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.
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
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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.
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>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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