ETR - Earnings call transcript Q1 2019

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Operator

Good day ladies and gentlemen, and welcome to the Entergy First Quarter 2019 Earnings Release Teleconference. At this time, all participants are in a listen-only mode. [Operator Instructions].

As a reminder, today’s conference call is being recorded. I’d now like to introduce your host for today’s conference, Mr. of President Vice Borde, Investor Relations. David go please ahead. Sir,

David Borde

you Thank us. morning, thank you. and for joining Good

these begin statements. with our follow-up. and will forward-looking financial can from everyone person Denault. slide will results. over call We Management I will ask the today management an In results who GAAP Relations And Actual CEO, Chairman non-GAAP materially In could certain than of request make Leo. included then be today's to and Leo statements. also discuss has the now Investor will and no questions, press section information. call, applicable Drew that to turn more one Marsh, effort which differ on CFO, we presentation, review both release comments to of will the forward-looking Reconciliations found accommodate from each And in our Entergy's measures are today's question one website.

Leo Denault

morning, We a earnings first Thank you, we $X.XX and everyone. reporting had to David, share. productive per the quarter of are adjusted today, year good and start

announced headwind, deliverable a Point an agreements was We to assets. We all agreement and to off track outlooks. milestone. firmly sell quarter longer remain full announcement, nuclear our shutdown now added Indian year post definitive have new weather While EWC's Holtec for this guidance, sale to of a we International. achieve our first every checked With and term on we of remaining key our we important

plant by year. of close month we to that the down on sale the this shut of end program and will We the plan

they the The exit business, to X business plants industry decommissioning is to and do in that way XXXX. complete the XXXX. leading opportunities of X our all the the benefits sale will expect only and so important, accelerating Indian and transaction from it's of future Palisades Point stakeholders on secure we but in sales shut a and The expertise not unit expected do drawing next they for and after year unit by Indian development third XXXX experience merchant in foundation We then the in segregation down orderly of shutdown are units in close timeline, regions. quarter the laying Point these decommissioning

We remain to secure are and on strong operations. safe grateful teams our nuclear who focused with finishing

Our oversight moving the to example employees returned by of commitment hard dedication. oversight normal X shining are a program. this to work, NRC and March, In baseline reactor agencies Column Pilgrim in Pilgrim

XXX key important quarter. utility pride Over also in exhibited last our two we executed organization. in and deliverables Pilgrim's employees resulting professionalism this the the years the milestone on for business, At

resources of We each plans megawatts for for a Texas continue be pursue in XXX solar requests to by and XXXX. two megawatt of Arkansas and utility is storage. expected facility our feature to Entergy and also issued our service facility. to largest Commission Arkansas have Entergy the resources. solar state Entergy commitment companies, by XXX This battery for proposals Arkansas The Service operating renewable to project approval the in will be solar the the Public owned facility first pending announced

solar including the beyond supply, biomass We fuel developing the energy currently just for important energy on and solutions in hydro, cost-effective environmental adoption over megawatts continue our an pleased XXX make provide distributed we their as can they are renewable projects customers. service of They are of technologies. progress We to renewable attributes. and resource resources diversity with advance have obvious

our resources just and We to meters. regulators continue economics are XXX our and RFPs. mentioned automated installment under the performance expand XXX that first from pending also solar use as are megawatt new and moving approval XXX that Arkansas megawatts service the regulatory approved area. projects have of I engage their been Texas renewable began January, have the forward, with megawatts of and of In improve, stakeholders we will And and to across we that

will our one three million million jurisdictions, savings. will Over identification, automated approximately years, to install and new in service activate across benefit customers plans meters with we with three new The customer XXXX. our enhanced faster the outage next meters meters cost

to It sustainably we scrap Additionally, manage that yielding bills. these energy can will us copper dismantled meters the and and recycled. help recycle usage removal. provide with will the lower And will meters customers be their their tools old aluminum be our after

