Entergy Corporation Q3 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Highlights

  • Adjusted EPS for Q3 2024 was $2.99, down from last year due to unusually hot 2023 weather, but higher on a weather-adjusted basis.
  • Entergy raised the bottom end of 2024 EPS guidance by $0.10 and increased its long-term EPS growth outlook beginning in 2026.
  • Industrial sales growth remains strong: weather-adjusted retail sales rose 5% year-over-year, with industrial sales up 10%.
  • Entergy announced a major new industrial customer in Louisiana, increasing forecast industrial load CAGR to 11–12% through 2028, around 300 bps higher than prior expectations.
  • Capital plan through 2028 increased by $7 billion versus Analyst Day, driven by generation (renewables, solar, dispatchable gas), transmission, and clean energy offerings.
  • New renewable additions include multiple Arkansas solar projects totaling more than 500 MW added or closed this quarter.
  • Entergy announced the 2-for-1 stock split effective for trading on December 13.
  • Dividend increased 6%, with expectation to continue this pace through the outlook period.

Growth & Strategic Developments

  • Major Louisiana Customer: A new large industrial customer has signed an electric service agreement. Identity undisclosed. This drives significant transmission and generation investment needs and provides long-term load growth.

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Operator: I will be your conference operator today. At this time, I would like to welcome everyone to Entergy's Third Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]. And I will now turn the call over to Liz Hunter, Vice President of Investor Relations for Entergy Corporation. Liz, the floor is yours. Liz Hunter: Good morning and thank you for joining us. We will begin today with comments from Entergy's Chair 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 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. Andrew Marsh: Thank you, Liz. Good morning everyone. We've had a very productive quarter, and

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