By the OGJ Online Staff
HOUSTON, Apr. 3�Energy merchants Entergy Corp., Williams, and Dynegy Inc. said first quarter earnings will top forecasts.
Utility holding company Entergy Corp. Tuesday said first quarter earnings would be 10-15% higher than the best analysts' estimates but it left projections for the full year unchanged. Williams said it expects its first quarter results to be 65-75�/share, beating analysts projections of 38�/share.
Dynegy said it will earn about 40�/share for the first 3 months of the year, compared to the consensus estimate of 31�/share by analysts surveyed by First Call/Thomson Financial.
Tulsa-based Williams said the 5-cent increase from previous 2001 earnings guidance is primarily due to improved results in its energy trading activities and its natural gas exploration and production unit. With the spinoff of Williams Communications reported Mar. 30, that segment's first quarter financial results will be reported as discontinued operations, the company said. Williams said full year recurring earnings will be $1.75-$1.95/share.
New Orleans-based Entergy which reported the break up of a proposed $8 billion merger with FPL Group Inc. Monday did not offer specific details about its first quarter projections. On average analysts were expecting the company to earn 38�/share for the first quarter.
Entergy said it expects operational earnings for the full year 2001 to be in the range of $3-$3.20, unchanged from previously issued earnings guidance. On Monday, the company projected 2002 earnings of $3.30-$3.50 per share.
Houston-based Dynegy's wholesale power business in California and elsewhere will help the energy marketer beat earnings forecasts for the first quarter, the company said. The company said it continues to profit from energy price volatility and its electronic trading platform, which experienced more than $9 billion in transactions since its November launch.
Power generation operations are expected to exceed expectations due to higher nationwide asset utilization and the company's midstream liquids business is projected to report improved results due to higher prices and lower nonfuel costs, the company said. The transmission and distribution and communications segments are expected to be consistent with expectations, it reported.
Dynegy also raised its full year earnings forecast to $1.92-$1.97 per share, up from $1.80-$1.87/share. The current consensus estimate is $1.84/share.
