IDACORP, Inc. (IDA - Free Report) reported fourth-quarter 2022 earnings of 83 cents per share, which surpassed the Zacks Consensus Estimate of 80 cents by 3.8%. A growth in customers and an increase in weather-related retail and transmission revenues improved earnings by 27.7% year over year.
Operating earnings in 2022 were $5.11 per share, up 5.4% from $4.85 per share in 2021. IDACORP’s 2022 earnings were within its earnings guidance of $5.05-$5.15 per share.
Total Revenues
Total revenues in the fourth quarter were $423 million, up 17.3% year over year.
Total revenues of 2022 were $1,643.9 million, up from $1,458.1 million reported in 2021.
Highlights of the Release
Customer growth in Idaho Power’s service areas increased 2.4% year over year for the 12 months ended Dec 31, 2022, which, in turn, boosted the operating income by $2.7 million in fourth-quarter from the year-ago level.
Other operating and maintenance (O&M) expenses for fourth-quarter 2022 increased by $6.6 million from the year-ago level due to inflationary pressures on labor-related costs, professional services, vehicle fuel and supplies and to a lesser extent, the timing of performance-based variable compensation accrual.
Financial Update
IDACORP had cash and cash equivalents of $177.6 million as of Dec 31, 2022, up from $215.2 million as of Dec 31, 2021.
Long-term debt as of Dec 31, 2022 was $2,194.2 million compared with $2,000.6 million as of Dec 31, 2021.
Net cash provided from operating activities for 2022 was $351.3 million compared with $363.3 million in the year-ago period.
Guidance
IDACORP expects its 2023 earnings in the range of $4.95-$5.15 per share. In 2022, IDACROP’s operating earnings per share were $5.11. The Zacks Consensus Estimate for 2023 earnings is pegged at $5.10 per share, higher than the mid-point of the company’s new guided range of $5.05.
IDACORP’s primary subsidiary, Idaho Power, issued capital expenditure guidance for 2022 in the range of $650-$700 million and O&M Expenses’ guidance is in the range of $385-$395 million.
Idaho Power raised its hydropower generation capacity to 5.5-5.7 MWh for 2023 from 5.3 MWh achieved in 2022.
Zacks Rank
Currently, IDACORP has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2022 adjusted earnings of 51 cents per share, which beat the Zacks Consensus Estimate of 50 cents by 2%.
The Zacks Consensus Estimate for NEE’s 2023 earnings per share is $3.12, implying year-over-year growth of 7.6%.
Dominion Energy Inc. (D - Free Report) reported fourth-quarter 2022 operating earnings of $1.06 per share, which surpassed the Zacks Consensus Estimate of $1.03 per share by 2.9%.
The Zacks Consensus Estimate for Dominion’s 2023 earnings per share is $4.02, suggesting a year-over-year decline of 2.2%.
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2022 operating earnings of 69 cents per share, on par with the Zacks Consensus Estimate.
The Zacks Consensus Estimate for XEL’s 2023 earnings per share is $3.37, suggesting year-over-year growth of 6.31%.
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IDACORP, Inc. (IDA - Free Report) reported fourth-quarter 2022 earnings of 83 cents per share, which surpassed the Zacks Consensus Estimate of 80 cents by 3.8%. A growth in customers and an increase in weather-related retail and transmission revenues improved earnings by 27.7% year over year.
Operating earnings in 2022 were $5.11 per share, up 5.4% from $4.85 per share in 2021. IDACORP’s 2022 earnings were within its earnings guidance of $5.05-$5.15 per share.
Total Revenues
Total revenues in the fourth quarter were $423 million, up 17.3% year over year.
Total revenues of 2022 were $1,643.9 million, up from $1,458.1 million reported in 2021.
Highlights of the Release
Customer growth in Idaho Power’s service areas increased 2.4% year over year for the 12 months ended Dec 31, 2022, which, in turn, boosted the operating income by $2.7 million in fourth-quarter from the year-ago level.
Other operating and maintenance (O&M) expenses for fourth-quarter 2022 increased by $6.6 million from the year-ago level due to inflationary pressures on labor-related costs, professional services, vehicle fuel and supplies and to a lesser extent, the timing of performance-based variable compensation accrual.
Financial Update
IDACORP had cash and cash equivalents of $177.6 million as of Dec 31, 2022, up from $215.2 million as of Dec 31, 2021.
Long-term debt as of Dec 31, 2022 was $2,194.2 million compared with $2,000.6 million as of Dec 31, 2021.
Net cash provided from operating activities for 2022 was $351.3 million compared with $363.3 million in the year-ago period.
Guidance
IDACORP expects its 2023 earnings in the range of $4.95-$5.15 per share. In 2022, IDACROP’s operating earnings per share were $5.11. The Zacks Consensus Estimate for 2023 earnings is pegged at $5.10 per share, higher than the mid-point of the company’s new guided range of $5.05.
IDACORP’s primary subsidiary, Idaho Power, issued capital expenditure guidance for 2022 in the range of $650-$700 million and O&M Expenses’ guidance is in the range of $385-$395 million.
Idaho Power raised its hydropower generation capacity to 5.5-5.7 MWh for 2023 from 5.3 MWh achieved in 2022.
Zacks Rank
Currently, IDACORP has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2022 adjusted earnings of 51 cents per share, which beat the Zacks Consensus Estimate of 50 cents by 2%.
The Zacks Consensus Estimate for NEE’s 2023 earnings per share is $3.12, implying year-over-year growth of 7.6%.
Dominion Energy Inc. (D - Free Report) reported fourth-quarter 2022 operating earnings of $1.06 per share, which surpassed the Zacks Consensus Estimate of $1.03 per share by 2.9%.
The Zacks Consensus Estimate for Dominion’s 2023 earnings per share is $4.02, suggesting a year-over-year decline of 2.2%.
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2022 operating earnings of 69 cents per share, on par with the Zacks Consensus Estimate.
The Zacks Consensus Estimate for XEL’s 2023 earnings per share is $3.37, suggesting year-over-year growth of 6.31%.
4 Oil Stocks with Massive Upsides
Global demand for oil is through the roof... and oil producers are struggling to keep up. So even though oil prices are well off their recent highs, you can expect big profits from the companies that supply the world with "black gold."
Zacks Investment Research has just released an urgent special report to help you bank on this trend.
In Oil Market on Fire, you'll discover 4 unexpected oil and gas stocks positioned for big gains in the coming weeks and months. You don't want to miss these recommendations.
Download your free report now to see them.
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