IDACORP's (IDA) Q3 Earnings Beat Estimates, 2023 View Raised
IDACORP, Inc. IDA reported third-quarter 2023 earnings of $2.07 per share, which surpassed the Zacks Consensus Estimate of $1.70 by 21.8%. The company reported earnings of $2.10 in the year-ago quarter.
Strong customer growth, productive regulatory outcomes and IDA’s focus on operating efficiently continue to support its performance.
Total Revenues
IDACORP's total revenues came in at $509.6 million, which lagged the Zacks Consensus Estimate of $552 million by 7.7%. The top line also decreased by 1.6% from the year-ago quarter’s figure of $518 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 by 2.3% year over year for the 12 months ended Sep 30, 2023, which in turn boosted operating income for the third quarter. Customer growth boosted operating income by $4.6 million from the year-ago level.
Total other O&M expenses in the third quarter of 2023 were $4.9 million, lower than the third quarter of 2022, primarily due to lower maintenance expenses at hydropower facilities and jointly-owned coal plants as a result of fewer planned maintenance projects, as well as the timing of regulatory deferrals.
Operating income was $125.7 million, down 1.6% year over year.
Financial Highlights
As of Sep 30, 2023, IDACORP had cash and cash equivalents of $445.5 million compared with $177.6 million as of Dec 31, 2022.
As of Sep 30, 2023, the company had long-term debt of $2,826.2 million compared with $2,194.1 million as of Dec 31, 2022.
Cash flow from operations amounted to $162.1 million in the first nine months of 2023 compared with $268.9 million recorded in the year-ago period.
Guidance
IDACORP raised the lower end of its 2023 earnings guidance in the range of $5.05-$5.15 from an earlier range of $4.95-$5.15 per share. The Zacks Consensus Estimate for 2023 earnings is currently pegged at $4.97 per share, lower than the midpoint of the guidance range of $5.10.
Idaho Power’s raised its capital expenditure guidance for 2023 is in the range of $675-$725 million from an earlier range of $650-$700 million.
Idaho Power expects to add 6.4-6.8 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 third-quarter 2023 adjusted earnings of 94 cents per share, which beat the Zacks Consensus Estimate of 86 cents by 9.3%.
The Zacks Consensus Estimate for NEE’s 2023 earnings is pinned at $3.12 per share, implying a year-over-year improvement of 7.6%. Long-term (three- to five-year) earnings growth of NEE is pegged at 8.18%.
CMS Energy Corp. CMS reported third-quarter 2023 adjusted earnings of 61 cents per share, which missed the Zacks Consensus Estimate of 63 cents by 3.2%.
The Zacks Consensus Estimate for CMS’ 2023 earnings is pinned at $3.10 per share, implying a year-over-year improvement of 7.3%. The long-term earnings growth of CMS is pegged at 7.5%.
FirstEnergy Corporation FE reported third-quarter 2023 operating earnings per share of 88 cents, which surpassed the Zacks Consensus Estimate of 85 cents by 3.5%.
The Zacks Consensus Estimate for FE’s 2023 earnings is pinned at $2.54 per share, implying a year-over-year improvement of 5.4%.
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
FirstEnergy Corporation (FE) : Free Stock Analysis Report
CMS Energy Corporation (CMS) : Free Stock Analysis Report
IDACORP, Inc. (IDA) : Free Stock Analysis Report
