Entergy net income rises on hurricane tax ruling

Entergy net income rises on hurricane tax ruling
Entergy Corp.’s net income rose 16 percent in the second quarter after the power company received favorable tax terms on financing costs for fixing damage to lines and equipment caused by hurricanes Katrina and Rita.

The increase also reflected stronger sales to Entergy’s utility customers.

The New Orleans-based company reported Tuesday that its net income rose to $365 million, or $2.06 per share, for the three months ended June 30, up from $315.6 million, or $1.76 per share, a year ago.

Revenue fell 10 percent to $2.52 billion from $2.8 billion a year earlier. The decline was because of lower sales and lower prices for wholesale electricity.

AP
8/1/12