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IDACORP (IDA) Misses Q2 Earnings Estimates, Declines Y/Y

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IDACORP, Inc. (IDA - Free Report) recorded operating earnings of 99 cents per share in the second quarter of 2017, missing the Zacks Consensus Estimate of $1.06 by 6.6%. Quarterly earnings were also down by 11.6% compared with the year-ago earnings of $1.12.

The year-over-year drop in earnings was due to soft irrigation sales in the second quarter. The higher than normal precipitation caused agricultural customers to use less energy to operate pumping equipment.

IDACORP, Inc. Price, Consensus and EPS Surprise

IDACORP, Inc. Price, Consensus and EPS Surprise | IDACORP, Inc. Quote

 

IDACORP's net income amounted $49.8 million for the second quarter of 2017 compared with $56.2 million in the year-ago quarter.

IDACORP increased 2017 earnings guidance in the range of $3.95 to $4.05 per diluted share from $3.90–$4.05. The company reaffirmed operating and maintenance expense for 2017 to be in the range of $345–$355 million.

Capital expenditure in 2017 has been reiterated in the range of $290–$300 million.

Zacks Rank

IDACORP currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Peer Releases

NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2017 adjusted earnings of $1.86 per share, beating the Zacks Consensus Estimate of $1.76 by 5.7%. Reported earnings were up 11.4% year over year.

Eversource Energy (ES - Free Report) reported second-quarter 2017 operating earnings of 72 cents per share, beating the Zacks Consensus Estimate of 68 cents by 5.8%. The quarterly earnings were up 12.5% from the year-ago quarter figure of 64 cents.

First Energy Corp. (FE - Free Report) reported second-quarter 2017 operating earnings of 61 cents per share, in line with the Zacks Consensus Estimate. Quarterly earnings were up 8.9% year over year.

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