Market Newsdesk

MIGDAL HAEMEK, Israel, April 28, 2021 /PRNewswire/ — Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the first quarter of 2021.

Highlights of the First Quarter of 2021

• Revenues of $57.4 million;
• GAAP gross margin of 50.5%; non-GAAP gross margin of 50.7%;
• GAAP operating income of $14.4 million (25.1% of revenue); non-GAAP operating income of $15.6 million (27.2% of revenue);
• GAAP net income of $13.4 million and non-GAAP net income of $14.6 million; and
• Positive operating cash flow of $2.7 million.

Forward-Looking Expectations

Management expects revenues for the second quarter to be between $63-65 million.

Based on orders in hand and business in the pipeline, management believes the positive momentum will continue into the third quarter.

Management Comment

Rafi Amit, Camtek’s CEO, commented, “High demand in our markets, the excellent performance of our systems and the strong position that Camtek has gained in the market, are allowing us to continue to demonstrate record financial performance quarter after quarter.

“Our growth in profitability is a result of the rapid increase in sales and a favorable product mix. Camtek is strongly positioned in the market and, as things stand today, 2021 is expected to be a record year in sales, growth and profitability.”

First Quarter 2021 Financial Results

Revenues for the first quarter of 2021 were $57.4 million, an increase of 90% compared with the first quarter of 2020.  

Gross profit on a GAAP basis in the quarter totaled $29.0 million (50.5% of revenues), compared to a gross profit of $13.6 million (44.9% of revenues) in the first quarter of 2020. Gross profit on a non-GAAP basis in the quarter totaled $29.1 million (50.7% of revenues), compared to $13.6 million (45.2% of revenues) in the first quarter of 2020. The increase in the gross margin was due to higher revenue and a more favorable product mix in the quarter.

Operating profit on a GAAP basis in the quarter totaled $14.4 million (25.1% of revenues), compared to an operating profit of $2.9 million (9.5% of revenues) in the first quarter of 2020. Operating profit on a non-GAAP basis in the quarter totaled $15.6 million (27.2% of revenues), compared to $3.7 million (12.2% of revenues) in the first quarter of 2020.

Net income on a GAAP basis in the quarter totaled $13.4 million, or $0.30 per diluted share, compared to net income of $2.8 million, or $0.07 per diluted share, in the first quarter of 2020. Net income on a non-GAAP basis in the quarter totaled $14.6 million, or $0.33 per diluted share, compared to non-GAAP net income of $3.6 million, or $0.09 per diluted share, in the first quarter of 2020. 

Cash and cash equivalents and short-term deposits, as of March 31, 2021 were $169.9 million compared to $177.8 million as of December 31, 2020. In addition, there were $10.0 in long-term deposits. During the quarter, Camtek generated $2.7 million in operating cash flow.

Conference Call

Camtek will host a video conference call/webinar today via Zoom, April 28, 2021, at 9:00 am ET (16:00 Israel time).

Rafi Amit, CEO, Moshe Eisenberg, CFO and Ramy Langer, COO will host the call and will be available to answer questions after presenting the results.

To participate in the video call please use the following link:
https://zoom.us/webinar/register/2716190805690/WN_jC8KnSCPRKqVZ2EOS4PPsw  

For those wishing to listen via phone, please dial: +1-301-715-8592 (United States) or +972 3 978 6688 (Israel) with meeting ID 956 8662 6048. For other dial in numbers, please visit: https://zoom.us/zoomconference.

For those unable to participate, a recording will be available on Camtek’s website at http://www.camtek.com  the day after the call.

A summary presentation of the quarterly results will also be available on Camtek’s website.

ABOUT CAMTEK LTD.

Camtek is a leading developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry.

Camtek’s systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end, and up to the beginning of assembly (Post Dicing).

Camtek’s systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Memory, CMOS Image Sensors, MEMS and RF, serving the industry’s leading global IDMs, OSATs and foundries.

Camtek’s world-class sales and customer support infrastructure is organized around eight subsidiaries based in the US, Europe, Japan, China, Hong Kong, Taiwan, Korea and Singapore.

