0000065984-14-000133.txt : 20140415 0000065984-14-000133.hdr.sgml : 20140415 20140415123511 ACCESSION NUMBER: 0000065984-14-000133 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20140415 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140415 DATE AS OF CHANGE: 20140415 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENTERGY CORP /DE/ CENTRAL INDEX KEY: 0000065984 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 721229752 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11299 FILM NUMBER: 14764327 BUSINESS ADDRESS: STREET 1: 639 LOYOLA AVE CITY: NEW ORLEANS STATE: LA ZIP: 70113 BUSINESS PHONE: 5045764000 MAIL ADDRESS: STREET 1: PO BOX 61000 CITY: NEW ORLEANS STATE: LA ZIP: 70161 FORMER COMPANY: FORMER CONFORMED NAME: ENTERGY CORP /FL/ DATE OF NAME CHANGE: 19940329 FORMER COMPANY: FORMER CONFORMED NAME: ENTERGY GSU HOLDINGS INC /DE/ DATE OF NAME CHANGE: 19940329 FORMER COMPANY: FORMER CONFORMED NAME: MIDDLE SOUTH UTILITIES INC DATE OF NAME CHANGE: 19890521 8-K 1 a02214.htm a02214.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date earliest event reported) April 15, 2014


Commission
File Number
Registrant, State of Incorporation,
Address and Telephone Number
 
I.R.S. Employer
Identification No.
1-11299
ENTERGY CORPORATION
(a Delaware corporation)
639 Loyola Avenue
New Orleans, LA 70113
Telephone (504) 576-4000
 
72-1229752

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

[ ]      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




 
 

 

Item 2.02.                      Results of Operations and Financial Condition

The information in this Current Report on Form 8-K, including the exhibits, is being furnished, not filed, under Item 2.02.

On April 15, 2014, Entergy Corporation issued a public announcement, which is attached as Exhibit 99.1 hereto and incorporated herein by reference.

Item 9.01.                      Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.
Description
99.1
Release, dated April 15, 2014, issued by Entergy Corporation
99.2
Statement on Uses and Usefulness of Non-GAAP Financial Measures



 
 

 


SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
Entergy Corporation
 
 
 
 
By:   /s/ Alyson M. Mount 
 
Alyson M. Mount
Senior Vice President and
Chief Accounting Officer
   
   
Dated:  April 15, 2014
 



 
 

 

EX-99.1 2 a02214991.htm a02214991.htm
Entergy
639 Loyola Avenue
New Orleans, LA  70113


News
Release
     
Date:
April 15, 2014
 
     
For Release:
Immediately
 
     
Contact:
Shona Sabnis
(Media)
Paula Waters
(Investor Relations)
 
(504) 576-4238
(504) 576-4380
 
ssabnis@entergy.com
pwater1@entergy.com
     
Exhibit 99.1

Entergy Provides Preliminary First Quarter Earnings Guidance
Cold winter weather, market constraints in northeastern U.S. expected to result in strong earnings; 2014 guidance raised

New Orleans, La. – Entergy Corporation (NYSE: ETR) today indicated that it expects first quarter 2014 as-reported earnings of approximately $2.23 per share and operational earnings of approximately $2.28 per share. Results for first quarter 2013 were $0.90 per share on an as-reported basis and $0.94 per share on an operational basis. Strong first quarter 2014 earnings resulted from significantly higher realized wholesale energy prices at Entergy Wholesale Commodities, reflecting cold winter weather and northeast pipeline infrastructure limitations, which reinforces the need for a  diverse generation portfolio and the value of existing nuclear generation facilities in the region. The Utility also saw higher earnings on colder-than-normal temperatures. Entergy also raised its 2014 operational earnings guidance to be in the range of $5.55 to $6.75 per share.
 
As-reported results are prepared in accordance with generally accepted accounting principles and are comprised of operational earnings and special items. Special items in first quarter 2014 were recorded arising from the decision to close the Vermont Yankee Nuclear Power Station later this year and the human capital management strategic imperative. First quarter 2013 included a special item for the proposed transmission spin-merge transaction.

-more-
 
 

 
Entergy Provides Preliminary First Quarter Earnings Guidance
Page 2
April 15, 2014
 

The increase in first quarter 2014 earnings was driven by higher results at Entergy Wholesale Commodities and Utility. On a consolidated basis, the preliminary estimate for the effective income tax rate was approximately 35 percent in first quarter 2014.
 
