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IDACORP (IDA) Beats on Q3 Earnings, 2016 Guidance Intact
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IDACORP, Inc. (IDA - Free Report) recorded operating earnings of $1.65 per share in the third quarter of 2016, beating the Zacks Consensus Estimate of $1.57 by 5.1%. Reported earnings also increased 13% year over year primarily on the back of a higher customer count in Idaho Power’s service area, partially offset by lower usage per customer due to below-average temperatures in the third quarter.
Quarterly revenues came in at $372 million, marginally higher than the year-ago level of $369.2 million.
Highlight of the Release
Idaho Power, the primary subsidiary of IDACORP, witnessed 1.8% year-over-year growth in its customer base.
However, the increase in customer count was more than offset by a decline in sales volumes on a per-customer basis, which dented operating income by $4.1 million in the third quarter of 2016.
Net income in third-quarter 2016 was $83.1 million, up by $9.8 million from the year-ago quarter.
IDACORP reiterated its 2016 earnings guidance in the range of $3.80 to $3.95 per diluted share.
The company has narrowed its operating and maintenance expense guidance for 2016 in the range of $345 million to $355 million, compared to the previous guidance of $350–$360 million.
Upcoming Utility Releases
American Electric Power (AEP - Free Report) is set to report third-quarter 2016 results on Nov 1. The Zacks Consensus Estimate for the quarter stands at $1.20.
Duke Energy Corporation (DUK - Free Report) is set to report third-quarter 2016 results on Nov 4. The Zacks Consensus Estimate for the quarter stands at $1.55.
PG&E Corporation (PCG - Free Report) is set to report third-quarter 2016 results on Nov 4. The Zacks Consensus Estimate for the quarter stands at $1.17.
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IDACORP (IDA) Beats on Q3 Earnings, 2016 Guidance Intact
IDACORP, Inc. (IDA - Free Report) recorded operating earnings of $1.65 per share in the third quarter of 2016, beating the Zacks Consensus Estimate of $1.57 by 5.1%. Reported earnings also increased 13% year over year primarily on the back of a higher customer count in Idaho Power’s service area, partially offset by lower usage per customer due to below-average temperatures in the third quarter.
Total Revenue
Quarterly revenues came in at $372 million, marginally higher than the year-ago level of $369.2 million.
Highlight of the Release
Idaho Power, the primary subsidiary of IDACORP, witnessed 1.8% year-over-year growth in its customer base.
However, the increase in customer count was more than offset by a decline in sales volumes on a per-customer basis, which dented operating income by $4.1 million in the third quarter of 2016.
Net income in third-quarter 2016 was $83.1 million, up by $9.8 million from the year-ago quarter.
IDACORP INC Price, Consensus and EPS Surprise
IDACORP INC Price, Consensus and EPS Surprise | IDACORP INC Quote
2016 Guidance
IDACORP reiterated its 2016 earnings guidance in the range of $3.80 to $3.95 per diluted share.
The company has narrowed its operating and maintenance expense guidance for 2016 in the range of $345 million to $355 million, compared to the previous guidance of $350–$360 million.
Upcoming Utility Releases
American Electric Power (AEP - Free Report) is set to report third-quarter 2016 results on Nov 1. The Zacks Consensus Estimate for the quarter stands at $1.20.
Duke Energy Corporation (DUK - Free Report) is set to report third-quarter 2016 results on Nov 4. The Zacks Consensus Estimate for the quarter stands at $1.55.
PG&E Corporation (PCG - Free Report) is set to report third-quarter 2016 results on Nov 4. The Zacks Consensus Estimate for the quarter stands at $1.17.
Zacks Rank
IDACORP Corp. currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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