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IdaCorp (IDA) Up 13.3% Since Last Earnings Report: Can It Continue?

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It has been about a month since the last earnings report for IdaCorp (IDA - Free Report) . Shares have added about 13.3% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is IdaCorp due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

IDACORP Beats Q4 Earnings Estimates, Adds Customers

IDACORP, Inc. reported fourth-quarter 2020 earnings of 74 cents per share, which surpassed the Zacks Consensus Estimate of 70 cents by 5.7%.  However, the bottom line decreased 20.4% year over year.

The year-over-year decline was due to lower net income at Idaho Power and IDACORP Financial Services.

Highlights of the Release

Customer growth in the company’s service areas increased 2.7% year over year for the 12 months ended Dec 31, 2020, which in turn boosted operating income for the fourth quarter. Customer growth boosted operating income by $3.2 million for fourth-quarter 2020 from the year-ago level.

For the reported quarter, increased sales volumes on a per-customer basis led to an increase in operating income by $0.6 million from fourth-quarter 2019, primarily due to higher usage per residential customer, offset partially by decreased usage per commercial customer.

Other O&M expenses were up $3.6 million for the reported quarter from fourth-quarter 2019, partially due to the effects of the COVID-19 pandemic, including higher bad debt costs.


IDACORP initiated its 2021 earnings guidance in the range of $4.60-$4.80 per share. The metric was $4.60 per share in 2020. The Zacks Consensus Estimate for 2021 earnings is currently pegged at $4.80 per share.

Idaho Power’s capital expenditure for 2021 is expected in the range of $320-$330 million.


How Have Estimates Been Moving Since Then?

Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.

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