Layoffs could be on the horizon for Entergy

Entergy Corp. (NYSE: ETR) announced last Friday it is reorganizing to increase efficiencies, meaning layoffs could be looming for the company’s 15,000 employees, according to a report from the Barre Montpelier Times Argus.

A spokesperson for Entergy told the Times Argus in an email the company is expecting workforce reductions to be part of the cost-cutting initiative, but there are no currently no specifics regarding how many employees will be affected.

The announcement on reorganization came after an announcement earlier last week that the company’s quarterly earnings per share had been cut from $2.11 to $1, largely caused by income tax expense after a settlement with the Internal Revenue Service regarding storm cost financing in Louisiana, according to the Times Argus.

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