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IDACORP (IDA) Q2 Earnings Beat Estimates, Adds Customers

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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.

IDACORP, Inc. Price, Consensus and EPS Surprise

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%.

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