NEW ORLEANS — Entergy Corp. said its second-quarter net income dropped 55 percent, weighed down by higher expenses and absent a favorable tax ruling received during the prior-year period.
The New Orleans-based utility also said Tuesday that it is cutting about 800 jobs, or about 5 percent of its workforce of 15,000. Arkansas would lose about 165 jobs, Texas 115, New York 110 and Mississippi 80. Michigan and Vermont stand to lose about 30 each.
About 30 percent of the job cuts will be in Louisiana: Entergy spokesman Chanel Lagarde said about 160 jobs will be cut in the New Orleans area and another 80 elsewhere in the state.
The layoffs have begun and should be completed by the end of the year, Lagarde said.
Entergy says the job cuts are part of a reorganization plan aimed at saving $200 million to $250 million by 2016.
Entergy earned $163.7 million, or 92 cents per share, for the three months ended June 30. That compares with $365 million, or $2.06 per share, a year earlier.