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IDACORP (IDA) Q1 Earnings Surpass Estimates, Improve Y/Y

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IDACORP, Inc. IDA reported first-quarter 2021 earnings of 89 cents per share, which surpassed the Zacks Consensus Estimate of 83 cents by 7.2%. The bottom line also improved 20.3% year over year.

The year-over-year improvement was due to an increase in transmission-related revenues from higher rates and colder weather in the southwest United States, offset by a slight decrease in commercial customer sales owing to the pandemic.

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 2.9% year over year for the 12 months ended Mar 31, 2021, which in turn boosted operating income for the first quarter. Customer growth boosted operating income by $3.7 million for first-quarter 2021 from the year-ago level.

Other O&M expenses were down $4.2 million from first-quarter 2020, partially due to a difference in the timing of cloud seeding activities and cost-savings initiatives at jointly-owned coal plants.

Colder weather in Idaho Power's service area contributed to 1% increased usage per residential customer for first-quarter 2021 than the prior-year quarter.

Guidance

IDACORP reiterated its 2021 earnings guidance in the range of $4.60-$4.80 per share. The metric was $4.60 per share in 2020. The Zacks Consensus Estimate for 2021 earnings is currently pegged at $4.77 per share. The company expects customer growth to persist in 2021 as residential and commercial customers continue to migrate to Idaho in search of better prospects.

Idaho Power’s capital expenditure for 2021 is expected in the range of $320-$330 million.

Zacks Rank

Currently, IDACORP has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Releases

NextEra Energy NEE reported first-quarter 2021 earnings per share of 67 cents, which beat the Zacks Consensus Estimate of 60 cents by 11.7%.

FirstEnergy Inc. FE reported first-quarter 2021 earnings per share of 69 cents, which beat the Zacks Consensus Estimate of 68 cents by 1.5%.

DTE Energy DTE reported first-quarter 2021 earnings per share of $2.44, which beat the Zacks Consensus Estimate of $2.16 by 12.3%.

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