IDACORP (IDA) Beats Q3 Earnings Estimates, Raises Guidance
IDACORP, Inc. IDA reported third-quarter 2017 operating earnings of $1.80 per share, beating the Zacks Consensus Estimate of $1.66 by 8.4%. Quarterly earnings were up 9% from the year-ago figure of $1.65.
The company’s strong economic activity throughout the service area increased sales volumes for most customer classes. A warmer-than-normal summer led to increased sales to residential customers.
The company’s customer growth, higher sales volumes and declining operating and maintenance expenses contributed $7.5 million to net income.
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Total Revenues
IDACORP's net income totaled $90.6 million in the quarter, compared with $83.1 million in the year-ago quarter.
Guidance
IDACORP raised its 2017 earnings per share guidance to the range of $4.05-$4.15, from the previous band of $3.95-$4.05.
Peer Releases
NextEra Energy, Inc. NEE reported third-quarter 2017 adjusted earnings of $1.85 per share, beating the Zacks Consensus Estimate of $1.75 by 5.7%.
FirstEnergy Corporation FE reported third-quarter 2017 operating earnings of 97 cents per share, beating the Zacks Consensus Estimate of 86 cents by 12.8%.
Xcel Energy Inc. XEL recorded third-quarter 2017 operating earnings of 97 cents per share, beating the Zacks Consensus Estimate of 92 cents by 5.4%.
Zacks Rank
IDACORP 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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