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IDACORP (IDA) Beats on Q3 Earnings, Raises 2022 EPS View
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IDACORP, Inc. (IDA - Free Report) reported third-quarter 2022 earnings of $2.10 per share, which surpassed the Zacks Consensus Estimate of $1.95 by 7.7%. Earnings also improved 8.8% year over year.
The year-over-year improvement resulted from customer growth, an increase in retail sales from hotter weather and higher transmission wheeling revenues.
Total revenues in the third quarter were $518 million, up 15.9% year over year.
Customer growth in the company’s Idaho Power’s service areas increased 2.5% year over year for the 12 months ended Sep 30, 2022, which, in turn, boosted the operating income by $3.6 million from the year-ago level.
Other operating and maintenance (O&M) expenses for third-quarter 2022 increased $12.9 million from the year-ago level due to inflationary pressures on labor-related costs, professional services, vehicle fuel, and supplies, and to a lesser extent, the timing of performance-based variable compensation accrual.
Financial Update
IDACORP had cash and cash equivalents of $226.2 million as of Sep 30, 2022, up from $215.2 million as of Dec 31, 2021.
Long-term debt as of Sep 30, 2022 was $2,071.4 million compared with $2,000.6 million as of Dec 31, 2021.
Net cash provided from operating activities for the first nine months of 2022 was $268.9 million compared with $303.4 million in the year-ago period.
Guidance
IDACORP lifted the bottom end of its 2022 earnings guidance to $5.05-$5.15 per share from the earlier mentioned $4.95-$5.05. The Zacks Consensus Estimate for 2022 earnings is pegged at $5.00 per share, lower than the mid-point of the company’s new guided range of $5.10.
IDACORP’s primary subsidiary, Idaho Power, reiterated the capital expenditure guidance for 2022 to $500-$520 million and raised the O&M Expenses guidance to $375-$385 million from $365-$375 million.
Idaho Power raised its hydropower generation capacity for 2022 to 5.3-5.6 MW from the earlier expectation 5-6 MW.
Pinnacle West Capital Corporation (PNW - Free Report) reported third-quarter 2022 operating earnings per share of $2.88, which surpassed the Zacks Consensus Estimate of $2.62 by 9.9%.
The Zacks Consensus Estimate for the fourth quarter is pegged at a loss of 23 cents per share, suggesting a decline of 195.8% from the year-ago quarter.
MDU Resources Group Inc. (MDU - Free Report) reported third-quarter 2022 operating earnings per share of 75 cents, which surpassed the Zacks Consensus Estimate of 69 cents by 8.7%.
The Zacks Consensus Estimate for MDU’s fourth-quarter earnings is pegged at 51 cents per share, suggesting an increase of 21.4% from the year-ago quarter.
Evergy, Inc. (EVRG - Free Report) reported third-quarter 2022 operating earnings of $2.01 per share, which surpassed the Zacks Consensus Estimate of $1.89 by 6.3%.
The Zacks Consensus Estimate for EVRG’s 2022 earnings is pegged at $3.59 per share, suggesting an increase of 1.4% from the year-ago quarter.
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IDACORP (IDA) Beats on Q3 Earnings, Raises 2022 EPS View
IDACORP, Inc. (IDA - Free Report) reported third-quarter 2022 earnings of $2.10 per share, which surpassed the Zacks Consensus Estimate of $1.95 by 7.7%. Earnings also improved 8.8% year over year.
The year-over-year improvement resulted from customer growth, an increase in retail sales from hotter weather and higher transmission wheeling revenues.
Total revenues in the third quarter were $518 million, up 15.9% 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 Idaho Power’s service areas increased 2.5% year over year for the 12 months ended Sep 30, 2022, which, in turn, boosted the operating income by $3.6 million from the year-ago level.
Other operating and maintenance (O&M) expenses for third-quarter 2022 increased $12.9 million from the year-ago level due to inflationary pressures on labor-related costs, professional services, vehicle fuel, and supplies, and to a lesser extent, the timing of performance-based variable compensation accrual.
Financial Update
IDACORP had cash and cash equivalents of $226.2 million as of Sep 30, 2022, up from $215.2 million as of Dec 31, 2021.
Long-term debt as of Sep 30, 2022 was $2,071.4 million compared with $2,000.6 million as of Dec 31, 2021.
Net cash provided from operating activities for the first nine months of 2022 was $268.9 million compared with $303.4 million in the year-ago period.
Guidance
IDACORP lifted the bottom end of its 2022 earnings guidance to $5.05-$5.15 per share from the earlier mentioned $4.95-$5.05. The Zacks Consensus Estimate for 2022 earnings is pegged at $5.00 per share, lower than the mid-point of the company’s new guided range of $5.10.
IDACORP’s primary subsidiary, Idaho Power, reiterated the capital expenditure guidance for 2022 to $500-$520 million and raised the O&M Expenses guidance to $375-$385 million from $365-$375 million.
Idaho Power raised its hydropower generation capacity for 2022 to 5.3-5.6 MW from the earlier expectation 5-6 MW.
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
Pinnacle West Capital Corporation (PNW - Free Report) reported third-quarter 2022 operating earnings per share of $2.88, which surpassed the Zacks Consensus Estimate of $2.62 by 9.9%.
The Zacks Consensus Estimate for the fourth quarter is pegged at a loss of 23 cents per share, suggesting a decline of 195.8% from the year-ago quarter.
MDU Resources Group Inc. (MDU - Free Report) reported third-quarter 2022 operating earnings per share of 75 cents, which surpassed the Zacks Consensus Estimate of 69 cents by 8.7%.
The Zacks Consensus Estimate for MDU’s fourth-quarter earnings is pegged at 51 cents per share, suggesting an increase of 21.4% from the year-ago quarter.
Evergy, Inc. (EVRG - Free Report) reported third-quarter 2022 operating earnings of $2.01 per share, which surpassed the Zacks Consensus Estimate of $1.89 by 6.3%.
The Zacks Consensus Estimate for EVRG’s 2022 earnings is pegged at $3.59 per share, suggesting an increase of 1.4% from the year-ago quarter.