Entergy (ETR) Q2 2024 earnings summary

Executive summary

• Q2 2024 adjusted EPS was $1.92, up from $1.84 in Q2 2023, reflecting steady earnings growth and progress on risk reduction, while as-reported EPS was $0.23 due to significant non-recurring items including a $317M pension settlement and $151M regulatory charges.

• Major regulatory settlements were reached in Louisiana and with SERI/FERC, resolving key ratemaking and litigation matters, pending approvals.

• The company remains on track to meet full-year adjusted EPS guidance and continues to focus on customer-centric investments, operational resilience, and clean energy growth.

• Net income for Q2 2024 was $48.9M, down from $391.2M in Q2 2023, mainly due to pension and regulatory charges.

Financial highlights

• Q2 2024 adjusted consolidated net income was $411M, up from $391M in Q2 2023; as-reported net income was $49M, down from $391M.

• Adjusted utility net income was $553M, up from $514M in Q2 2023; Parent & Other segment posted a $142M adjusted loss.

• Q2 2024 operating revenues rose to $2.95B from $2.85B, driven by higher industrial demand and retail price increases.

• Operating cash flow for Q2 2024 was $1,025M, up from $866M, mainly due to timing of vendor payments and customer receipts.

• Net liquidity stood at $5.9B, including $1.4B in cash and equivalents and $4.3B in revolver capacity.

Outlook and guidance

• 2024 adjusted EPS guidance of $7.05–$7.35 was reaffirmed, with long-term outlooks targeting 6–8% CAGR through 2026.

• Dividend payout ratio targeted at 60–65%.

• Full-year weather-adjusted retail sales growth now expected at 0.4% year-over-year.

• Additional large industrial customers expected to come online later in the year, supporting further sales growth.