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IDACORP (IDA) Q1 Earnings Rise Y/Y, Expands Customer Base
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IDACORP, Inc. (IDA - Free Report) reported first-quarter 2022 earnings of 91 cents per share, which surpassed the year-ago quarter earnings of 89 cents by 2.3%. The year-over-year improvement is attributable to a growing customer base, higher weather-related usage per customer, and strong transmission wheeling revenues.
Total revenues in the first quarter were $344.3 million, up 8.9% year over year.
Customer growth in the company’s service areas increased 2.6% year over year for the 12 months ended Mar 31, 2022, which in turn boosted operating income for the first quarter. Customer growth boosted operating income by $3 million from the year-ago level.
Other operating and maintenance (O&M) expenses for first-quarter 2022 were at normal levels compared with first-quarter 2021. This was so due to the reduction in operating and maintenance costs at jointly owned coal plants and COVID-19-related savings in employee travel and training costs.
Financial Update
IDACORP had cash and cash equivalents of $218.5 million as of Mar 31, 2022, up from $215.2 million as of Dec 31, 2021.
Long-term debt as of Mar 31, 2022 was $2,050.6 million compared with $2,000.6 million as of Dec 31, 2021.
Net cash provided from operating activities for the first three months of 2022 was $93 million compared with $83.6 million in the year-ago period.
Guidance
IDACORP reiterated 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, higher than the mid-point of the guided range.
Idaho Power’s capital expenditure guidance for 2022 is maintained in the range of $480-$500 million.
Idaho Power is expected to add 5.0-6.5 MW of hydropower to its generation portfolio in 2022.
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2022 adjusted earnings of 74 cents per share, which beat the Zacks Consensus Estimate of 69 cents by 7.3%.
NextEra Energy’s long-term (three to five years) earnings growth is pegged at 8.8%. The Zacks Consensus Estimate for NEE’s 2022 earnings per share of $2.81 indicates year-over-year growth of 10.2%.
American Electric Power Company, Inc. (AEP - Free Report) reported first-quarter 2022 adjusted earnings per share of $1.22, which beat the Zacks Consensus Estimate of $1.19 by 2.5%.
American Electric Power’s long-term earnings growth is projected at 5.9%. The Zacks Consensus Estimate for AEP’s 2022 earnings indicates year-over-year growth of 5.3%.
Eversource Energy (ES - Free Report) reported first-quarter 2022 operating earnings of $1.30 per share, which surpassed the Zacks Consensus Estimate of $1.22 by 6.6%.
Eversource Energy’s long-term earnings growth is projected at 6.2%. The Zacks Consensus Estimate for ES’ 2022 earnings indicates year-over-year growth of 6.2%.
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IDACORP (IDA) Q1 Earnings Rise Y/Y, Expands Customer Base
IDACORP, Inc. (IDA - Free Report) reported first-quarter 2022 earnings of 91 cents per share, which surpassed the year-ago quarter earnings of 89 cents by 2.3%. The year-over-year improvement is attributable to a growing customer base, higher weather-related usage per customer, and strong transmission wheeling revenues.
Total revenues in the first quarter were $344.3 million, up 8.9% 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 the company’s service areas increased 2.6% year over year for the 12 months ended Mar 31, 2022, which in turn boosted operating income for the first quarter. Customer growth boosted operating income by $3 million from the year-ago level.
Other operating and maintenance (O&M) expenses for first-quarter 2022 were at normal levels compared with first-quarter 2021. This was so due to the reduction in operating and maintenance costs at jointly owned coal plants and COVID-19-related savings in employee travel and training costs.
Financial Update
IDACORP had cash and cash equivalents of $218.5 million as of Mar 31, 2022, up from $215.2 million as of Dec 31, 2021.
Long-term debt as of Mar 31, 2022 was $2,050.6 million compared with $2,000.6 million as of Dec 31, 2021.
Net cash provided from operating activities for the first three months of 2022 was $93 million compared with $83.6 million in the year-ago period.
Guidance
IDACORP reiterated 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, higher than the mid-point of the guided range.
Idaho Power’s capital expenditure guidance for 2022 is maintained in the range of $480-$500 million.
Idaho Power is expected to add 5.0-6.5 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.
Other Releases
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2022 adjusted earnings of 74 cents per share, which beat the Zacks Consensus Estimate of 69 cents by 7.3%.
NextEra Energy’s long-term (three to five years) earnings growth is pegged at 8.8%. The Zacks Consensus Estimate for NEE’s 2022 earnings per share of $2.81 indicates year-over-year growth of 10.2%.
American Electric Power Company, Inc. (AEP - Free Report) reported first-quarter 2022 adjusted earnings per share of $1.22, which beat the Zacks Consensus Estimate of $1.19 by 2.5%.
American Electric Power’s long-term earnings growth is projected at 5.9%. The Zacks Consensus Estimate for AEP’s 2022 earnings indicates year-over-year growth of 5.3%.
Eversource Energy (ES - Free Report) reported first-quarter 2022 operating earnings of $1.30 per share, which surpassed the Zacks Consensus Estimate of $1.22 by 6.6%.
Eversource Energy’s long-term earnings growth is projected at 6.2%. The Zacks Consensus Estimate for ES’ 2022 earnings indicates year-over-year growth of 6.2%.