Executive Summary

As-reported EPS was $1.36 and adjusted EPS was $1.32, down year over year; management affirmed 2022 adjusted EPS guidance of $6.15–$6.45, citing favorable weather and higher-than-planned retail sales as supports .
Utility earnings were $340 million ($1.67/share) with headwinds from higher O&M, taxes, depreciation, and interest; EWC earnings fell on Indian Point 3 shutdown and lower NDT earnings .
Operating cash flow rose sharply to $538 million vs. $(50) million a year ago on higher customer collections, lower fuel/purchased power, lower pension contributions, and DOE proceeds, partially offset by higher storm restoration spending .
Strategic/regulatory catalysts included E-TX issuing securitization bonds to complete recovery of 2020 storm costs and selecting ≥400 MW from its 2021 solar RFP; E-AR/E-LA signaled 2,000 MW renewable RFPs .

What Went Well and What Went Wrong

What Went Well
- “Strong start for 2022” with favorable weather and higher retail sales; “ahead of schedule and solidly on track to achieve our 2022 objectives.” — CEO Leo Denault .
- Operating cash flow improved to $538M from $(50)M YoY on collections and lower fuel/purchased power; DOE litigation proceeds aided liquidity .
- Progress on renewables and grid resilience: E‑TX selected ≥400 MW from 2021 solar RFP; E‑LA completed $86M and $100M transmission upgrades; E‑AR filed for 250 MW Driver Solar .
What Went Wrong
- Consolidated EPS declined YoY: as-reported down $0.30 to $1.36; adjusted down $0.15 to $1.32 .
- Utility cost pressure: higher other O&M, taxes other than income taxes (ad valorem and franchise), depreciation (higher plant in service), and interest expense (higher debt balances) .
- EWC earnings decline driven by Indian Point 3 shutdown and absence of NDT earnings post-sale; lower other income and higher production costs per MWh .

Financial Results

Metric	Q1 2021	Q1 2022
As-reported EPS (Consolidated)	$1.66	$1.36
Adjusted EPS (Consolidated)	$1.47	$1.32
Utility EPS (as-reported/adjusted)	$1.77	$1.67
Parent & Other EPS (as-reported/adjusted)	$(0.30)	$(0.35)
EWC EPS (as-reported; excluded from adjusted)	$0.19	$0.04

Operating Cash Flow ($MM)	Q1 2021	Q1 2022
Utility	$(77)	$495
Parent & Other	$(22)	$(35)
EWC	$49	$78
Consolidated	$(50)	$538

EWC Adjusted EBITDA ($MM)	Q1 2021	Q1 2022
Adjusted EBITDA (non-GAAP)	$76	$51

Utility Retail Sales (GWh)	Q1 2021	Q1 2022
Residential	8,663	8,454
Commercial	6,111	6,271
Governmental	581	584
Industrial	11,738	12,496
Total retail	27,093	27,805
Wholesale	4,299	3,641
Total sales	31,392	31,446

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Adjusted EPS	FY 2022	$6.15–$6.45	$6.15–$6.45	Maintained
EWC EPS contribution (as-reported)	FY 2022	~$0.20 (estimate)	~$0.20 (estimate)	Maintained

Earnings Call Themes & Trends

Note: A Q1 2022 earnings call transcript for ETI-P was not available in the document set searched. The table below reflects themes explicitly discussed in the Q1 press release.

Topic	Previous Mentions (Q3–Q4 2021)	Current Period (Q1 2022)	Trend
Regulatory/Storm cost recovery	Not available	E‑TX issued securitization bonds; LPSC approved recovery/financing incl. $290M storm reserve and $1B escrow for Hurricane Ida; E‑NO pursuing $150M securitization	Positive execution
Renewables/Resource planning	Not available	E‑TX selected ≥400 MW solar from 2021 RFP; E‑AR filed 250 MW Driver Solar; E‑AR/E‑LA planning 2,000 MW renewable RFPs	Accelerating
Grid resilience investments	Not available	E‑LA completed $86M and $100M transmission upgrades	Improving
Retail sales/weather	Not available	Favorable weather and higher-than-planned retail sales supporting guidance	Supportive

Management Commentary

“We had a strong start for 2022 and continued to make important operational, strategic, and financial progress across the business… we are ahead of schedule and solidly on track to achieve our 2022 objectives.” — Leo Denault, Chairman & CEO .
Utility drivers: higher O&M, taxes other than income taxes, depreciation, and interest expense, partially offset by net regulatory actions across operating companies; higher common shares outstanding affected per-share results .
EWC drivers: lower revenue from IP3 shutdown; absence of NDT earnings post-sale; partially offset by lower O&M and decommissioning expense .

Q&A Highlights

A Q1 2022 Q&A transcript was not available in the documents searched; no specific Q&A highlights or clarifications can be provided from primary sources.

Estimates Context

Consensus estimates (EPS and revenue) from S&P Global for Q1 2022 could not be retrieved due to data limitations (“Daily Request Limit Exceeded”). As a result, comparisons to Wall Street consensus are unavailable at this time. Values would normally be retrieved from S&P Global.

Key Takeaways for Investors

Guidance intact: Affirmed 2022 adjusted EPS range ($6.15–$6.45) despite cost pressures, supported by favorable weather and retail sales .
Regulatory execution remains strong: E‑TX securitization bonds complete recovery of 2020 storm costs; additional storm cost recovery actions across operating companies bolster balance sheet flexibility .
Cash generation inflects: Significant OCF improvement YoY provides funding capacity for resilience and renewables initiatives .
Cost headwinds to monitor: Higher O&M, taxes, depreciation, and interest pressured Utility results; maintaining rate frameworks and cost discipline is key .
Portfolio transition continues: EWC earnings structurally lower post-IP3 exit; adjusted EPS excludes EWC, with ~$0.20 as-reported EPS contribution expected in 2022 .
Strategic growth: ≥400 MW of solar selected in Texas and 2,000 MW renewable RFPs planned in AR/LA point to medium-term decarbonization and capex visibility .

Sources and Search Notes

Q1 2022 earnings press release (8‑K exhibit) fully reviewed: Entergy reports first quarter earnings (April 27, 2022) .
ETI‑P additional 8‑Ks relate to securitization agreements and not quarterly earnings; earnings call transcript and other Q1 press releases for ETI‑P were not found in the document set searched –.
Prior two quarters’ ETI‑P earnings documents were not found; year-over-year comparisons are provided where available from Q1 press materials .

ENTERGY TEXAS, INC. (ETI-P)·Q1 2022 Earnings Summary