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Entergy earnings up 19% in third quarter.

Entergy Corp. of New Orleans said third-quarter net income rose 19 percent and announced that it would spin off its nonutility nuclear business in the Northeast next year.

Earnings at the parent company of Entergy Arkansas rose to $461.2 million, or $2.30 a share, from $388.9 million, or $1.83 a share. Wail Street analysts expected earnings of $2.18 a share.

The company said third-quarter figures were helped by recent favorable regulatory actions and higher wholesale revenue.

Revenue rose 1 percent to $3.29 billion.

The announced spinoff will separate Entergys nonutility nuclear business from its regulated utility business.

The new firm will consist of the Pilgrim Nuclear Station at Plymouth, Mass., the James A. FitzPatrick and Indian Point Energy Center plants at Oswego and Buchanan. N.Y., the Palisades plant at Covert. Mich., the Vermont Yankee plant at Vernon. Vt., and a power marketing operation.

The new spinoff company, which would be 50 percent owned by Entergy, would have nearly 5,000 megawatts of generating capacity. After the spinoff, Entergy would be made up of five electric utility subsidiaries and a 50 percent stake in the new unit.

The company said it expects 2007 earnings to be between $5.40 and $5.70 a share and forecast 2008 earnings between $650 and $690 a share, excluding the costs of the spinoff.
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Title Annotation:Public Reports
Publication:Arkansas Business
Article Type:Financial report
Date:Nov 12, 2007
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