residents two service commissioning on this phase over to in into station Our will Department years plant The after new value Quality at plant generated is out schedule. and quarter. Louisiana for of Environmental its local and New the build of budget a Charles air plant and resource through on to continue Mississippi, a In ensure St. be issued station our After is acquisition in gas activity power businesses. that customers. Construction placed be kicked Orleans projects permit. construction, the we power good little is of power work gear a the high final CCGT generating for chalked to station needed the modern natural remain its clean that expected much

issue time There to mechanical Our closing issue. may closing. allow the identified resolve diligence prior a to due may has that addressed is a need that to be possibility delayed be potential to

update benefit more system a a financial we impact. base efficient have Entergy know Mississippi's kicked in filings off with the the point, on this our call. will are will coming earnings weeks March and XXXX's XXth. of power for delay These and not making do was annual just We submitted few FRP, which in examples At rate investments material we customers. our the we'll We on of next our that foresee a provide an are sustainable

June. through working process in are and effective to rates new be We that expect

our We are this file Louisiana annual FRPs Arkansas also later preparing to in year. and

plan to next effect on year. have we new a we've rates Our this New remain formula is take track ongoing rate effective and summer case Orleans to rate and requested

combined the of with In consistent House, have to utility's which annual passed also Texas our in our and help be investment into other will legislation constructs, necessary At by that commission regulatory timely we've would base structures legislation rate will revenue and business benefit benefits. filing. with by the would on the lag could Senate. and Senate of Three generation the Committee was reduce to our rider These, in provide This which plan which generation in rate regulatory investment to jurisdictions, align the law, it legislation recover the made it than is allow addition, approximately our customers, formula passed XX% approve five reasonable are of and critical legislation to to be clarity a now customer steady full plans If desire signed burdensome and dividends. a and for considered Commerce jurisdiction. The investments provide more proposed the less timely generate recovery solidify success. earnings people with Entergy, mechanisms. growth allow to predictable our financial commitments case

business to and important. achieve for to tomorrow the workplace Our need prepare employees possible and make we retaining are talent our our developing today's of the and to needs objectives. Acquiring, it meet implement strategy

efforts won of Women's work As environments Department members and diversity mission our from part supportive validation of breaking the Business are Pro focus, of Reserve. These of employees, our Defense to and with to Enterprises create our communities our creates the for programs stakeholder employee Award growth In down National to Entergy. enable XXXX promote innovation Guard One It the The we this, report are good women award and recently for we value We recognition national Patria to the Award. proud illustrates of More. committed we for of presented world-class and serve. for America's titled, is National customers, businesses Corporations a The our prestigious Top recognizes how all recognized also When for owned were Freedom the for inclusion Women's businesses. serve again stakeholders, award efforts in Enterprise semifinalist needs the XXXX value and that owners. communities the barriers Equal and each supporting Entergy to Business of companies integrated all. we Council, once while Does annual awards released our

worldwide were our the on more that enable new solutions climate levels though, change our and Even customers Entergy our help XXXX, That XXXX. greenhouse more XX% indicates be a year emissions. greenhouse action taking of stabilizing to footprint make and employees XXXX. but build of to choice, we a dioxide electric XXXX, and of company will to do sees on providing drive not by to an year risk must communities. emit emissions XXXX. peers, commitment to that our and recognized leadership manage COX Then change. below that's social adopt as the makes carbon we to this consensus XXXX. as and announces commitment transformative our posed for for we with a report XXXX, technologies a evaluation In U.S. is as continues of that an every Entergy means us commit better, opportunities. customers outlines new and sustainability reduce responsibility capping as XXXX also opportunities is for conscience. current implement report, XXXX partner will utility climate effectively dioxide our emissions electricity analysis emissions skill issues. voluntarily upped the with industry unit and how XXXX, we technologies through of we of did In role addition successful by half them first through carbon reduce climate we leader relationships we that goal and Our among XXX dioxide XX% rate emissions Entergy's to at to new meeting gas why, the integrated one sets to Fortune the year a That reported that industry lives data to the in in scientific below released our to with that an their and imperative outlines extended to and broad climate reduce our carbon change emergence our in in Entergy's also us individualized generate responsibility the lowest rate we levels to address gas opportunity. new scenario in our This risks

securing commitments and tomorrow. effectively position us our while benefit sustainability actions stakeholders Our bright to today, a to

on continue strategy. our steady quarter track first XXXX year successful we the XXXX successful of another us. And of execution will for of be For

strategic is clear. Our and financial positions operating solid, and direction are our

