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IDACORP (IDA) Misses on Q2 Earnings, Tweaks 2022 EPS View

IDACORP, Inc. IDA reported second-quarter 2022 earnings of $1.27 per share, which lagged the Zacks Consensus Estimate of $1.41 by 9.9%. Earnings also dropped 7.9% year over year.

The year-over-year decline resulted from weather-related decreases in retail sales, the impacts of some scheduled plant maintenance and cost pressures from inflation. The headwinds were marginally offset by higher transmission wheeling revenues and continuous customer growth.

Total revenues in the second quarter were $358.7 million, down 0.4% year over year.

IDACORP, Inc. Price, Consensus and EPS Surprise

 

IDACORP, Inc. Price, Consensus and EPS Surprise
IDACORP, Inc. Price, Consensus and EPS Surprise

IDACORP, Inc. price-consensus-eps-surprise-chart | IDACORP, Inc. Quote

Highlights of the Release

Customer growth in the company’s service areas increased 2.6% year over year for the 12 months ended Jun 30, 2022, which, in turn, boosted the operating income by $2.7 million from the year-ago level.

Other operating and maintenance (O&M) expenses for second-quarter 2022 increased $12 million from the year-ago level due to maintenance activities at the Jim Bridger coal plant, the Langley Gulch natural gas plant, and the American Falls hydropower project.

Financial Update

IDACORP had cash and cash equivalents of $237.9 million as of Jun 30, 2022, up from $215.2 million as of Dec 31, 2021.

Long-term debt as of Jun 30, 2022, was $2,075.7 million compared with $2,000.6 million as of Dec 31, 2021.

Net cash provided from operating activities for the first half of 2022 was $155.9 million compared with $167.2 million in the year-ago period.

Guidance

IDACORP lifted the bottom end of its 2022 earnings guidance to $4.95-$5.05 per share from the earlier mentioned $4.85-$5.05. The Zacks Consensus Estimate for 2022 earnings is pegged at $5.00 per share, on par with the mid-point of the company’s guided range.

IDACORP’s primary subsidiary, Idaho Power, lifted the capital expenditure guidance for 2022 to $500-$520 million from the prior mentioned $480-$500 million.

Idaho Power is expected to add 5.0-6.0 MW of hydropower to its generation portfolio in 2022.

Zacks Rank

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

Other Releases

WEC Energy Group WEC delivered second-quarter 2022 earnings per share of 91 cents, which beat the Zacks Consensus Estimate of 86 cents by 5.8%.

The Zacks Consensus Estimate for WEC Energy’s 2022 earnings has gone up 0.3% in the past 60 days. WEC’s long-term earnings growth is pegged at 6.1%.

American Electric Power Company, Inc. AEP reported second-quarter 2022 operating earnings per share of $1.20, which beat the Zacks Consensus Estimate of $1.18 by 1.7%.

The Zacks Consensus Estimate for American Electric Power’s 2022 earnings has gone up 0.6% in the past 60 days. AEP’s long-term earnings growth is pegged at 6.2%.

NextEra Energy, Inc. NEE reported second-quarter 2022 adjusted earnings of 81 cents per share, which beat the Zacks Consensus Estimate of 75 cents by 8%.

The Zacks Consensus Estimate for NextEra Energy’s 2022 earnings has gone up 2.1% in the past 60 days. NEE’s long-term (three to five years) earnings growth is pegged at 9.3%.


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