IDACORP (IDA) Misses on Q4 Earnings, Expects to Add Clean Energy
IDACORP, Inc. IDA reported fourth-quarter 2021 earnings of 65 cents per share, which lagged the Zacks Consensus Estimate of 67 cents by 3%. The bottom line also dropped 12.2% year over year.
Operating earnings per share for 2021 were $4.85, up 3.4% year over year. Full-year earnings came within the guided range of $4.80-$4.90 per share. The year-over-year improvement is attributable to strong customer growth and higher weather-related usage per customer and transmission wheeling revenues.
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 2.8% year over year for the 12 months ended Dec 30, 2021, which in turn boosted operating income for the fourth quarter. Customer growth boosted operating income by $3.4 million from the year-ago level.
Other O&M expenses for 2021 were up $9.2 million from a year ago, owing to a return to the normal level of purchased services and maintenance costs compared with 2020, which was affected by the COVID-19 pandemic.
In 2021, IDACORP added 5.4 megawatt (MW) hydropower generation in its portfolio.
Guidance
IDACORP initiated its 2022 earnings guidance in the range of $4.85-$5.05 per share. The Zacks Consensus Estimate for 2022 earnings is currently pegged at $5.00 per share.
Idaho Power’s capital expenditure guidance for 2022 is in the range of $480-$500 million.
Idaho Power is expected to add 5.5-57.5 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.
Recent Releases
NextEra Energy NEE reported fourth-quarter 2021 operating earnings per share of 41 cents, which surpassed the Zacks Consensus Estimate of 40 cents by 2.5%.
NextEra Energy’s long-term (three to five) earnings growth is projected at 8.8%. The Zacks Consensus Estimate for NEE’s 2022 earnings indicates year-over-year growth of 8.6%.
Dominion Energy Inc. D reported fourth-quarter 2021 operating earnings of 90 cents per share, on par with the Zacks Consensus Estimate.
Dominion’s long-term earnings growth is projected at 6%. The Zacks Consensus Estimate for D’s 2022 earnings indicates a year-over-year decline of 6.7%.
Eversource Energy ES reported fourth-quarter 2021 operating earnings of 91 cents per share, which lagged the Zacks Consensus Estimate of 93 cents by 2.2%.
Eversource’s long-term earnings growth is projected at 6.2%. The Zacks Consensus Estimate for ES’ 2022 earnings indicates year-over-year growth of 6.5%.
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