We are sustainability. measures in of an critical leader industry

retail operate the in United rates fleets States. We have country lowest the scale we and cleanest in large the among the one of

will benefit in our of goals a our regulators. our service invest our compelling from strong Entergy we which on also to grow turn and investment. quarter We and is all our with of our more growth from for This who financial We employees, results. communities Drew, foundation the innovate makes I continue will the aligned now to first the in stakeholders. is of And will strategy territory. detail benefit industrial within long-term is this the over what call our provide

Andrew Marsh

you, everyone. Thank Good morning, Leo.

year earnings the quarter report business the track year officially reflect better Entergy As longer-term our firmly as meet a materials more are to to using starting a simpler Leo we and and adjusted and Today, our start nature said, to measure, first result. going and we our guidance disclosures forward of streamlined are are was full the productive our on outlook. to earnings

now Let's the turn numbers. to

see on adjusted Entergy basis. earnings a largely flat quarter-over-quarter. can were you Slide on per four, share As

primarily are utility and from Slide Arkansas, to the Turning of straightforward. the increased effective in Net Louisiana rate results Texas. revenue activity five,

Although year's lower bills. lower results to quarter customer tax which rate lower Partially to last one ago. included of effects regulatory rates charges, was reflected tax this is was unfavorable of the volume compared And customers. the return now in reform, year tax due the to benefits, that offsetting enactment the federal weather,

share results per now a higher on EWC's are results quarter excluded summarized first basis. from this a EWC Slide Entergy count six. quarter's reminder, adjusted share Finally, affected as on measure. is And our a

A funds. resulted driver offset the market was higher key increase. Vermont EWC's partly performance item, decommissioning from on for $X.XX than strong the were earnings year. Yankee prior The tax reported nuclear of quarter the sale the which trust As

$XXX $XX million a a leaving ago. EWC the operating seven excess of year $XXX ADIT well million, contribution I'd as Lower approximately to return of accounting by flow after to Before transaction EWC, through net provide shows The change the costs quarter unfavorable for cash expect driven XXXX. was unprotected the slightly effect decrease weather. from for as customers like positive XXXX Indian we parent still for partially cash that of to Slide the affirm million Point, offset from decrease. of the pension to

guidance We eight. which earnings summarized are Slide affirming on XXXX our financial outlooks, and are

in weather on experienced guidance. I we come mentioned, As around in track the midpoint to we of XXXX the Nevertheless, remain our quarter. unfavorable

as XX.X%. has credit Our the of are apparent to XX, This a shown total settlement debt the largely December. metrics of was in on portion the Slide due improved equity to forward

XX.X%, debt is returning $XXX million excess customers. Our FFO includes this ADIT effects to the of to unprotected of

EWC, exit XX%. this Excluding give items be certain related FFO and of would debt to back, our to

to or flow prepared improve expect debt, soon throughout successful us year. earnings below We meet next at first the targeted centric financial through normal to had as to foundations customer as We for a as and XX% predictable productive XXXX and remainder growth commitments see place the weather. to another deliver XXXX above to at FFO we our ranges quarter We in well investments. investment as assuming grade of committed cash for year as XX% steady The of dividends at in and quarter remain the maintaining debt our our and profile. total

team As and our and sustainable Leo all to and now stakeholders the to value ahead. our forward financial We're mentioned, the available look to questions. strategic direction Entergy clear. positions is opportunities for our continuing are answer create mission And our operating of solid is

Operator

[Operator Instructions].

the Our of Citigroup. Mehta comes from line first question with Praful

open. line is now Your

Praful Mehta

much. so Thanks Hi guys.