Entergy Wholesale Commodities
 
Significantly higher realized wholesale energy prices were the biggest factor driving the quarter-over-quarter increase in operational earnings at Entergy Wholesale Commodities. EWC’s hedging strategies routinely include financial instruments that balance operational and liquidity risk through participation in rising power price markets. These positions, in addition to a larger-than-normal unhedged position in 2014 due to Vermont Yankee being in its final operating year, allowed EWC to benefit from the increases in northeast market power prices throughout the quarter. Along with the realization of these positions, revenues also reflected the turnaround of the negative mark-to-market loss recorded in fourth quarter 2013 associated with certain transactions.
 
A lower effective income tax rate was another factor contributing to higher quarterly earnings. These items were partially offset by higher depreciation expense following the finalization of a new depreciation rate study.
 
Utility
 
The increase in Utility first quarter 2014 operational earnings was due primarily to higher net revenue reflecting higher sales volume, primarily weather. The weather effect was approximately $0.18 per share in first quarter 2014, compared to unfavorable weather of negative $(0.10) per share in the comparable period. In addition, non-fuel operation and maintenance expense was lower.
 
Parent & Other
 
Parent & Other’s operational results were essentially flat versus the first quarter of last year. No individual item was significant.
 
-more-
 
 

 
Entergy Provides Preliminary First Quarter Earnings Guidance
Page 3
April 15, 2014
 

 
Earnings Guidance
 
As a result of higher northeast spot and forward prices and market volatility at EWC and favorable weather at the Utility in the first quarter, Entergy raised its 2014 operational earnings guidance and widened the range to be $5.55 to $6.75 per share. Entergy had previously noted that, based on assumptions as of Dec. 31, 2013, indications were near the upper end of the prior $4.60 to $5.40 per share guidance range.
 
Earnings Results Schedule
 
Entergy will report first quarter earnings results before the market opens on Thursday, April 24, 2014, and host a teleconference at 10 a.m. CT that day to discuss the earnings announcement and the company’s financial performance. The teleconference may be accessed by dialing (719) 325-2115, confirmation code 6761108, no more than 15 minutes prior to the start of the call or by visiting Entergy’s website at www.entergy.com. The presentation slides also will be available on Entergy’s website before the market opens on the day of the call. A replay of the teleconference will be available for seven days thereafter by dialing (719) 457-0820, confirmation code 6761108.
 
Entergy Corporation is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including more than 10,000 megawatts of nuclear power, making it one of the nation’s leading nuclear generators. Entergy delivers electricity to 2.8 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of more than $11 billion and approximately 14,000 employees.

-30-

-more-
 
 

 
Entergy Provides Preliminary First Quarter Earnings Guidance
Page 4
April 15, 2014
 

Additional investor information can be accessed online at
www.entergy.com/investor_relations.

In this news release, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Forward-looking statements involve a number of risks and uncertainties. There are factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including (a) those factors discussed in this news release and in: (i) Entergy’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q and (ii) Entergy’s other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with rate proceedings, formula rate plans and other cost recovery mechanisms; (c) uncertainties associated with efforts to remediate the effects of major storms and recover related restoration costs; (d) nuclear plant relicensing, operating and regulatory risks, including any changes resulting from the nuclear crisis in Japan following its catastrophic earthquake and tsunami; (e) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; and (f) economic conditions and conditions in commodity and capital markets during the periods covered by the forward-looking statements, in addition to other factors described elsewhere in this release and subsequent securities filings.

 
 

 

EX-99.2 3 a02214992.htm a02214992.htm
Exhibit 99.2

STATEMENT ON USES AND USEFULNESS OF NON-GAAP FINANCIAL MEASURES

Exhibit 99.1 to this Report on Form 8-K (the "Pre-Release") contains the non-GAAP financial measure of operational earnings per share.  Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with United States generally accepted accounting principles, or GAAP. Pursuant to the requirements of Regulation G, Entergy has provided quantitative reconciliations within the Pre-Release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
 
Operational earnings per share is not calculated in accordance with GAAP because it excludes the impact of "special items".  Special items reflect the impact on earnings of events that are less routine or are related to discontinued businesses.  Management believes the discussion of operational earnings provides useful information in evaluating the ongoing results of Entergy's businesses and assists in comparing the company's operating performance to the operating performance of others in the energy sector.
 
The non-GAAP information in the Pre-Release is used in addition to, and in conjunction with, results presented in accordance with GAAP.  The non-GAAP information should not be relied upon to the exclusion of GAAP financial measures.  The non-GAAP information reflects an additional way of viewing aspects of our operations that, when viewed with our GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting our business.  Investors are strongly encouraged to review our consolidated financial statements and publicly filed reports in their entirety and to not rely on any single financial measure.  Non-GAAP information is not standardized; therefore, it may not be possible to compare this information with other companies' non-GAAP financial measures having the same or similar names.

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