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IDACORP, Inc. (IDA - Free Report) reported second-quarter 2020 earnings of $1.19 per share, which surpassed the Zacks Consensus Estimate of $1.18 by 0.8%. The bottom line also improved 13.3% year over year.
The year-over-year improvement can be attributed to strong customer growth in its service territories and normal irrigation sales, which offset decline in revenues stemming from the impact of COVID-19 on commercial and industrial customer sales.
Total Revenues
Total revenues in the second quarter were $318.8 million, up 0.6% year over year.
Customer growth in its service areas increased 2.6% in the 12 months ended Jun 30, 2020, which boosted operating income in the second quarter. Customer growth increased operating income by $3.4 million in the second quarter of 2020 from the year-ago quarter’s levels.
In the reported quarter, residential customers used more energy for heating and cooling due to weather variations and spending more time at home due to the stay at home directives, which increased usage per residential customer by 6% year over year.
Total operating expenses in the reported quarter declined 2.4% year over year to $239.3 million.
Financial Update
Cash and cash equivalents of IDACORP on Jun 30 were $460.4 million compared with $1,736.7 million as of Dec 31, 2019.
Its long-term debt on Jun 30 was $2,000.5 million, up from $2,202 million at the end of 2019.
Guidance
IDACORP reaffirmed full-year 2020 earnings guidance in the range of $4.45-$4.65 per share, assuming normal weather in its service territories.
The company expects 2020 operating and maintenance expenses associated with Idaho Power in the range of $350-$360 million. Idaho Power’s capital expenditure for 2020 is expected in the range of $300-$310 million. Long-term capital expenditure from 2020 through 2024 is expected to be $1.6 billion.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2020 adjusted earnings of $2.61 per share, which surpassed the Zacks Consensus Estimate of $2.50 by 4.4%.
Edison International (EIX - Free Report) reported second-quarter 2020 adjusted earnings of $1.00 per share, which missed the Zacks Consensus Estimate of $1.11 by 9.9%.
DTE Energy Company (DTE - Free Report) reported second-quarter 2020 operating earnings per share of $1.53, which beat the Zacks Consensus Estimate of $1.31 by 16.8%.
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Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Today, See These 5 Potential Home Runs >>
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IDACORP (IDA) Q2 Earnings Beat Estimates, Adds Customers
IDACORP, Inc. (IDA - Free Report) reported second-quarter 2020 earnings of $1.19 per share, which surpassed the Zacks Consensus Estimate of $1.18 by 0.8%. The bottom line also improved 13.3% year over year.
The year-over-year improvement can be attributed to strong customer growth in its service territories and normal irrigation sales, which offset decline in revenues stemming from the impact of COVID-19 on commercial and industrial customer sales.
Total Revenues
Total revenues in the second quarter were $318.8 million, up 0.6% year over year.
IDACORP, Inc. Price, Consensus and EPS Surprise
IDACORP, Inc. price-consensus-eps-surprise-chart | IDACORP, Inc. Quote
Highlights of the Release
Customer growth in its service areas increased 2.6% in the 12 months ended Jun 30, 2020, which boosted operating income in the second quarter. Customer growth increased operating income by $3.4 million in the second quarter of 2020 from the year-ago quarter’s levels.
In the reported quarter, residential customers used more energy for heating and cooling due to weather variations and spending more time at home due to the stay at home directives, which increased usage per residential customer by 6% year over year.
Total operating expenses in the reported quarter declined 2.4% year over year to $239.3 million.
Financial Update
Cash and cash equivalents of IDACORP on Jun 30 were $460.4 million compared with $1,736.7 million as of Dec 31, 2019.
Its long-term debt on Jun 30 was $2,000.5 million, up from $2,202 million at the end of 2019.
Guidance
IDACORP reaffirmed full-year 2020 earnings guidance in the range of $4.45-$4.65 per share, assuming normal weather in its service territories.
The company expects 2020 operating and maintenance expenses associated with Idaho Power in the range of $350-$360 million. Idaho Power’s capital expenditure for 2020 is expected in the range of $300-$310 million. Long-term capital expenditure from 2020 through 2024 is expected to be $1.6 billion.
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 2020 adjusted earnings of $2.61 per share, which surpassed the Zacks Consensus Estimate of $2.50 by 4.4%.
Edison International (EIX - Free Report) reported second-quarter 2020 adjusted earnings of $1.00 per share, which missed the Zacks Consensus Estimate of $1.11 by 9.9%.
DTE Energy Company (DTE - Free Report) reported second-quarter 2020 operating earnings per share of $1.53, which beat the Zacks Consensus Estimate of $1.31 by 16.8%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>