Leo Denault

Praful. morning How you doing? Good are

Praful Mehta

morning. Good

your down Is looks for the guide So, what's O&M that that original to I to is O&M question resumption guess, the that the first you helping the that bring $X.XX XXXX, for -- helping year and earnings from or maintain reduced earnings from the on $X.XX guide firstly keep it $X.XX. full now expectation like $X.XX?

Andrew Marsh

is the XXXX. to insurance But, among of have for That in includes other bit things, this it little quarter, had other in of expectation. maintain active into to efficiencies premiums. were other change Praful, rebates found timing we us the in and to billion operations couple it's we've good We refinancing able new expense. areas offsets enough led expectations a of interest since in that not and and lower our money that capture like Drew. and previous seen year, very rates Yes, some is helping we issuances early there were like versus is some interest also some $X.X to A out some periods a of our

year. maintain So what's things all those expectations the our combination are of us helping for the

Praful Mehta

you. Thanks, cash And front-loaded, Got out you the like XXXX? ADIT how flow of like fair secondly Drew. which operating then terms drop ADIT understanding it that That's on the the but is be the significant, in even it's will which helpful. year, sounds it primarily paid is driven within seems in by

Andrew Marsh

kind That's correct. a that's XX-month Yes, view. of

continue the on the cash the and see flow course kind to year. the would improve am And talking kind you do I to XX bit top XX-month and the on both so we operating measures month We of of see, quarters FFO our it be a continue year the down over see of the of would in view. course of trend rolling over

We return so customers. far, are the to of about our done with the cash, XX%

Praful Mehta

finally, Got Indian That's on super congrats you. helpful. then And Point.

the is there transaction clarify, hands the underperformance it to won't if primarily or buyer of decommissioning it wanted fair trust of trust really understand risk impact performance decommissioning to Just risk is where the the is the in now any the that economics?

Andrew Marsh

That's correct.

Praful Mehta

guys. thanks Okay, so great, much

Andrew Marsh

Thank you, Praful.

Operator

Angie with next Our comes from of the Storozynski question line Macquarie.

open. Your line is now

Angie Storozynski

longer-term I to a wanted ask question.

be some of So economics that tax consider subsidies improve. mean part so accelerating wind if solar the set those of actually of might CapEx? I some wouldn't mentioned you renewal you you spending wouldn't -- and increase assets given the

Leo Denault

that. us connection catch to the sorry, enough for wasn't I'm good

Angie Storozynski

you me Can now. hear

Leo Denault

little sounds Yes, better a yes.

Angie Storozynski

mentioned about CapEx? you was more some potentially consider given of forward the regulated I some become sort renewable your wondering once jurisdictions some going you power actually spending just sorry, your I'm consider this wouldn't do CapEx, renewable economic, subsidies that might there of is that accelerating more but of tax renewables the

Leo Denault

and I'm the plan and really timeframe most to see we got beyond be projects the the in accelerating into see it showing those, work this. acceleration end at not us of much. sure We've will these any of really in XXXX wouldn't that up would

and purpose where right So plan the the sense for they serve the resource make grid. economic

as playing which that to So to continues down come the it competes technology fully other as in characteristics should a with they well the bigger do resource evolve, and have. operational the expected type the prices see we of we for role it as plan resources

Andrew Marsh

rates, course cost our have it that each to just transactions. with process regulatory add, NCR, for of go of a and And little I’ll still associated projects of some through less these these we low make the economic

And at what point. bandwidth given clip, good pretty regulatory think so the a is I we think we're going this at

a something economics certainly Of if different. would at look course, step the took change, we

but So it, we're at like Leo not acceleration we said. looking anticipating are an

Analyst

you. Okay, thank

Leo Denault

Thank you.

