NEW YORK — Entergy Corp. said Tuesday that its profit rose 27.4 percent in the third quarter as it lowered tax-related expenses following a settlement with the Internal Revenue Service. Utility sales also rose slightly in the quarter.
The New Orleans power company reported net income of $628.1 million, or $3.53 per share, for the three months ended Sept. 30. That compares with $492.9 million, or $2.62 per share, a year earlier.
Revenue increased 2 percent to $3.4 billion from $3.3 billion a year ago.
Analysts had expected earnings of $3.14 per share on revenue of $3.5 billion, according to FactSet.
The company said its utility business increased profits 57 percent in the quarter to $524.1 million, though much of the increase was due to a settlement with the IRS that cut tax expenses for the quarter.