In a recent filing with the Securities and Exchange Commission, Entergy Corporation (NYSE:ETR)'s subsidiaries announced the appointment of new directors through written consent, forgoing the traditional meeting format. Entergy Arkansas, LLC, Entergy Louisiana, LLC, Entergy Mississippi, LLC, Entergy New Orleans, LLC, and Entergy Texas, Inc. all saw changes in their board of directors effective July 1, 2024.
The filings, dated July 2, 2024, revealed that the sole owner of the common membership interests of the respective Entergy subsidiaries, Entergy Utility Holding Company, LLC (EUHC), and Entergy Corporation, utilized their voting power to elect the new directors. These appointments are part of the companies' ongoing governance and leadership strategy.
For Entergy Arkansas, LLC, Kimberly A. Fontan, Laura R. Landreaux, Peter S. Norgeot, Jr., and Roderick K. West were elected as directors. Entergy Louisiana, LLC's board now includes Kimberly A. Fontan, Phillip R. May, Jr., Peter S. Norgeot, Jr., and Roderick K. West.
Entergy Mississippi, LLC has appointed Haley R. Fisackerly, Kimberly A. Fontan, Peter S. Norgeot, Jr., and Roderick K. West to its board. Entergy New Orleans, LLC's board will comprise Peter S. Norgeot, Jr., Deanna D. Rodriguez, and Roderick K. West.
Lastly, Entergy Texas, Inc. has elected Kimberly A. Fontan, Peter S. Norgeot, Jr., Eliecer Viamontes, and Roderick K. West as directors, with their terms set to commence on August 21, 2024. This date marks 40 days post-notification to the holders of Entergy Texas's preferred stock regarding the action taken by the common shareholder.
The executive vice president and general counsel of the Entergy subsidiaries, Marcus V. Brown, signed off on the SEC report, underscoring the formal and legal nature of these appointments.
In other recent news, Entergy Corporation has announced the election of new directors across its multiple subsidiaries. This development comes as part of a broader leadership restructuring within the group. The new directors, effective July 1, 2024, will serve in Entergy Arkansas, LLC, Entergy Louisiana, LLC, Entergy Mississippi, LLC, Entergy New Orleans, LLC, and Entergy Texas, Inc. Notably, the directors for Entergy Texas, Inc. will assume their positions on August 21, 2024.
InvestingPro Insights
As Entergy Corporation navigates through its governance and leadership strategies with the recent board appointments, the company's financial health remains a pivotal factor for investors and stakeholders. Entergy's revenue over the last twelve months as of Q1 2024 stood at $2.69 billion, demonstrating a slight decline of 0.42% in revenue growth. Despite this, the quarterly revenue growth shows a more optimistic picture with a 6.74% increase in Q1 2024. This indicates a potential rebound or seasonal strength in Entergy's operations.
The company's gross profit for the same period was substantial at $1.11 billion, with a strong gross profit margin of 41.51%. This margin is indicative of Entergy's ability to manage its cost of goods sold effectively and maintain profitability. Additionally, Entergy's operating income, adjusted EBIT, and EBITDA were reported at $491.29 million and $968.98 million respectively, with EBITDA experiencing a growth of 2.53%.
For investors interested in income, it's worth noting that the ex-date for Entergy's last dividend was May 31, 2024, and the stock's previous close was priced at $21.56. For those looking to delve deeper into Entergy's financials and explore further strategic insights, InvestingPro offers additional metrics and analysis. There are PRONEWS24 additional InvestingPro Tips available that can provide a comprehensive understanding of Entergy's financial position and future prospects. Remember to use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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