Entergy Corp. reported its second-quarter earnings climbed to $365 million, or $2.06 per share, compared with $315.6 million, or $1.76 per share, a year earlier thanks largely to lower income tax expenses.

Entergy’s Utility segment benefited from an agreement with the Internal Revenue Service about the tax treatment for financing storm costs associated with hurricanes Katrina and Rita. In second quarter, utility earnings were $304.2 million, or $1.72 per share, compared to $248.4 million, or $1.39 per share.

Entergy’s Wholesale Commodities segment also benefited from a lower income tax rate and lower decommissioning costs for power plants. Entergy Wholesale Commodities had earnings of $81.3 million, or 46 cents per share, compared to $64.9 million, or 36 per cents per share, a year ago.

The company’s Parent and Other segment lost $20.5 million, or 12 cents per share, mainly as a result of higher income taxes.

Entergy also updated its 2012 earnings guidance range to $3.49 to $4.29 per share.