NEW YORK (Reuters) - Entergy Corp <ETR.N> reported a 45 percent jump in first-quarter earnings on Friday, beating Wall Street expectations, as it benefited from higher power prices and rising production.
Earnings at the second-largest U.S. nuclear power generator rose to $308.7 million, or $1.56 per share, from $212.2 million, or $1.03 per share, a year earlier. Analysts on average were expecting $1.50 per share, according to Reuters Estimates.
Entergy said results from the nuclear business benefited from the Palisades plant acquired in the second quarter of 2007.
Results at its non-nuclear wholesale energy commodities business were unchanged from a year earlier.
"We have established aggressive goals for 2008, and while it's early in the year, we are on track for a year of solid accomplishments," said Chief Executive Wayne Leonard.
Megawatt-hour sales in the residential sector rose 3 percent on a weather-adjusted basis, while commercial and governmental sales rose 2 percent.
Entergy repeated its 2008 earnings forecast of $6.50 to $6.90 a share. Wall Street expects $6.85.
Entergy also said the independent, publicly traded nuclear power company it is setting up will be named Enexus Energy Corp.
Late last year, Entergy announced that it would spin off six nuclear plants into a new company in a bid to capitalize on rising power prices. It said it would form a 50-50 joint venture with the new company to run and operate the nuclear plants, whose prices are not regulated the way those of other power plants are.
EquaGen LLC will be the name of the joint venture. The six nuclear plants are to be spun off later this year.
(Reporting by Euan Rocha and Christopher Kaufman; Editing by Lisa Von Ahn and John Wallace)
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