Posted: Oct 15, 2010 11:41 AM
Source: Associated Press
Power provider Entergy Corp., which is currently under federal investigation for its business practices, is expecting double-digit earnings growth.
Entergy announced Friday that they expect third-quarter earnings per share to grow 13 percent from the same period last year, which beats Wall Street's expectations. Entergy attributed the forecast to a boost from its utility and parent company operations as well as a share buyback plan.
The company is currently under investigation by the Justice Department over alleged anti-competitive practices in four states where it is a major power provider.
The investigation covers subsidiaries with a total of about 2.7 million customers: Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans and Entergy Texas. Also involved is Entergy Services Inc., which provides shared services to all of the utilities, such as engineering.
Entergy said in a regulatory filing this week that it is cooperating with the probe and believes its operations "have satisfied all applicable laws and regulations."