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IDACORP (IDA) Q2 Earnings Beat Estimates, 2018 Guidance Up

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IDACORP, Inc. (IDA - Free Report) reported second-quarter 2018 operating earnings of $1.23 per share, beating the Zacks Consensus Estimate of $1.08 by 13.9%. Quarterly earnings increased 24.3% from 99 cents in the year-ago quarter.

The year-over-year improvement in earnings was due to strong customer growth combined with higher overall usage per customer.

IDACORP, Inc. Price, Consensus and EPS Surprise
 

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

Highlights of the Release

In the second quarter, customer growth increased operating income by $1.8 million year over year, as the number of Idaho Power customers grew 2.2% in the past 12 months.

Net income increased $12.5 million in the second quarter of 2018, primarily due to higher net income at Idaho Power.

Guidance

IDACORP upwardly revised its 2018 earnings guidance to the range of $4.20-$4.30 from earlier expectation of $4.10-$4.25 per share.

The company reiterated its operating and maintenance expenses for 2018 in the range of $345-$355 million.

Other Utility Releases

NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2018 adjusted earnings of $2.11 per share, beating the Zacks Consensus Estimate of $2.07 by 1.9%.

Dominion Energy Inc. (D - Free Report) reported second-quarter 2018 operating earnings of 86 cents per share, which beat the Zacks Consensus Estimate of 78 cents by 10.3%.

Exelon Corporation’s (EXC - Free Report) second-quarter 2018 operating earnings of 71 cents per share surpassed the Zacks Consensus Estimate of 61 cents by 16.4%.

Zacks Rank

Currently, IDACORP carries a Zacks Rank #4 (Sell).

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

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