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IDACORP (IDA) Q2 Earnings Surpass Estimates, 2021 View Up
IDACORP, Inc. (IDA - Free Report) reported second-quarter 2021 earnings of $1.38 per share, which surpassed the Zacks Consensus Estimate of $1.24 by 11.3%. The bottom line also improved 15.9% year over year.
The year-over-year improvement was due to strong sales growth across all customer classes and extreme heat across the western United States, which in turn led to record loads on Idaho Power’s systems.
Highlights of the Release
Customer growth in the company’s service areas increased 2.9% year over year for the 12 months ended Jun 30, 2021, which in turn boosted operating income for the second quarter. Customer growth boosted operating income by $3.9 million for second-quarter 2021 from the year-ago level.
Other O&M expenses were up $5.3 million from second-quarter 2020 due to the timing of carrying out certain maintenance projects at Idaho Power's jointly-owned thermal generation plants in 2021 instead of 2020.
IDACORP, Inc. Price, Consensus and EPS Surprise
IDACORP, Inc. price-consensus-eps-surprise-chart | IDACORP, Inc. Quote
Guidance
IDACORP increased its 2021 earnings guidance to the range of $4.70-$4.90 per share from the earlier projection of $4.60-$4.80. The metric was $4.60 per share in 2020. The Zacks Consensus Estimate for 2021 earnings is currently pegged at $4.82 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 #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate of 67 cents by 5.6%.
FirstEnergy Corporation (FE - Free Report) came up with second-quarter 2021 operating earnings of 59 cents per share, in line with the Zacks Consensus Estimate.
DTE Energy Company (DTE - Free Report) reported second-quarter 2021 operating earnings per share of $1.70, which beat the Zacks Consensus Estimate of $1.44 by 18.1%.