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IDACORP, Inc. (IDA - Free Report) recorded operating earnings of 66 cents per share in the first quarter of 2017, beating the Zacks Consensus Estimate of 56 cents by 17.9%. Quarterly earnings were 29.4% higher than the year-ago earnings of 51 cents.
The year-over-year improvement was due to higher sales at Idaho Power, thanks to colder temperature in its service area during the quarter. In addition, the company is benefitting from increased economic activities in its service area, which, in turn, is boosting demand.
Highlight of the Release
During the first quarter, Idaho Power registered a 1.9% increase in customer count. Customer additions lifted the operating income of the company by $2.7 million year over year while cooler temperatures boosted operating income by $1.5 million from the year-ago period.
IDACORP's net income increased $7.4 million for the first quarter of 2017 compared with the first quarter of 2016. The increase was driven primarily by a $6.9 million increase in Idaho Power's net income.
IDACORP reaffirmed 2017 earnings guidance in the range of $3.90–$4.05 per diluted share. The company expects operating and maintenance expense for 2017 to be in the range of $345–$355 million.
Capital expenditure in 2017 is likely to be in the range of $290–$300 million.
NextEra Energy, Inc. (NEE - Free Report) , a Zacks Rank #3 (Hold) stock, reported first-quarter 2017 adjusted earnings of $1.75 per share, beating the Zacks Consensus Estimate of $1.56 by 12.2%.
American Electric Power Co., Inc. (AEE - Free Report) , a Zacks Rank #3 stock, reported first-quarter 2017 operating earnings of 96 cents per share, lagging the Zacks Consensus Estimate of 97 cents by 1.03%.
More Stock News: 8 Companies Verge on Apple-Like Run
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IDACORP (IDA) Q1 Earnings Beat Estimates, '17 View Intact
IDACORP, Inc. (IDA - Free Report) recorded operating earnings of 66 cents per share in the first quarter of 2017, beating the Zacks Consensus Estimate of 56 cents by 17.9%. Quarterly earnings were 29.4% higher than the year-ago earnings of 51 cents.
The year-over-year improvement was due to higher sales at Idaho Power, thanks to colder temperature in its service area during the quarter. In addition, the company is benefitting from increased economic activities in its service area, which, in turn, is boosting demand.
Highlight of the Release
During the first quarter, Idaho Power registered a 1.9% increase in customer count. Customer additions lifted the operating income of the company by $2.7 million year over year while cooler temperatures boosted operating income by $1.5 million from the year-ago period.
IDACORP's net income increased $7.4 million for the first quarter of 2017 compared with the first quarter of 2016. The increase was driven primarily by a $6.9 million increase in Idaho Power's net income.
IDACORP, Inc. Price, Consensus and EPS Surprise
IDACORP, Inc. Price, Consensus and EPS Surprise | IDACORP, Inc. Quote
Looking Ahead
IDACORP reaffirmed 2017 earnings guidance in the range of $3.90–$4.05 per diluted share. The company expects operating and maintenance expense for 2017 to be in the range of $345–$355 million.
Capital expenditure in 2017 is likely to be in the range of $290–$300 million.
Zacks Rank
IDACORP currently carries a Zacks Rank #4 (Sell).
Peer Releases
Alliant Energy Corporation (LNT - Free Report) , a Zacks Rank #2 (Buy) stock, reported first-quarter 2017 operating earnings from continuing operations of 43 cents per share, missing the Zacks Consensus Estimate of 45 cents by 4.4%. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
NextEra Energy, Inc. (NEE - Free Report) , a Zacks Rank #3 (Hold) stock, reported first-quarter 2017 adjusted earnings of $1.75 per share, beating the Zacks Consensus Estimate of $1.56 by 12.2%.
American Electric Power Co., Inc. (AEE - Free Report) , a Zacks Rank #3 stock, reported first-quarter 2017 operating earnings of 96 cents per share, lagging the Zacks Consensus Estimate of 97 cents by 1.03%.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>