Entergy Corporation Q2 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Highlights

  • Adjusted EPS: $1.37, reflecting strong performance despite COVID-19 impacts. This compares favorably to expectations set earlier in the year.
  • Sales exceeded expectations across all customer classes. Industrial sales were down 1% year-over-year but had originally been forecast to grow 5%-6% in 2020.
  • O&M cost reduction plan on track; 40% of the $100 million target achieved by mid-year.
  • Capital plan remains unchanged with high visibility: 90% regulatory ready, 90% timely recovery, and 90% driven by system modernization rather than customer growth.
  • Company affirmed full-year 2020 adjusted EPS guidance of $5.45–$5.75 and reaffirmed 2021–2022 outlooks.

Operational & Strategic Updates

  • Major projects completed or advanced:
    • Phase 2 of Western Region Transmission Project ($115 million).
    • New Orleans Power Station placed in service, running frequently during the summer peak.
    • PUC of Texas finalized generation rider rule to enable timely recovery of new generation investments.
    • Entergy Louisiana issued RFP for up to 300 MW of renewables.
    • 100th customer enrolled in ReNEWable Orleans rooftop solar program.

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Operator: Ladies and gentlemen, thank you for standing by. And welcome to the Entergy Corporation Second Quarter 2020 Earnings Release and Teleconference. At this time, all participant lines are in listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker today, David Borde, Vice President, Investor Relations. Thank you. Please go ahead, sir. David Borde: Thank you. Good morning and thank you for joining us. We will begin today with comments from Entergy’s Chairman and CEO, Leo Denault; and then, Drew Marsh, our CFO, will review results. In an effort to accommodate everyone who has questions, we request that each person ask no more than one question and one follow-up. In today’s call, management will make certain forward-looking statements. Actual results could differ materially from these forward-looking statements due to a number of factors, which are set forth in our earnings release, our slide presentation and our SEC filings. Entergy does not assume any obligation to update these forward-looking statements. Management will also discuss non-GAAP financial information. Reconciliations to the applicable GAAP measures are included in today’s press release and slide presentation, both of which can be found on the Investor Relations section of our website. And now, I will turn the call over to Leo. Leo Denault: Thank you, David, and good morning, everyone

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