This press release is available at www.camtek.com 

This press release contains projections or other statements that constitute “forward-looking statements” within the meaning of the Securities Act of 1933, as amended
,
 the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
 Such forward-looking statements are only predictions that are based on the current beliefs, expectations and assumptions of Camtek’s management about Camtek’s business, financial condition, results of operations, market trends and other issues addressed or reflected therein, only as of the date they are made. Although we believe that the predictions reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations therefrom will not be material.  We do not assume any obligation to update that information, except as required by law. Examples of forward-looking statements include: projections of demand, revenues, net income, growth prospects, cost assumptions and other financial and market matters. You may identify these and other forward-looking statements by the use of words such as “may”, “plans”, “anticipates”, “believes”, “estimates”, “targets”, “expects”, “intends”, “potential” or the negative of such terms, or other comparable terminology, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to risks and uncertainties that may cause actual events or results to differ materially from those projected, including, but not limited to, as a result of the effects of general economic conditions; the effect of the COVID-19 pandemic on the global markets and on the markets in which we operate, including the risk of a continued disruption to our and our customers’, providers’, business partners’ and contractors’ business; the risks relating to the concentration of a significant portion of Camtek’s expected business in certain countries, particularly China, from which we expect to generate significant portion of our revenues for the
coming few quarters
, as well as Taiwan and Korea, including the risks of deviations from our expectations regarding timing and size of orders from customers in these countries; changing industry and market trends; reduced demand for our products; the timely development of our new products and their adoption by the market; increased competition in the industry; price reductions; as well as other risks identified in our Annual Report on Form 20-F and other documents filed by Camtek with the SEC.

This press release provides financial measures that exclude share based compensation expenses and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors.
A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release.

 

 

 

 

 

 

 

 

 

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SOURCE Camtek Ltd

BOGOTA, Colombia, April 28, 2021 /PRNewswire/ — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) (“Ecopetrol” or the “Company) announces that on May 4, 2021 after market close, it will release its financial and operating results for the first quarter of 2021.

On Wednesday, May 5, 2021 Ecopetrol’s senior management will host two conference calls to review the results, one in Spanish and one in English. Please find below the timing, dial-in and links to access the conferences:

To access the webcast, the following links will be available:

Spanish:
https://onlinexperiences.com/Launch/QReg/ShowUUID=5D9E40E9-246F-48AA-ABBB-B3E25936794C&LangLocaleID=1034

English:
https://onlinexperiences.com/Launch/QReg/ShowUUID=A4741152-CD45-40C1-A673-832DFB1FFB25

To ask a question, you will need to access the conference through the telephone lines specified at the top of this release. 

Participants from different countries may look for different international numbers to the ones mentioned above by consulting the following link:

http://web.meetme.net/r.aspx?p=12&a=UAruEfLpOQMmBM

The earnings release, slide presentation, live webcast and recording of the conference call will be available on Ecopetrol’s website: www.ecopetrol.com.co.

Please verify in advance the proper operation of the webcast in your browser. We recommend the use of the latest versions of Internet Explorer, Google Chrome and Mozilla Firefox.

Ecopetrol is Colombia’s largest firm and is an integrated oil company that is among the 50 largest in the world and the four largest in Latin America. In addition to Colombia, where it generates over 60% of the country’s production, it is active in exploration and production in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol operates the largest refinery in Colombia, most of the country’s oil-pipeline and polyduct network and is significantly increasing its share of bio-fuels. This press release contains statements relating to business prospects, estimates of operating and financial results, and Ecopetrol’s growth prospects. All are projections, and therefore are based solely on management’s expectations of the company’s future and its continuous access to capital to finance its sales plan. Achieving these estimates in the future depends on its performance under given market conditions, regulations, competition, the performance of the Colombian economy and industry, and other factors; therefore, they are subject to change without prior notice.

For further details, please contact:

Head of Capital Markets

Tatiana Uribe Benninghoff

Phone: +571-234-5190
Email: [email protected]

Media Engagement (Colombia)

Jorge Mauricio Tellez

Phone: + 571-234-4329
Email: [email protected]

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SOURCE Ecopetrol S.A.

LAS VEGAS, April 28, 2021 /PRNewswire/ — GNCC Capital, Inc. (GNCP.PK) (“The Company” or “GNCC”) has elected to set out its immediate objectives and business planning given that our shareholders have been patiently awaiting updates. We will keep this brief and to the point. More detailed information will be provided on a going forward basis. Our upcoming Annual Chairman’s Letter will address all other business matters.