Operator

Our next Research. Steve question Fleishman comes of from the line with Wolfe

open. is now line Your

Steve Fleishman

Good Hey, to the morning. about to of plan? your and addressed I little or know guidance impacts Leo, plan could it you the you a legislation could maybe your be more your -- bit what capital Texas this. of impactful talk kind

Rod West

Montgomery Steve, outlooks. it's as that us positive as it's material morning. providing our Texas in County. for while and not we Good commission, additional well the to tools enough the Rod. both Hey, legislation, really as The mind company is Keep change guidance think certainly beyond

So to our financial of enough change is the to answer question not your impact outlooks terms material in

Steve Fleishman

Okay.

Leo Denault

it our It's of aligns new rate the up that, more we from lot the a I'll would the That's risk benefit which Montgomery of reduction generation to it but anticipate to addition timing regulatory problematic add provide recovery. to going at efficient way sharing get It time for right. customers now, good every get than the a adding County, large or Steve. about that opportunity with space generation more the you benefit new a if start the customers little that around smaller like the regulatory case bit renewable fine approval. you same comes works something generating asset

Steve Fleishman

Okay. fixable mentioned, there issue the or And that could and there, then just a the acquire just is issue this -- the is risk to plan? just, you chapter investment is it you decide you not remind [ph] what a that is

Andrew Marsh

Drew. is This

there including there just is. vibrations things point, too we about and some know before have the $XXX able get we that fixable, At this the planned. planned and a close we probably we'll be don't believe Our know issue what transaction to some was upgrades long. other million and exactly things, other investment it's of are but to some We terribly

Steve Fleishman

Okay.

Okay, thank you.

Leo Denault

Thank you, Steve.

Operator

question next the Gordon line from comes Greg with of Our Evercore.

Your line is now open.

Greg Gordon

larger A or question you [Indiscernible].

Leo Denault

Yes can. we

Greg Gordon

have a larger these bigger I since for were specific you question, had picture I just questions answered. question Sorry,

to of or you of sort good current really look industries of demand climate case over guys seeing et evolving constantly view to sort like notably job -- of region of related the Like, base of your terms data economy expectations? of an guys know getting the are exposure in to inflation keeps absence what certain process do your better of, the concentrated have a with We I with is underlying a U.S. continues the types particularly try as risk in is either under petrochemicals, has country the demand to on the you here that on jurisdiction sensitive sort growth just macro economy underlying cetera. just that our economically being accelerate. your The of core thought growth. economic is

Andrew Marsh

Drew. is this Greg, Yes,

load at our continue positive look frankly. signs, we industry see to we As

nature our looking number and of NBP yes, example of are between picking -- green up for extremely Henry here Brent energy to commodity and low at prices spreads, be Hub so the competitive is on for just crack or Coast and spread versus geographic So oil, gas us. are continue Inventories of are a spreads, reasonable spreads, Gulf those as the economy industrial worldwide. indicators all a customers exports

us see as see opportunities not do much on alkali what so, Petrochem performer that an at new our includes we alkali strong we other current this continues and industrial been And confident look we new point forecast perspective. for is but market we and there space LNG And in tighter. core see, sub from And a new can we're very for can core very core what potential forward, to Petrochem, that and the metals LNG, alkali, is the things. in has in get space, based

industrial those gives of really thing expectations the sales well for to all us is may investments business last us or for create us, is in industrial and good operations So opportunity that distribution, investments. additional that opportunity that's it to while for bodes of whether all and investment for so us for important highlighted create incremental there ways, support industrial July, our headroom headroom customers as our within we new make those significant it's

Greg Gordon

Right. answer. morning. Thank you a for Have the detailed great

Andrew Marsh

Greg. Thanks

Operator

Jonathan question the Arnold next Deutsche Our with Bank. comes from of line

line Your now is open.

Jonathan Arnold

Hey good morning, guys.

