IDACORP, Inc. (IDA - Free Report) reported first-quarter 2018 operating earnings of 72 cents per share, beating the Zacks Consensus Estimate of 71 cents by 1.4%. Quarterly earnings increased 9.1% from 66 cents in the year-ago quarter.
The improvement was driven by strong economic activity and fixed cost adjustment mechanism revenues in Idaho that helped to offset lower residential sales from a milder winter.
Highlights of the Release
In the first quarter, customer growth increased operating income by $2.4 million year over year, as the number of Idaho Power customers grew 2.1% in the last 12 months.
In the quarter, Idaho Power also benefited from a $2.7 million increase in transmission services and other revenues compared with the prior-year quarter.
Total operating expenses in the first quarter were $258.4 million, up 4.4% year over year.
Operating income was down 5.6% from the year-ago quarter to $50.6 million.
Cash and cash equivalents as of Mar 31, 2018 was $307.3 million compared with $76.7 million as of Dec 31, 2017.
Total long-term debt as of Mar 31, 2018 was $1.83 billion compared with $1.75 billion at the end of 2017.
Cash from operating activities in the first quarter of 2018 was $91.7 million, down 19.3% from $113.7 million in the first quarter of 2017.
IDACORP reaffirmed its earnings guidance for 2018 in the range of $4.10-$4.25 per share.
Operating and Maintenance expenses for 2018 are expected within $345-$355 million.
Other Utility Releases
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2018 adjusted earnings of $1.94 per share, beating the Zacks Consensus Estimate of $1.78 by 8.9%.
Dominion Energy Inc. (D - Free Report) reported first-quarter 2018 operating earnings of $1.14 per share, beating the Zacks Consensus Estimate of $1.03 by 10.7%.
FirstEnergy Corporation (FE - Free Report) reported first-quarter 2018 operating earnings of 67 cents per share, lagging the Zacks Consensus Estimate of 68 cents by 1.5%.
Currently, IDACORP carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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