For what is now in excess of three months, we have been operating under vastly different circumstances given our stock price and its liquidity. This has led to multiple unsolicited offers and deal proposals but most importantly; has placed us in the position to raise cash and on reasonable terms.

In respect of our interests in Gold and Silver Mining Exploration Claims, we are still exploring and in the process of finalizing a number of avenues, principally:-

• An immediate sale and the proceeds being distributed to our Shareholders in the form of a Dividend; and/or
• Expending cash on expanding our Claim Blocks, undertaking further exploration work and re-negotiating the terms under which we operate those Properties. This would be over the next two months. That in our opinion, would create a substantial increase in the value of our Properties, equating to a far higher sale price and larger Dividends to our Shareholders.

In August of 2020 and at the peak of Gold prices; we had already formulated a sale and Dividend plan, including the process and the timing. Your Directors remain very bullish on the prices of both Gold and Silver going forward and therefore recognize that timing is vital in order to extract maximum value for our shareholders.

A final decision as to our course of action will be taken very shortly.

Insofar as other business opportunities, we can confirm that we have received offers of not insignificant capital if we were to agree to acquire a business or businesses in either of the Cannabis, Lithium or Cryptocurrency Sectors.

Your Directors understand the Lithium business as it falls under our area of expertise. We are exploring a potential transaction; if it is feasible and the final terms are acceptable; yes, we would close any such deal(s). That is our preferred route at this point of time.

In respect of Cannabis, we are not experts by any means but have learnt enough from previous forays into the Sector. We would only agree to any such deal if the target Company is well established and has competent Management in place whom would continue to operate and grow the Company. It would have to be revenue producing, profitable and have not unreasonable Capex requirements. We have discussed this with Industry professionals are exploring possible acquisitions and within our criteria. We will immediately inform shareholders if we can agree upon a target acquisition. 

In respect of the “Cryptocurrency Sector”, we have reservations. We do not know nor understand that Sector and would prefer that it was operating in a regulated environment. That being said, we cannot ignore that major Banks, Financial Institutions, famed Fund Managers and Global Fintech companies have embraced and endorsed this asset class. To that end, we have retained a Consultant/Broker to examine various companies currently for sale in that Sector. If needs be, we would be prepared to step aside as Directors or become Non-Executive Directors; in order to facilitate any such acquisition in that Sector. We do not believe that we as Directors could add value to that area of business. Needless to say, we will act in the best interests of our shareholders and if any such deals currently on offer can be consummated; we would not act contrary to our shareholder interests. 

To summarize, our key objective is to finally unlock value for our shareholders and to provide the Company with an acquisition(s) that can provide (a) growth and be appealing to investors; and (b) stable sustainable sources of both revenue and profits.

Needless to say, we will be updating shareholders on an ongoing basis now.

Forward-Looking Statements:-

This press release may contain forward-looking statements. The words “believe,” “expect,” “should,” “intend,” “estimate,” “projects,” variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company’s current expectations and are subject to a number of risks, uncertainties and assumptions.

The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company’s filings, which are on file with the OTC Markets Group.

Contact Information:
GNCC CAPITAL, INC.

Telephone: (702) 990-0156
E Mail: [email protected]

Investor Relations Contact:

E Mail: [email protected]
Twitter: https://twitter.com/gncccapital

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SOURCE GNCC Capital, Inc.

NEW ORLEANS, April 28, 2021 /PRNewswire/ — Entergy Corporation (NYSE: ETR) reported first quarter 2021 earnings per share of $1.66 on an as-reported basis and $1.47 on an adjusted basis (non-GAAP). 

“We had a strong first quarter and our team successfully executed on several fronts,” said Entergy Chairman and Chief Executive Officer Leo Denault. “We reached settlements on several important issues, reducing risk, providing long-term clarity, and solidifying a clear path for our future growth. This enables us to continue to make investments in a cleaner generation fleet and a more reliable delivery system that benefit our customers and our communities, and that support the long-term growth of our business.”

