We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
IDACORP (IDA) Beats on Q4 Earnings, Provides '17 Guidance
Read MoreHide Full Article
IDACORP, Inc. (IDA - Free Report) recorded operating earnings of 66 cents per share in the fourth quarter of 2016, beating the Zacks Consensus Estimate of 61 cents by 8.2%. Quarterly earnings were higher than the year-ago earnings of 63 cents.
The year-over-year improvement in earnings was due to Dec 2016 legal settlement relating to the California energy market proceedings.
The full-year 2016 earnings per share was $3.94 beating the Zacks Consensus Estimate of $3.89 by 1.3%. Further, earnings were higher than the year-ago earnings of $3.87 per share. Earnings were also within the 2016 earnings guidance range of $3.80 to $3.95 per diluted share.
Continued customer growth at Idaho Power increased operating income by $3.0 million, which was mostly offset by a $2.6 million decrease due to lower usage per customer in the fourth quarter of 2016 compared with the same period in 2015.
IDACORP's net income increased $1.4 million for the fourth quarter of 2016 compared with year-ago period. For the quarter, IDACORP’s subsidiary Idaho Power's net income decreased $2.6 million compared with last year, while net income from non-regulated subsidiaries increased IDACORP's net income by $4.0 million.
Looking Ahead
IDACORP expects 2017 earnings guidance in the range of $3.90–$4.05 per diluted share. The company expects operating and maintenance expense guidance for 2017 to be in the range of $345–$355 million.
American Electric Power Co., Inc. (AEP - Free Report) , another Zacks Rank #3 stock, reported fourth-quarter 2016 operating earnings of 67 cents per share, beating the Zacks Consensus Estimate of 55 cents by 21.8%.
Eversource Energy (ES - Free Report) reported fourth-quarter 2016 operating earnings of 72 cents per share lagging the Zacks Consensus Estimate of 75 cents by 4.0%.
Zacks Rank
IDACORP currently carries a Zacks Rank #3.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017?
Who wouldn't? Last year's market-beating Top 10 portfolio produced 5 double-digit winners. For example, oil and natural gas giant Pioneer Natural Resources and First Republic Bank racked up stellar gains of +44.9% and +44.3% respectively. Now a brand-new list for 2017 has been hand-picked from 4,400 companies covered by the Zacks Rank. See the 2017 Top 10 right now>>
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
IDACORP (IDA) Beats on Q4 Earnings, Provides '17 Guidance
IDACORP, Inc. (IDA - Free Report) recorded operating earnings of 66 cents per share in the fourth quarter of 2016, beating the Zacks Consensus Estimate of 61 cents by 8.2%. Quarterly earnings were higher than the year-ago earnings of 63 cents.
The year-over-year improvement in earnings was due to Dec 2016 legal settlement relating to the California energy market proceedings.
The full-year 2016 earnings per share was $3.94 beating the Zacks Consensus Estimate of $3.89 by 1.3%. Further, earnings were higher than the year-ago earnings of $3.87 per share. Earnings were also within the 2016 earnings guidance range of $3.80 to $3.95 per diluted share.
IDACORP, Inc. Price, Consensus and EPS Surprise
IDACORP, Inc. Price, Consensus and EPS Surprise | IDACORP, Inc. Quote
Highlight of the Release
Continued customer growth at Idaho Power increased operating income by $3.0 million, which was mostly offset by a $2.6 million decrease due to lower usage per customer in the fourth quarter of 2016 compared with the same period in 2015.
IDACORP's net income increased $1.4 million for the fourth quarter of 2016 compared with year-ago period. For the quarter, IDACORP’s subsidiary Idaho Power's net income decreased $2.6 million compared with last year, while net income from non-regulated subsidiaries increased IDACORP's net income by $4.0 million.
Looking Ahead
IDACORP expects 2017 earnings guidance in the range of $3.90–$4.05 per diluted share. The company expects operating and maintenance expense guidance for 2017 to be in the range of $345–$355 million.
Peer Releases
WEC Energy Group (WEC - Free Report) , a Zacks Rank #3 (Hold) stock, reported fourth-quarter 2016 adjusted earnings of 61 cents per share, a penny lower than both the Zacks Consensus Estimate and the year-ago figure of 62 cents. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
American Electric Power Co., Inc. (AEP - Free Report) , another Zacks Rank #3 stock, reported fourth-quarter 2016 operating earnings of 67 cents per share, beating the Zacks Consensus Estimate of 55 cents by 21.8%.
Eversource Energy (ES - Free Report) reported fourth-quarter 2016 operating earnings of 72 cents per share lagging the Zacks Consensus Estimate of 75 cents by 4.0%.
Zacks Rank
IDACORP currently carries a Zacks Rank #3.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017?
Who wouldn't? Last year's market-beating Top 10 portfolio produced 5 double-digit winners. For example, oil and natural gas giant Pioneer Natural Resources and First Republic Bank racked up stellar gains of +44.9% and +44.3% respectively. Now a brand-new list for 2017 has been hand-picked from 4,400 companies covered by the Zacks Rank. See the 2017 Top 10 right now>>