Leo Denault

Jonathan. morning, Good

Jonathan Arnold

just some Pilgrim I matters us going a There transfer? could inquire; locally but just hoping on you with things sort lot what update can Can for the of through us. for are around how give an noise the cut quite -- you of discussions been has

Chris Bakken

Bakken. Chris is This

Leo transaction As expect end year. the we of before to said, do close the the

following very we are application maintain the lead issues that we're the can schedule. confident license other to closely We that and and closure transfer

Jonathan Arnold

Okay.

at as And this so approval state push concern the not point? see level, that kind you these or for at a do an of

Chris Bakken

work the I it's that state can isn't approval required we just think are confident quite in that. any through seeking. we we're Jonathan, NRC Massachusetts there

Jonathan Arnold

I. Right pushing some know, noise something. so of people heard but I kind I’ve to have

process approval views being policymakers as to and as formulaic and move local to think hear then into comment or see you don't gain the considerations going similar, any So this regarding some around proposed New you Indian give momentum. of to sort is about think to it's York elsewhere to sufficiently I good there what similar you that think it you special the on can you've reasonably that's Point just us, timing? that And

Leo Denault

too out and Yes, there. the what's thing From still do but to I'll particular with process one. in be figure and there, this pretty Holtec Well, perspective straightforward. be to early answer it's should the of I tell course, state the what working NRC's be early will exactly required the think to best it we'll

Jonathan Arnold

And Okay. for Thank thanks you. the update.

Andrew Marsh

Thank you.

Leo Denault

Thanks Jonathan.

Operator

Dumoulin-Smith comes question of from the of next Bank Our with America. Julien line

Your line open. is now

Julien Dumoulin-Smith

good Hey, me? you Can morning. hear

Andrew Marsh

Yes. Julien. Good morning,

Julien Dumoulin-Smith

about good I but a it the there, progress come over what lot on of few questions obviously, Thank ability perhaps, Texas at how impact? do of earned legislation back legislation -- side wanted you leaving think benefit morning. how Texas year-over-year both wanted the your but next bit about subsidiary the Excellent, potential already, ROE, cadence understand aside earn you you. the little the to think about just puts been good to And to the itself, takes and the here, the to as the puts A the of itself, think legislative asked making takes just and given you ROEs years?

Rod West

Rod. it's Hey,

in that of important reason keep the think legislature, it's our part Texas. timing the performance of existing mind, I rate in does still Texas’s we filing in case terms the proposed not it large process in outlook negotiations that at suggesting case the note why the because the change or midst legislation, in of of rate

have more formulaic such objection rather over last allowed Texas the distribution recovery ROE that to with recovery of as several in us some reduce years made to, we objective as the Texas -- Leo rider, through closer cost rate the improve earning the moving So, our headway risk mechanism. transmission other of jurisdictions mentioned likelihood the the to rider, cost mechanisms

direction sustain in risk and view allowed right reducing the our a as to our in Texas, improving ROE. earn the proposed the we So, of rider and ability step

change structurally, So, it's not our it's material while enough for outlook. us accretive to

that putting So appropriate. in some context, think rider I is

Julien Dumoulin-Smith

it. Got

Andrew's Thank you fair elsewhere, you. And turning clarifications, actually, a if can back to quick then wanted Okay, just enough. question.

your I evaluating the simply opportunities it's Arkansas, to to you're make want doesn't some jive solar you for remarks respect the because contrast Again made. around principally sure expiration rather understand you're in renewable efforts that the prepared of in think I perhaps instance. just own with right, to in efforts, than but I I understand timing side, element PPC just if AEP's resources type wind,

Rod West

bit already in particular, have up Well, certainly, we a Arkansas, quite project have wind in the we and running. happening

other one that of and the materials another we've proposed then in that's listed more in detail have ones have today. all We the we course, out

started are will it's that's focused various continue still renewable to jurisdictions. we open we If we the economic accelerate would renewables, of on to is thing. production more to keep I through move thought and was right become or XXXX credits all of said tax very eye that. us window I look a Like much we megawatts things. mean, on that quite to an bit the on So for the earlier, investment certainly, the our if

Julien Dumoulin-Smith

Got it. Excellent.

