Entergy sees up to $1.7 billion in costs to repair facilities damage from Hurricane Laura

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Entergy Corp. said Tuesday it expects total costs to repair or replace electrical facilities damaged by Hurricane Laura, which made landfall in near Cameron, Louisiana on Aug. 27. The majority of the costs, or about $1.25 billion to $1.4 billion, were incurred by Entergy Louisiana. The company said it expects 2020 utility revenue to be adversely affected, by about $35 million to $40 million, primarily due to power outages resulting from the hurricane. Meanwhile, the company affirmed its 2020 adjusted earnings per share guidance range of $5.45 to $5.75. The stock, which was still inactive in premarket trading, has dropped 20.8% year to date, while the SPDR Utilities Select Sector ETF has lost 10.8% and the S&P 500 has gained 1.6%.
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