Entergy (ETR) Q3 2024 earnings summary

Executive summary

• Reported Q3 2024 adjusted EPS of $2.99, with narrowed 2024 adjusted EPS guidance to $7.15–$7.35 and a two-for-one stock split effective December 13, 2024.

• Announced a $7 billion increase in the 2024–2028 capital plan, driven by strong industrial demand, renewables growth, and a major new customer.

• Targeted 6% annual dividend growth and raised long-term EPS growth outlook to 8%-9% annually from 2026–2028.

• Credit metrics and ratings remain strong, with equity needs addressed through ATM and forward sales programs.

• Major regulatory settlements and leadership transitions occurred, including refunds and new executive roles.

Financial highlights

• Q3 2024 adjusted EPS was $2.99, down from $3.27 in Q3 2023; YTD adjusted EPS reached $5.99.

• Q3 2024 net income attributable to the corporation was $644.9M, with operating revenues of $3.39B.

• Operating cash flow for Q3 2024 was $1.56B, up from $1.41B in Q3 2023; YTD OCF at $3.1B.

• S&P upgraded senior secured credit rating to BBB+ and maintained a positive outlook.

• Dividend increased 6% to $1.20 per share.

Outlook and guidance

• 2024 adjusted EPS guidance narrowed to $7.15–$7.35 (pre-split), with long-term EPS growth outlook raised to 8%-9% annually from 2026–2028.

• Capital plan for 2024–2028 increased by $7 billion to support higher industrial load and renewables.

• Entergy expects to issue $4.4B in equity through 2028, with $1.4B already contracted.

• Regulatory settlements and formula rate plan extensions provide revenue visibility, but ongoing rate cases may impact future earnings.

• Net-zero carbon emissions targeted by 2050, with continued expansion of renewables.