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IDACORP (IDA) Misses on Q4 Earnings, Expects to Add Clean Energy

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IDACORP, Inc. (IDA - Free Report) reported fourth-quarter 2021 earnings of 65 cents per share, which lagged the Zacks Consensus Estimate of 67 cents by 3%. The bottom line also dropped 12.2% year over year.

Operating earnings per share for 2021 were $4.85, up 3.4% year over year. Full-year earnings came within the guided range of $4.80-$4.90 per share. The year-over-year improvement is attributable to strong customer growth and higher weather-related usage per customer and transmission wheeling revenues.

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 the company’s service areas increased 2.8% year over year for the 12 months ended Dec 30, 2021, which in turn boosted operating income for the fourth quarter. Customer growth boosted operating income by $3.4 million from the year-ago level.

Other O&M expenses for 2021 were up $9.2 million from a year ago, owing to a return to the normal level of purchased services and maintenance costs compared with 2020, which was affected by the COVID-19 pandemic.

In 2021, IDACORP added 5.4 megawatt (MW) hydropower generation in its portfolio.

Guidance

IDACORP initiated its 2022 earnings guidance in the range of $4.85-$5.05 per share. The Zacks Consensus Estimate for 2022 earnings is currently pegged at $5.00 per share.

Idaho Power’s capital expenditure guidance for 2022 is in the range of $480-$500 million.

Idaho Power is expected to add 5.5-57.5 MW of hydropower to its generation portfolio in 2022.

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 (NEE - Free Report) reported fourth-quarter 2021 operating earnings per share of 41 cents, which surpassed the Zacks Consensus Estimate of 40 cents by 2.5%.

NextEra Energy’s long-term (three to five) earnings growth is projected at 8.8%. The Zacks Consensus Estimate for NEE’s 2022 earnings indicates year-over-year growth of 8.6%.

Dominion Energy Inc. (D - Free Report) reported fourth-quarter 2021 operating earnings of 90 cents per share, on par with the Zacks Consensus Estimate.

Dominion’s long-term earnings growth is projected at 6%. The Zacks Consensus Estimate for D’s 2022 earnings indicates a year-over-year decline of 6.7%.

Eversource Energy (ES - Free Report) reported fourth-quarter 2021 operating earnings of 91 cents per share, which lagged the Zacks Consensus Estimate of 93 cents by 2.2%.

Eversource’s long-term earnings growth is projected at 6.2%. The Zacks Consensus Estimate for ES’ 2022 earnings indicates year-over-year growth of 6.5%.


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NextEra Energy, Inc. (NEE) - free report >>

Dominion Energy Inc. (D) - free report >>

IDACORP, Inc. (IDA) - free report >>

Eversource Energy (ES) - free report >>