Entergy Corp. reported Monday that it expects second-quarter earnings of around $1.75 per share, well above the $1.61 forecast by analysts surveyed by Thomson Reuters. Entergy also reaffirmed that it expects 2011 earnings in the range of $6.35 to $6.85 per share.
Entergy said its utility division, thanks to much hotter than normal temperatures, and its parent and other segment boosted earnings. The parent and other segment revenue increased mainly because of lower income tax expenses. An IRS settlement allowed Entergy to end a tax reserve as a result.
However, the improved results were partially offset by lower revenue at the company’s nuclear power plants and a higher income tax rate in Michigan.