Entergy Corporation (NYSE:ETR) Q2 2020 Earnings Conference Call - Final Transcript
Jul 29, 2020 • 11:00 am ET
Ladies and gentlemen, thank you for standing by and welcome to the Entergy Corporation Second Quarter 2020 Earnings Release and Teleconference. [Operator Instructions] I would now like to hand the conference over to your speaker today, David Borde, Vice President, Investor Relations.
Thank you. Please go ahead, sir.
Thank you. Good morning and thank you for joining us. We will begin today with comments from Entergy's Chairman and CEO, Leo Denault and then Drew Marsh, our CFO will review results.
In an effort to accommodate everyone who has questions, we request that each participant ask no more than one question and one follow-up. In today's call, management will make certain forward-looking statements. Actual results could differ materially from these forward-looking statements due to a number of factors which are set forth in our earnings release, our slide presentation and our SEC filings. Entergy does not assume any obligation to update these forward-looking statements. Management will also discuss non-GAAP financial information. Reconciliations to the applicable GAAP measures are included in today's press release and slide presentation, both of which can be found on the Investor Relations section of our website. And now I will turn the call over to Leo.
Thank you, David. And good morning, everyone. Thank you for joining us. To-date we are reporting strong second quarter results for a $1.37 adjusted earnings per share. Sales in the quarter were better than we expected. We are on track to achieve our $100 million O&M cost savings target for the year and our capital plan is unchanged. With these results, we are affirming our full-year guidance, our longer-term outlooks and our dividend growth aspirations.
As you all know, the COVID-19 pandemic is placed a burden on our customers, employees and communities. We believe it is part of our mission in powering life to do all that we can to support our stakeholders, as we all work to recover from its effects. Despite these extraordinary times, 2020 is on pace to be another year of significant accomplishments for Entergy. This quarter, we've made progress on multiple fronts, all of which will benefit our stakeholders. We completed Phase 2 of the Western Region economic transmission project. The New Orleans Power Station came online. The Public Utility Commission of Texas finalized its rule making for generation rider. The Mississippi Public Service Commission approved Entergy Mississippi's Formula Rate Plan filing. Entergy Arkansas and Entergy Louisiana, each filed their annual Formula Rate Plans and we requested extensions of these mechanisms. And Entergy Louisiana issued a request for proposal for up to 300 megawatts of new renewable resources. And more importantly, we continue to successfully manage the effects of our investment on customer rates.
According to an S&P Global Market Intelligence Study published earlier this month, in 2019, Entergy provided power to retail customers at the second-lowest average price of the major investor-owned utilities in the United States, something we are very proud of. The COVID-19 pandemic continues to affect all of us across the country. As