Business highlights included the following:

• Entergy Louisiana, Entergy Arkansas, and Entergy Texas issued RFPs for up to 500, 300, and 200 megawatts of renewable resources, respectively.
• Entergy Arkansas resolved its formula rate plan, including a five-year extension.
• Entergy Louisiana reached an agreement on a three-year extension of its formula rate plan.
• Entergy Mississippi submitted its annual formula rate plan filing.
• Entergy Texas reached settlements on its TCRF and DCRF filings.
• Entergy and Holtec filed a joint settlement agreement among all parties with the NY PSC for the sale of Indian Point.
• Entergy and five other utilities formed the Electric Highway Coalition, a multi-state electric vehicle charging initiative.
• Entergy ranked among the top energy and utility companies on the 2021 Corporate Equality Index by the Human Rights Campaign Foundation.

 

Consolidated Results

For first quarter 2021, the company reported earnings of $335 million, or $1.66 per share, on an as-reported basis, and earnings of $297 million, or $1.47 per share, on an adjusted basis. This compared to first quarter 2020 earnings of $119 million, or 59 cents per share, on an as-reported basis, and earnings of $230 million, or $1.14 per share, on an adjusted basis.

Summary discussions by business are below. Additional details, including information on OCF by business, are provided in Appendix A. An analysis of quarterly variances by business is provided in Appendix B.

Business Segment Results

Utility

For first quarter 2021, the Utility business reported earnings attributable to Entergy Corporation of $357 million, or $1.77 per share, on both an as-reported and an adjusted basis. This compared to first quarter 2020 earnings of $320 million, or $1.59 per share, on both an as-reported and an adjusted basis. Drivers for the quarter included:

• higher retail sales volume, including the net effects of weather and COVID-19;
• the net effect of regulatory actions across the operating companies; and
• the reversal of a regulatory provision at E-AR for its 2019 netting adjustment, originally recorded in fourth quarter 2020.

These drivers were partially offset by:

• two income tax items recorded in first quarter 2020, which was partially offset at P&O;
• higher other O&M primarily due to higher nuclear and non-nuclear generation expenses; and
• higher depreciation and interest expenses.

Appendix C contains additional details on Utility financial and operating measures.

Parent & Other

For first quarter 2021, Parent & Other reported a loss attributable to Entergy Corporation of $(60 million), or (30) cents per share, on both an as-reported and an adjusted basis. This compared to a first quarter 2020 loss of $(90 million), or (45) cents per share, on both an as-reported and an adjusted basis. A primary driver was an income tax item recorded in first quarter 2020, which was partially offset at the Utility.

Entergy Wholesale Commodities

For first quarter 2021, EWC reported earnings attributable to Entergy Corporation of
$38 million, or 19 cents per share, on an as-reported basis. This compared to a first quarter 2020 loss attributable to Entergy Corporation of $(111 million), or (55) cents per share, on an as-reported basis. Drivers for the quarter included:

• performance of decommissioning trust funds; and
• lower operating expenses primarily due to the shutdown of Indian Point 2.

These drivers were partially offset by:

• lower revenue primarily due to the shutdown of Indian Point 2.

Appendix D contains additional details on EWC financial and operating measures, including reconciliation for non-GAAP EWC adjusted EBITDA.

Earnings Per Share Guidance

Entergy affirmed its 2021 adjusted EPS guidance range of $5.80 to $6.10. See webcast presentation for additional details.

The company has provided 2021 earnings guidance with regard to the non-GAAP measure of Entergy adjusted EPS. This measure excludes from the corresponding GAAP financial measure the effect of adjustments as described below under “Non-GAAP Financial Measures.” The company has not provided a reconciliation of such non-GAAP guidance to guidance presented on a GAAP basis because it cannot predict and quantify with a reasonable degree of confidence all of the adjustments that may occur during the period. One such adjustment will be the exclusion of EWC earnings from Entergy adjusted EPS. We currently estimate that the contribution of EWC to Entergy’s as-reported EPS will be approximately $(1.70) in 2021. This estimate is subject to substantial uncertainty due to, among other things, the potential effects of exiting the EWC business.

