[Logo of Entergy] Entergy Corporation
639 Loyola Avenue
New Orleans, LA 70113
Exhibit 99.1
News
Release
Date: October 7, 2002
For Release: Immediate
Contact: Morgan Stewart (Media) Nancy Morovich (Investor Relations)
(504) 576-4238 (504) 576-5506
mstewa3@entergy.com nmorovi@entergy.com
Entergy Releases Third Quarter Earnings Guidance,
Increases 2002 Full-Year Guidance
New Orleans, La. - In accordance with Regulation FD, Entergy
Corporation (NYSE: ETR) today indicated that it expects to report
third quarter 2002 financial results of at least $1.45 in
operational earnings per share, including the impact of weather
which was milder than normal during the period. This level of
earnings exceeds the current First Call consensus estimate of $1.35
per share. In addition, Entergy increased its operational
earnings guidance for full year 2002 from the previous range of
$3.40 to $3.60 to the revised range of $3.60 to $3.70 per share and
reaffirmed its full year 2003 guidance at $3.75 to $3.95 per share.
Entergy noted that it expects Utility results to be improved
over third quarter 2001 due in part to higher sales volumes
reflecting continued improvement in the regional economy. Entergy
Nuclear is also expected to record increased results compared to
third quarter 2001 due to a full quarter's contribution from the
Indian Point 2 nuclear plant in Buchanan, N.Y., acquired in
September 2001, as well as two months of contribution from the
Vermont Yankee nuclear plant located near Brattleboro, VT.,
acquired in July 2002. Third quarter 2002 results at Energy
Commodity Services are expected to be comparable to the same
quarter a year ago when combined power and gas trading produced
very strong results. Third quarter 2002 earnings are expected to
benefit from increased profitability in trading across all products
including power, gas, and weather. Energy Commodity Services
includes the operations of Entergy-Koch, the company's provider of
wholesale energy marketing and trading services, and Entergy's non-
regulated wholesale assets. Results at Parent & Other are expected
to be improved compared to third quarter 2001 due to decreased
operating and interest expenses.
On an as reported basis, earnings for third quarter 2002 are
expected to be positively impacted by a special item of
approximately $0.10 per share. This special item is primarily
associated with a gain recorded on the sale of two development
projects in Spain.
Entergy raised its 2002 full year guidance to a range of $3.60
to $3.70 per share to reflect year to date disproportionate sharing
of income from the Entergy-Koch venture and the year to date impact
of weather. Entergy recorded substantially all of the partnership
income from the Entergy-Koch venture in the first and second
quarters of 2002, and is expected to again receive a
disproportionate share of income in the third quarter. Entergy
recorded $0.03 per share in operational earnings through second
quarter 2002 due to favorable weather, but expects milder than
normal temperatures during the third quarter to more than offset
this amount. Entergy's previously stated guidance for 2002 assumed
normal weather and a 50 percent share of income from Entergy-Koch.
Entergy's reaffirmed 2003 earnings guidance continues to be based
upon assumptions of normal weather and a 50 percent share of
Entergy-Koch partnership income.
A teleconference will be held on October 30, 2002, at 10:00
a.m. CST, and may be accessed by calling Premiere Conferencing at
(719) 457-2641 no more than 15 minutes prior to the start of the
call. The confirmation number is 737934. Internet users may also
access the teleconference and view presentation slides by visiting
Entergy's website at www.entergy.com/webcasts. For seven days
following the teleconference, a tape delay will be available and
may be accessed by dialing (719) 457-0820. The confirmation number
is the same.
Entergy Corporation, with annual revenues of nearly $10
billion, is a major integrated energy company engaged in power
production, distribution operations, and related diversified
services, with more than 15,000 employees. Entergy owns, manages,
or invests in power plants generating more than 30,000 megawatts of
electricity domestically and internationally, is the second largest
U.S. nuclear generator, and delivers electricity to about 2.6
million customers in portions of Arkansas, Louisiana, Mississippi,
and Texas. Through Entergy-Koch, L.P., it is also a leading
provider of wholesale energy marketing and trading services, as
well as an operator of natural gas pipeline and storage facilities.
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Additional investor information can be accessed online at
www.entergy.com/earnings
The following constitutes a "Safe Harbor" statement under the
Private Securities Litigation Reform Act of 1995: Investors are
cautioned that forward-looking statements contained in the
foregoing release with respect to the revenues, earnings,
performance, strategies, prospects and other aspects of the
business of Entergy Corporation may involve risks and
uncertainties. Actual events and results may, for a variety of
reasons, prove to be materially different from those indicated in
these forward-looking statements, estimates and projections.
Factors that could influence actual future outcomes include
regulatory decisions, the effects of changes in law, the evolution
of markets and competition, changes in accounting, weather, the
performance of generating units, fuel prices and availability,
financial markets, risks associated with businesses conducted in
foreign countries, changes in business plan, the presence of
competitors with greater financial resources and the impact of
competitive products and pricing; the effect of the Entergy
Corporation's policies, including the amount and rate of growth of
Entergy Corporation's expenses; the continued availability to
Entergy Corporation of adequate funding sources and changes in
interest rates; delays or difficulties in the production, delivery
or installation of products and the provision of services; and
various legal, regulatory and litigation risks. Entergy Corporation
undertakes no obligation to publicly update or revise any forward-
looking statements, whether as a result of new information, future
events or otherwise. For a more detailed discussion of some of the
foregoing risks and uncertainties, see Entergy Corporation's
filings with the Securities and Exchange Commission.