Entergy on Wednesday reported growth in earnings on both an as-reported and adjusted basis in the first quarter of 2019 as it further winds down its merchant nuclear power business.
As-reported earnings came in at $255 million, or $1.32 per share, up from $133 million, or $0.73 per share, in the same quarter of 2018.
For adjusted earnings, the numbers were $158 million, or $0.82 per share, versus $151 million, $0.83 per share, on a year-over-year basis.
Entergy Wholesale Commodities reported $97 million in earnings attributable to its parent, $0.50 per share on an as-reported basis. In the first quarter of 2018, the business lost $18 million, or $.10 per share.
“First quarter 2019 earnings reflected higher other income, primarily due to gains on decommissioning trust funds, as well as higher net revenue due to higher nuclear energy volume,” according to a press release on Entergy’s quarterly earnings. “These items were partially offset by a tax item related to the sale of Vermont Yankee in January 2019.”
The company’s overall earnings guidance for the year remained stable at $5.10 to $5.50 per share.
Entergy Wholesale Commodities now owns the Pilgrim Nuclear Power Station in Massachusetts, Palisades Power Plant in Michigan, and Indian Point Energy Center in upstate New York. All the plants are scheduled to close by 2022, starting with Pilgrim by June 1 of this year. The New Orleans-based power company has announced plans to sell all three sites to energy technology company Holtec International, which would assume both their decommissioning trust funds and all responsibility for decommissioning, site restoration, and spent fuel management.
