NEW ORLEANS (AP) — Electric power company Entergy Corp. said Friday that its fourth-quarter net income nearly doubled helped by lower income tax expenses.
The New Orleans-based utility earned $296.3 million, or $1.66 per share, in the three months ended Dec. 31, up from $154.1 million, or 87 cents per share, in the same quarter last year.
Excluding one-time items, the company said it posted an adjusted profit of $1.72 per share for the recent quarter.
Revenue fell 2 percent to $2.44 billion from $2.49 billion.
Analysts, on average, expected a profit of 95 cents per share on $3.15 billion in revenue, according to FactSet.
The company said profit at its utility business jumped 65 percent to $279.7 million, largely as a result of lower income tax expense stemming from a settlement with the Internal Revenue Service that was completed at the end of 2012.
Revenue at the business also rose as a result of pricing adjustments related to regulatory actions and investments, Entergy said.
For the full year 2013, the company earned $846.7 million, or $4.76 per share, down from $1.35 billion, or $7.55 per share, in 2011. Revenue fell to $10.3 billion from $11.23 billion.
Entergy backed its previous 2013 earnings prediction of $4.60 to $5.40 per share. Analysts expect $4.92 per share.
Its shares slipped 23 cents to $64.73 in morning trading. They have traded in a 52-week range of $61.55 to $74.50.