Entergy Corporation Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Quarterly Results & Financial Performance

  • Adjusted EPS was $1.84, up $0.06 from Q2 2022. Performance keeps Entergy on track to meet full‑year 2023 guidance and support its long‑term 6%–8% earnings growth outlook.
  • Weather negatively affected year-over-year results by $0.17. Last year’s unusually high temperatures inflated the comparison.
  • Weather-adjusted retail sales declined 0.9%. Residential sales slightly benefited from customer growth but were offset by lower usage per customer. Industrial sales were pressured by lower cogeneration (Cogent) volumes but offset by growth in small industrial (+90 GWh) and new/expansion large industrial (+100 GWh).
  • Other O&M decreased meaningfully, driven by lower scope of work in nuclear and non-nuclear generation, prescription drug rebate adjustments, reduced MISO costs, and lower pension expense.
  • Operating cash flow increased $588 million year over year due primarily to lower fuel and purchased power payments following last year’s high natural gas prices.
  • Net liquidity stood at $4.7 billion, including $411 million in storm escrows.
  • The company remains on track to reach Moody’s 14% FFO/debt target by year‑end, supported by the Q1 Louisiana securitization and declining deferred fuel balances.

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Operator: Hello. Good morning. My name is Jeremy, and I will be your conference operator today. At this time, I would like to welcome everyone to Entergy's Second Quarter 2023 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Bill Abler, Vice President of Investor Relations for Entergy Corporation. Bill Abler: Good morning, and thank you for joining us. We will begin today with comments from Entergy's Chairman and CEO, Drew Marsh, and then Kimberly Fontan, our CFO, will review results. In an effort to accommodate everyone who has questions, we request that each person ask no more than two questions. In today's call, management will make certain forward-looking statements, actual results could differ materially from those 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 Drew. Drew Marsh: Thank you, Bill, and good morning, everyone. Today, we are reporting second quarter adjusted earnings per share of $1.84. Our progress through the first half of the year keeps us firmly on track to

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