IDACORP's (IDA) Q2 Earnings and Revenues Surpass Estimates
IDACORP, Inc. IDA reported second-quarter 2023 earnings of $1.22 per share, which surpassed the Zacks Consensus Estimate of $1.35 by 10.7%. The bottom line also improved by 6.3% year over year.
The year-over-year improvement is attributable to solid customer growth, a rate increase and lower maintenance expenses compared with the year-ago quarter.
Total Revenues
IDACORP's total revenues came in at $413.8 million, which surpassed the Zacks Consensus Estimate of $359 million by 15.3%. The top line improved by 15.4% from the year-ago quarter’s figure of $358.7 million.
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 2.1% year over year for the 12 months ended Jun 30, 2023, which in turn boosted operating income for the second quarter. Customer growth boosted operating income by $4.1 million from the year-ago level.
Total other O&M expenses in the second quarter of 2023 were $3.4 million lower than the second quarter of 2022, primarily due to lower expenses from scheduled cyclical plant maintenance projects compared with the same period in 2022.
Operating income was $82.3 million, up 1% year-over-year.
Financial Highlights
As of Jun 30, 2023, IDACORP had cash and cash equivalents of $134.8 million compared with $177.6 million as of Dec 31, 2022.
As of Jun 30, 2023, the company had long-term debt of $2,482.4 million compared with $2,194.1 million as of Dec 31, 2022.
Cash flow from operations amounted to $6.8 million in the first six months of 2023 compared with $155.9 million recorded a year ago.
Guidance
IDACORP reiterated its 2023 earnings guidance in the range of $4.95-$5.15 per share. The Zacks Consensus Estimate for 2023 earnings is currently pegged at $5.07 per share, higher than the midpoint of the guidance range of $5.05.
Idaho Power’s capital expenditure guidance for 2023 is in the range of $650-$700 million.
Idaho Power expects to add 6-7.5 MW of hydropower in 2023.
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
NextEra Energy, Inc. NEE released second-quarter 2023 adjusted earnings of 88 cents per share, which beat the Zacks Consensus Estimate of 83 cents by 6%.
The Zacks Consensus Estimate for NEE’s 2023 earnings is pegged at $3.11 per share, implying a year-over-year improvement of 7.2%.
FirstEnergy Corporation FE reported second-quarter 2023 operating earnings per share of 47 cents, which surpassed the Zacks Consensus Estimate of 46 cents by 2.17%.
The Zacks Consensus Estimate for FE’s 2023 earnings per share is pinned at $6.69, implying year-over-year growth of 4.9%.
Xcel Energy Inc. XEL reported second-quarter 2023 operating earnings of 52 cents per share, which missed the Zacks Consensus Estimate of 55 cents by 5.5%.
The Zacks Consensus Estimate for XEL’s 2023 earnings is pegged at $3.34 per share, implying a year-over-year improvement of 5.4%.
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