Earnings Teleconference

A teleconference will be held at 10:00 a.m. Central Time on Wednesday, April 28, 2021, to discuss Entergy’s quarterly earnings announcement and the company’s financial performance. The teleconference may be accessed by visiting Entergy’s website at www.entergy.com or by dialing 844-309-6569, conference ID 3529059, no more than 15 minutes prior to the start of the call. The webcast presentation is also posted to Entergy’s website concurrent with this news release, which was issued before market open on the day of the call. A replay of the teleconference will be available on Entergy’s website at www.entergy.com and by telephone. The telephone replay will be available through May 5, 2021, by dialing 855-859-2056, conference ID 3529059.

Entergy Corporation is an integrated energy company engaged in electric power production, transmission and retail distribution operations. Entergy delivers electricity to nearly 3 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy owns and operates one of the cleanest large-scale U.S. power generating fleets with approximately 30,000 megawatts of electric generating capacity, including 8,000 megawatts of nuclear power. Headquartered in New Orleans, Louisiana, Entergy has annual revenues of $10 billion and 13,400 employees.

Entergy Corporation’s common stock is listed on the New York Stock Exchange and NYSE Chicago under the symbol “ETR.”

Details regarding Entergy’s results of operations, regulatory proceedings, and other matters are available in this earnings release, a copy of which will be filed with the SEC, and the webcast presentation. Both documents are available on Entergy’s Investor Relations website at www.entergy.com/investor_relations.

Entergy maintains a web page as part of its Investor Relations website, entitled Regulatory and Other Information, which provides investors with key updates of certain regulatory proceedings and important milestones on the execution of its strategy. While some of this information may be considered material information, investors should not rely exclusively on this page for all relevant company information.

For definitions of certain operating measures, as well as GAAP and non-GAAP financial measures and abbreviations and acronyms used in the earnings release materials, see Appendix F.

Non-GAAP Financial Measures           

This news release contains non-GAAP financial measures, which are generally numerical measures of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Entergy has provided quantitative reconciliations within this news release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

Entergy reports earnings using the non-GAAP measure of Entergy adjusted earnings, which excludes the effect of certain “adjustments,” including the removal of the Entergy Wholesale Commodities segment in light of the company’s decision to exit the merchant power business. Adjustments are unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as the results of the EWC segment, significant tax items, and other items such as certain costs, expenses, or other specified items. In addition to reporting GAAP consolidated earnings on a per share basis, Entergy reports its adjusted earnings on a per share basis. These per share measures represent the applicable earnings amount divided by the diluted average number of common shares outstanding for the period.

Management uses the non-GAAP financial measures of adjusted earnings and adjusted earnings per share for, among other things, financial planning and analysis; reporting financial results to the board of directors, employees, stockholders, analysts, and investors; and internal evaluation of financial performance. Entergy believes that these non-GAAP financial measures provide useful information to investors in evaluating the ongoing results of Entergy’s business, comparing period to period results, and comparing Entergy’s financial performance to the financial performance of other companies in the utility sector.

Other non-GAAP measures, including adjusted EBITDA; adjusted ROE; adjusted ROE, excluding affiliate preferred; adjusted ROIC; gross liquidity; net liquidity; net liquidity, including storm escrows; debt to capital, excluding securitization debt; net debt to net capital, excluding securitization debt; parent debt to total debt, excluding securitization debt; FFO to debt, excluding securitization debt; and FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC, are measures Entergy uses internally for management and board discussions and to gauge the overall strength of its business. Entergy believes the above data provides useful information to investors in evaluating Entergy’s ongoing financial results and flexibility, and assists investors in comparing Entergy’s credit and liquidity to the credit and liquidity of others in the utility sector. In addition, other financial measures including net income (or earnings) adjusted for preferred dividends and tax-effected interest expense and FFO are included on both an adjusted and an as-reported basis. In each case, the metrics defined as “adjusted” (other than EWC’s adjusted EBITDA) exclude the effect of adjustments as defined above. EWC’s adjusted EBITDA represents EWC’s earnings before interest, taxes, and depreciation and amortization, and also excludes decommissioning expense.