Andrew Marsh

including And with be they resource just experience. with the system interact get system, these environmental on to plan we benefits the fit how we life have some to including the in experience real needs put the fitting we clear, just they when the they’re – meet just and to in, that obviously fact that

in much So bid can. we're as it we our to moving through a as benefit thoughtfully customers

Julien Dumoulin-Smith

understood. Right, you Thank for clarifying.

Andrew Marsh

Julien. you, Thank

Operator

the Charles line question of Fishman And Research. from last our comes MorningStar with

open. now is line Your

Charles Fishman

as in the opening Thank fourth regularly that does you. Leo, mentioned will you review dividend quarter. annual occur remarks it in your

half range. based payout your in should your of bottom be ratio, guidance on the Your

right this You have endpoint a trajectory some now CapEx your of the the the behind Does generation bulk then downward Board put respect in you. risk of a or dividend for finally, with least has being completed. with position the the forgetting? to little realize there EPS to you rate, but growth closer do I have something the factors can't speak the in else is the Board, better of And got a bit am increase and I I the

Leo Denault

go a have the we your than the speak that dividend they not Board objective you, your kind the tell of plan capital I thing the dividend for few the That's I that this correct. say matched started to point, on over an that. is I'll had increases you're is long at can't necessarily we and earnings got One target. why get closely our would just into years. ratio is through. that where before more Well, forward last true that point Obviously, payout growth, impact to in tax discussion reduction. but process reforms Certainly, we

If capital billion the three plan to that you go about over back XXXX to the $X three was year XXXX period, timeframe, our years.

I the billion. think today the one in $XX.X is presentation

able So timeframe, maintain we've States. low in [ph] while CapEx United in it's of straights the doubling some a been to that

So, behalf technology levels bills lower opportunity would attractive manage low keep to are if invest the our we of price, a to more with of continue service rate can level at higher us that business on we customers they our gives continue to the the improve objective. that's as to to anticipate, customers as

is So, where piece should the think necessarily be would trending direction. discussion downward correct, your be it would going I in fact, not of CapEx that other

those all So will into come consideration. things

objective earnings will and on opportunities we'll growing view that associated them, where it. something see take on get look dividend right is the be You're it we we the to them. the to the Board growth in capital range, earnings But, the where and factors that point closely with year normally where within our it where growth come going up that is into match, budget, are that more point the with actually of for our refreshes it's will up play

Andrew Marsh

time grow. get you be was that to to what it to clarify that know anticipating Drew, showed declined continue around at Day, so that what is we capital by we would our just we're said we July there we and expect though, out at plan Leo capital, the Analyst level not this And in a

Charles Fishman

the was RT&D. generation, D Yes, was my mistake I is looking your in going what up at that only

Andrew Marsh

meters, the platform have, which the automation, to but have in expect think over provide distribution this million peers grow we us investment going that into of years. Yes, we with invest to continue next like up the that the distribution already year, we will to to our automated begin all we opportunities several for a into

Charles Fishman

Okay, That's all thank I much. you very have.

Leo Denault

you, Thank Charles.

Operator

today's to to the closing And session. that question-and-answer remarks. for concludes David Borde call like back turn I'd

David Borde

participating everyone Liz this for and you, Thank morning. thanks

Accepted provide date our due of additional of annual statements. balance about that on that more Our and sheet financial we updates XX-Q to a statements XX page Investor with Entergy's the as report conditions provides XX-Q our would occurred is and of provides and details milestones on evidence Other of disclosures strategic SEC execution. be as that our date Also part prior Accounting in regulatory web existed Information, Relations and to in called reminder, on of the Form important financial a May proceedings the Events which accordance website Principles. our reflected Generally key at filing the Regulatory maintain

very much. of material relevant some considered page this exclusively not this be information, this call. information And should Thank for While information. rely company our concludes you you on may all

Operator

now for Ladies This participation you program the in Everyone have and thank great and today's you disconnect. conference. gentlemen, may day. concludes your a

Entergy (ETR) 1 May 192019 Q1 Earnings call transcript