NEW YORK (AP) — Power company Entergy said Wednesday that it expects its fourth-quarter net income to drop, hurt by the cost of closing its Vermont Yankee Nuclear Power Station.
Wall Street expected a steeper profit decline.
Entergy plans to shut down the Vermont Yankee plant at the end of 2014. Additionally, in December the company agreed to pay $10 million for economic development to help counteract the loss of some jobs at the plant. It will pay another $5.2 million to support clean energy projects.
The New Orleans-based company added that its utility earnings decreased because its income tax costs and other expenses rose.
Entergy expects to report net income of 81 cents per share, or 99 cents per share from operations, in the October-December quarter. In the fourth quarter of 2012, it reported profit of $1.66 per share, or $1.72 per share from operations.
Analysts expect profit of 73 cents per share, according to FactSet.
Entergy said it still expects to earn $4.60 to $5.40 per share from operations in 2014, in line with Wall Street's view.
The company will report fourth-quarter results on Feb. 11.
Entergy Corp. shares fell 62 cents, or 1 percent, to $61.37 in late morning trading.