These non-GAAP financial measures reflect an additional way of viewing aspects of Entergy’s operations that, when viewed with Entergy’s GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting Entergy’s business. These non-GAAP financial measures should not be used to the exclusion of GAAP financial measures. Investors are strongly encouraged to review Entergy’s consolidated financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Although certain of these measures are intended to assist investors in comparing Entergy’s performance to other companies in the utility sector, non-GAAP financial measures are not standardized; therefore, it might not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

Cautionary Note Regarding Forward-Looking Statements

In this news release, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, statements regarding Entergy’s 2021 earnings guidance; its current financial and operational outlooks; and other statements of Entergy’s plans, beliefs, or expectations included in this news release. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Forward-looking statements are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q, and Entergy’s other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans, and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with efforts to remediate the effects of major storms and recover related restoration costs; (d) risks associated with operating nuclear facilities, including plant relicensing, operating, and regulatory costs and risks; (e) changes in decommissioning trust fund values or earnings or in the timing or cost of decommissioning Entergy’s nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with executing on business strategies, including strategic transactions that Entergy or its subsidiaries may undertake and the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized; (h) effects of changes in federal, state, or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, or energy policies; (i) the effects of changes in commodity markets, capital markets, or economic conditions; (j) impacts from a terrorist attack, cybersecurity threats, data security breaches, or other attempts to disrupt Entergy’s business or operations, and/or other catastrophic events; (k) the direct and indirect impacts of the COVID-19 pandemic on Entergy and its customers; and (l) the effects of technological change, including the costs, pace of development and commercialization of new and emerging technologies.

First Quarter 2021 Earnings Release Appendices and Financial Statements

Appendices

A: Consolidated Results and Adjustments
B: Earnings Variance Analysis
C: Utility Financial and Operating Measures
D: EWC Financial and Operating Measures
E: Consolidated Financial Measures
F: Definitions and Abbreviations and Acronyms
G: Other GAAP to Non-GAAP Reconciliations

Financial Statements

Consolidating Balance Sheets
Consolidating Income Statements
Consolidated Cash Flow Statements

A: Consolidated Results and Adjustments
Appendix A-1 provides a comparative summary of consolidated earnings, including a reconciliation of as-reported earnings (GAAP) to adjusted earnings (non-GAAP).

See Appendix B for detailed earnings variance analysis.

Appendix A-2 provides a comparative summary of OCF, by business.

                                                 

OCF decreased quarter-over-quarter due primarily to the timing of fuel and purchased power cost recovery, primarily related to increased fuel costs from Winter Storm Uri, payments related to hurricane restoration (non-capital portion), and higher pension funding. Intercompany income tax payments contributed to the line of business variances but were immaterial at the consolidated level.

Appendix A-3 and Appendix A-4 list adjustments by business. Adjustments are included in as-reported earnings consistent with GAAP but are excluded from adjusted earnings. As a result, adjusted earnings is considered a non-GAAP measure.

 

 

B: Earnings Variance Analysis 
Appendix B-1 provides details of current quarter 2021 versus 2020 as-reported and adjusted earnings variance analysis for Utility, Parent & Other, and EWC.

C: Utility Financial and Operating Measures 
Appendix C provides comparative summaries of Utility operating and financial measures.

On a weather-adjusted basis billed retail sales decreased (1.6) percent, including the impacts from COVID-19. Residential billed sales increased 2.2 percent and commercial billed sales decreased (4.2) percent. Industrial billed sales volume decreased (3.0) percent reflecting lower sales to existing large and small customers, partially offset by continued growth from new/expansion customers.

D: EWC Financial and Operating Measures
Appendix D-1 provides a comparative summary of EWC adjusted EBITDA (non-GAAP).

Appendix D-2 provides a comparative summary of EWC operating and financial measures.

See the appendix in the webcast presentation for EWC hedging and price disclosures.

E: Consolidated Financial Measures
Appendix E provides comparative financial measures. Financial measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non-GAAP financial measures.

 

F: Definitions and Abbreviations and Acronyms
Appendix F-1 provides definitions of certain operating measures, as well as GAAP and non-GAAP financial measures.

 

Appendix F-2 explains abbreviations and acronyms used in the quarterly earnings materials.

 

G: Other GAAP to Non-GAAP Reconciliations
Appendix G-1, Appendix G-2, and Appendix G-3 provide reconciliations of various non-GAAP financial measures disclosed in this news release to their most comparable GAAP measure.

 

 

 

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SOURCE Entergy Corporation