Ellington

NEW ORLEANS (AP) — Electric power company Entergy Corp. said today that its fourth-quarter net income nearly doubled helped by lower income tax expenses.

The New Orleans-based utility earned $296.3 million, or $1.66 per share, in the three months ended Dec. 31, up from $154.1 million, or 87 cents per share, in the same quarter last year.

Excluding one-time items, the company said it posted an adjusted profit of $1.72 per share for the recent quarter.

Analysts, on average, expected a profit of 95 cents per share on $3.15 billion in revenue, according to FactSet.

The company said profit at its utility business jumped 65 percent to $279.7 million, largely as a result of lower income tax expense stemming from a settlement with the Internal Revenue Service that was completed at the end of 2012.