Entergy Corporation Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Quarterly Performance Highlights

  • Adjusted EPS was $2.84, a strong result that keeps Entergy on track for 2022. This compares favorably to Q3 2021, which was impacted by Hurricane Ida.
  • Full-year 2022 EPS guidance range tightened: bottom raised by $0.10, reaffirming long-term 6%–8% annual EPS growth through 2025.
  • Retail sales grew 5.7% year over year excluding weather; industrial sales were up 7% with strong growth from chlor-alkali, transportation, small industrial, and cogeneration customers.
  • Dividend increased 6% to an annualized $4.28/share, in line with the targeted 60%-65% payout ratio.

Operational & Strategic Updates

  • Leadership transition effective: Drew Marsh becomes CEO; Kimberly Fontan named CFO; Kimberly Cook-Nelson named Chief Nuclear Officer; Leo Denault remains Executive Chair for several months.
  • Regulatory progress across multiple jurisdictions:
    • Mississippi, New Orleans, and Louisiana formula rate plan (FRP) changes approved or effective.
    • Arkansas FRP annual review expected to be finalized in December.
    • Entergy Texas base rate case advancing with hearings in December; decision expected 2Q 2023.
  • Securitization developments:
    • New Orleans approved $206 million in securitization for storm recovery.

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Operator: Thank you for standing by. And welcome to the Third Quarter 2022 Entergy Corporation Earnings Release. At this time, all participants are in listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, today’s program is being recorded. And now I’d like to introduce your host for today’s program, Mr. Bill Abler, Vice President, Investor Relations. Please go ahead, sir. Bill Abler: Good morning and thank you for joining us. We will begin today with comments from Entergy’s 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 has no more than two questions. 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 Drew. Drew Marsh: Thank you, Bill, and good morning, everyone. Yesterday, the planned leadership succession that

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