U.S. Markets closed

IDACORP (IDA) Misses Q2 Earnings Estimates, Ups 2019 View

Zacks Equity Research

IDACORP, Inc. IDA reported second-quarter 2019 operating earnings of $1.05 per share, which lagged the Zacks Consensus Estimate of $1.17 by 10.2%. The reported earnings also declined 14.6% from the year-ago figure of $1.23 per share.

The year-over-year decline in earnings was due to unfavorable weather, which largely affected demand. This was marginally offset by customer growth and proper management of operating expenses.

Highlights of the release

Customer growth led to a year-over-year increase in IDACORP’s operating income by $4.2 million, as the number of Idaho Power customers grew 2.5% during the 12 months ended Jun 30.

Net income in the quarter under review was $53.2 million, reflecting a decline from $62.3 million recorded in the year-ago period.

IDACORP, Inc. Price, Consensus and EPS Surprise

IDACORP, Inc. Price, Consensus and EPS Surprise

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

Guidance

IDACORP revised its 2019 earnings guidance to the range of $4.35-$4.50 from earlier expectation of $4.30-$4.45. The mid-point of the revised guidance is $4.425, which is lower than the current Zacks Consensus Estimate of $4.46.

The company reiterated its view for 2019 operating and maintenance expenses associated with Idaho Power in the range of $350-$360 million.

Zacks Rank

Currently, IDACORP has a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Utility Releases

NextEra Energy, Inc. NEE reported second-quarter 2019 adjusted earnings of $2.35 per share, beating the Zacks Consensus Estimate of $2.28 by 3.1%.

Dominion Energy Inc. D reported second-quarter 2019 operating earnings of 77 cents per share, beating the Zacks Consensus Estimate of 75 cents by 2.6%.

Eversource Energy ES reported second-quarter 2019 operating earnings of 74 cents per share, beating the Zacks Consensus Estimate by a penny.  

Looking for Stocks with Skyrocketing Upside?

Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.

Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.

See the pot trades we're targeting>>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
NextEra Energy, Inc. (NEE) : Free Stock Analysis Report
 
Dominion Energy Inc. (D) : Free Stock Analysis Report
 
IDACORP, Inc. (IDA) : Free Stock Analysis Report
 
Eversource Energy (ES) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research