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IDACORP (IDA) Beats on Q3 Earnings, 2016 Guidance Intact

IDACORP, Inc. IDA recorded operating earnings of $1.65 per share in the third quarter of 2016, beating the Zacks Consensus Estimate of $1.57 by 5.1%. Reported earnings also increased 13% year over year primarily on the back of a higher customer count in Idaho Power’s service area, partially offset by lower usage per customer due to below-average temperatures in the third quarter.

 

Total Revenue

Quarterly revenues came in at $372 million, marginally higher than the year-ago level of $369.2 million.

Highlight of the Release

Idaho Power, the primary subsidiary of IDACORP, witnessed 1.8% year-over-year growth in its customer base.

However, the increase in customer count was more than offset by a decline in sales volumes on a per-customer basis, which dented operating income by $4.1 million in the third quarter of 2016.

Net income in third-quarter 2016 was $83.1 million, up by $9.8 million from the year-ago quarter.

IDACORP INC Price, Consensus and EPS Surprise

 

IDACORP INC Price, Consensus and EPS Surprise | IDACORP INC Quote

2016 Guidance

IDACORP reiterated its 2016 earnings guidance in the range of $3.80 to $3.95 per diluted share.

The company has narrowed its operating and maintenance expense guidance for 2016 in the range of $345 million to $355 million, compared to the previous guidance of $350–$360 million.

Upcoming Utility Releases

American Electric Power AEP is set to report third-quarter 2016 results on Nov 1. The Zacks Consensus Estimate for the quarter stands at $1.20.

Duke Energy Corporation DUK is set to report third-quarter 2016 results on Nov 4. The Zacks Consensus Estimate for the quarter stands at $1.55.

PG&E Corporation PCG is set to report third-quarter 2016 results on Nov 4. The Zacks Consensus Estimate for the quarter stands at $1.17.

Zacks Rank

IDACORP Corp. currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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AMER ELEC PWR (AEP): Free Stock Analysis Report
 
DUKE ENERGY CP (DUK): Free Stock Analysis Report
 
PG&E CORP (PCG): Free Stock Analysis Report
 
IDACORP INC (IDA): Free Stock Analysis Report
 
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