanding.

Appendix C contains additional details on Utility operating and financial measures.

Parent & Other
For third quarter 2023, Parent & Other reported a loss attributable to Entergy Corporation of $(85 million), or (40) cents per share, on an as-reported basis and a loss of $(117 million), or (55) cents per share, on an adjusted basis. This compared to third quarter 2022 loss of $(112 million), or (55) cents per share, on an as-reported basis and a loss of $(92 million), or (45) cents per share, on an adjusted basis.

In 2022, the wind down of EWC was completed and that business is no longer a reportable segment. Starting in 2023, the remaining activity from EWC is included in Parent & Other. For comparability, EWC's 2022 results are also included in Parent & Other.

In third quarter 2022, EWC reported a loss of $(19 million), or (10) cents per share, on an as-reported basis, largely driven by the accrual of an uncertain tax position as a result of a state tax audit.

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