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IDACORP (IDA) Beats on Q2 Earnings, Keeps 2016 Guidance
IDACORP, Inc. (IDA - Free Report) recorded operating earnings of $1.12 per share in the second quarter of 2016, beating the Zacks Consensus Estimate of 98 cents by 14.3%. Earnings were, however, down 14.5% year over year.
Improving economic conditions in its service territories and warmer temperatures were tailwinds. But they were offset by a change in the fixed cost adjustment mechanism.
Total Revenue
Quarterly revenues came in at $315.5 million, lower than the year-ago level of $336 million by 6.1%.
Highlight of the Release
Idaho Power, the primary subsidiary of IDACORP, registered a 1.8% year-over-year increase in its customer base.
However, the customer base expansion was more than offset by a decrease in sales volumes, on a per customer basis, lowering operating income by $9.0 million in the second quarter of 2016 compared with the second quarter of 2015.
Net income of the company in second-quarter 2016 was $56.2 million, down by $9.9 million from the year-ago quarter. The year over year decline was primarily due to the decrease in Idaho Power's operating income.
IDACORP INC Price, Consensus and EPS Surprise
IDACORP INC Price, Consensus and EPS Surprise | IDACORP INC Quote
2016 Guidance
IDACORP reiterated its 2016 earnings guidance in the range of $3.80 to $3.95 per diluted share.
The company also maintained its operating and maintenance expense guidance for 2016 in the range of $350 million to $360 million.
Other Utility Releases
CMS Energy Corp. (CMS - Free Report) reported second-quarter 2016 adjusted earnings per share of 45 cents, beating the Zacks Consensus Estimate of 35 cents by 28.6%.
American Electric Power Co. (AEP - Free Report) reported second-quarter 2016 operating earnings of 95 cents per share, beating the Zacks Consensus Estimate of 90 cents by 5.6%.
PG&E Corporation’s (PCG - Free Report) adjusted operating earnings per share of 66 cents in the second quarter of 2016 lagged the Zacks Consensus Estimate of 94 cents by 29.8%.
Zacks Rank
IDACORP Corp. currently carries a Zacks Rank #3 (Hold).
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