Entergy Corp. reported first-quarter net income dropped to $298.2 million, or $1.65 per share, compared to $401.2 million, or $2.24 per share, a year ago.
The power company said its results were affected by warmer weather and closing the Vermont Yankee Nuclear Power Station. A year ago, cold weather across the Northeast and limited supplies of liquefied natural gas and pipeline capacity boosted the company’s wholesale commodities profit. Net income for wholesale commodities was $123 million during the first quarter, compared to $242 million a year ago.
Although the company’s profits were down, the results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.30 per share.
The power company posted revenue of $2.92 billion in the period.
Entergy expects full-year earnings in the range of $5.10 to $5.90 per share.
Entergy shares have decreased 11 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen slightly more than 2 percent. The stock has risen nearly 9 percent in the last 12 months.