NEW ORLEANS (AP) — Electric power company Entergy Corp. said it expects a first-quarter profit — reversing a year-ago loss — as a colder winter and higher electrical rates boosted revenue.
Entergy said it expects first-quarter earnings of 89 cents per share, after losing 86 cents per share during the same period last year. It said operational earnings would be 93 cents per share.
Analysts surveyed by FactSet have been expecting a first-quarter profit of 73 cents per share.
Entergy said weather during the quarter was not as mild as last year, so customers used more energy. Also, it had raised prices because of nuclear and natural gas investments made last year.
Besides the higher revenue, the company benefited from lower tax expenses compared to a year earlier.
The company also affirmed its previous 2013 operating profit guidance of $4.60 to $5.40 per share. Analysts have been expecting earnings of $4.86 per share.
The company said it would report its full results on April 25.
Its shares finished at $69.20 in trading on Wednesday. They have traded in a 52-week range of $61.09 to $74.50.