Utility firm Entergy's profit beats estimates on lower costs
Oct 31 (Reuters) -Electric utility company Entergy ETR.N beat Wall Street estimates for third-quarter profit on Thursday, as lower costs and higher service rates helped counter the impact of unfavorable weather.
The company provides electricity services to nearly 3 million customers across Arkansas, Louisiana, Mississippi and Texas.
Its service areas were impacted by the Hurricane Francine, which made landfall in September, leaving tens of thousands of customers without power.
Still, Entergy posted an adjusted profit of $2.99 per share in the third quarter, above analysts' average estimate of $2.97, according to data compiled by LSEG.
Its total retail customers also rose about 1% over the year earlier.
The company forecast its full-year adjusted profit to be between $7.15 and $7.35 per share. Analysts were expecting $7.22 per share for 2024.
Reporting by Mrinalika Roy in Bengaluru; Editing by Shilpi Majumdar
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