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IDACORP (IDA) Beats on Q4 Earnings, Sees Customer Growth
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IDACORP, Inc. (IDA - Free Report) reported fourth-quarter 2022 earnings of 83 cents per share, which surpassed the Zacks Consensus Estimate of 80 cents by 3.8%. A growth in customers and an increase in weather-related retail and transmission revenues improved earnings by 27.7% year over year.
Operating earnings in 2022 were $5.11 per share, up 5.4% from $4.85 per share in 2021. IDACORP’s 2022 earnings were within its earnings guidance of $5.05-$5.15 per share.
Total Revenues
Total revenues in the fourth quarter were $423 million, up 17.3% year over year.
Total revenues of 2022 were $1,643.9 million, up from $1,458.1 million reported in 2021.
Customer growth in Idaho Power’s service areas increased 2.4% year over year for the 12 months ended Dec 31, 2022, which, in turn, boosted the operating income by $2.7 million in fourth-quarter from the year-ago level.
Other operating and maintenance (O&M) expenses for fourth-quarter 2022 increased by $6.6 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 $177.6 million as of Dec 31, 2022, up from $215.2 million as of Dec 31, 2021.
Long-term debt as of Dec 31, 2022 was $2,194.2 million compared with $2,000.6 million as of Dec 31, 2021.
Net cash provided from operating activities for 2022 was $351.3 million compared with $363.3 million in the year-ago period.
Guidance
IDACORP expects its 2023 earnings in the range of $4.95-$5.15 per share. In 2022, IDACROP’s operating earnings per share were $5.11. The Zacks Consensus Estimate for 2023 earnings is pegged at $5.10 per share, higher than the mid-point of the company’s new guided range of $5.05.
IDACORP’s primary subsidiary, Idaho Power, issued capital expenditure guidance for 2022 in the range of $650-$700 million and O&M Expenses’ guidance is in the range of $385-$395 million.
Idaho Power raised its hydropower generation capacity to 5.5-5.7 MWh for 2023 from 5.3 MWh achieved in 2022.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2022 adjusted earnings of 51 cents per share, which beat the Zacks Consensus Estimate of 50 cents by 2%.
The Zacks Consensus Estimate for NEE’s 2023 earnings per share is $3.12, implying year-over-year growth of 7.6%.
Dominion Energy Inc. (D - Free Report) reported fourth-quarter 2022 operating earnings of $1.06 per share, which surpassed the Zacks Consensus Estimate of $1.03 per share by 2.9%.
The Zacks Consensus Estimate for Dominion’s 2023 earnings per share is $4.02, suggesting a year-over-year decline of 2.2%.
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2022 operating earnings of 69 cents per share, on par with the Zacks Consensus Estimate.
The Zacks Consensus Estimate for XEL’s 2023 earnings per share is $3.37, suggesting year-over-year growth of 6.31%.
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IDACORP (IDA) Beats on Q4 Earnings, Sees Customer Growth
IDACORP, Inc. (IDA - Free Report) reported fourth-quarter 2022 earnings of 83 cents per share, which surpassed the Zacks Consensus Estimate of 80 cents by 3.8%. A growth in customers and an increase in weather-related retail and transmission revenues improved earnings by 27.7% year over year.
Operating earnings in 2022 were $5.11 per share, up 5.4% from $4.85 per share in 2021. IDACORP’s 2022 earnings were within its earnings guidance of $5.05-$5.15 per share.
Total Revenues
Total revenues in the fourth quarter were $423 million, up 17.3% year over year.
Total revenues of 2022 were $1,643.9 million, up from $1,458.1 million reported in 2021.
IDACORP, Inc. Price, Consensus and EPS Surprise
IDACORP, Inc. price-consensus-eps-surprise-chart | IDACORP, Inc. Quote
Highlights of the Release
Customer growth in Idaho Power’s service areas increased 2.4% year over year for the 12 months ended Dec 31, 2022, which, in turn, boosted the operating income by $2.7 million in fourth-quarter from the year-ago level.
Other operating and maintenance (O&M) expenses for fourth-quarter 2022 increased by $6.6 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 $177.6 million as of Dec 31, 2022, up from $215.2 million as of Dec 31, 2021.
Long-term debt as of Dec 31, 2022 was $2,194.2 million compared with $2,000.6 million as of Dec 31, 2021.
Net cash provided from operating activities for 2022 was $351.3 million compared with $363.3 million in the year-ago period.
Guidance
IDACORP expects its 2023 earnings in the range of $4.95-$5.15 per share. In 2022, IDACROP’s operating earnings per share were $5.11. The Zacks Consensus Estimate for 2023 earnings is pegged at $5.10 per share, higher than the mid-point of the company’s new guided range of $5.05.
IDACORP’s primary subsidiary, Idaho Power, issued capital expenditure guidance for 2022 in the range of $650-$700 million and O&M Expenses’ guidance is in the range of $385-$395 million.
Idaho Power raised its hydropower generation capacity to 5.5-5.7 MWh for 2023 from 5.3 MWh achieved in 2022.
Zacks Rank
Currently, IDACORP has a Zacks Rank #4 (Sell).
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 fourth-quarter 2022 adjusted earnings of 51 cents per share, which beat the Zacks Consensus Estimate of 50 cents by 2%.
The Zacks Consensus Estimate for NEE’s 2023 earnings per share is $3.12, implying year-over-year growth of 7.6%.
Dominion Energy Inc. (D - Free Report) reported fourth-quarter 2022 operating earnings of $1.06 per share, which surpassed the Zacks Consensus Estimate of $1.03 per share by 2.9%.
The Zacks Consensus Estimate for Dominion’s 2023 earnings per share is $4.02, suggesting a year-over-year decline of 2.2%.
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2022 operating earnings of 69 cents per share, on par with the Zacks Consensus Estimate.
The Zacks Consensus Estimate for XEL’s 2023 earnings per share is $3.37, suggesting year-over-year growth of 6.31%.