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IDACORP (IDA) Q3 Earnings Drop Y/Y, View Narrow

Zacks Equity Research

IDACORP, Inc. IDA reported third-quarter 2019 earnings of $1.78 per share, which declined 11.88% from the year-ago quarter’s figure of $2.02.

The year-over-year decline in earnings was caused by mild and rainy weather, which led to lower irrigation sales and reduced transmission revenues on a year-over-year basis.

Highlights of the Release

Operating income increased $5.5 million from the year-ago quarter’s level. The upside can be attributed to 2.6% rise in Idaho Power customers.

Net income in the quarter under review was $89.9 million, reflecting a 12% decline from $102.2 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 in the range of $4.40-$4.50 from earlier expectation of $4.35-$4.50. The mid-point of the revised guidance is $4.45, which is a penny less than the current Zacks Consensus Estimate of $4.46.

The company lowered its view for 2019 operating and maintenance expenses associated with Idaho Power in the range of $345-$355 million as a result of effective cost management.

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 Industry Releases

American Electric Power Company AEP delivered third-quarter 2019 earnings of $1.46 per share, which surpassed the Zacks Consensus Estimate of $1.33 by 9.77%.

Avangrid AGR delivered third-quarter 2019 earnings of 40 cents per share, which missed the Zacks Consensus Estimate of 51 cents by 21.57%.

NextEra Energy NEE delivered third-quarter 2019 earnings of $2.39 per share, which beat the Zacks Consensus Estimate of $2.27 by 5.29%.

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