IDACORP, Inc. (IDA - Free Report) reported third-quarter 2018 operating earnings of $2.02 per share, beating the Zacks Consensus Estimate of $1.76 by 14.8%. Moreover, its quarterly earnings increased 12.2% from $1.80 in the year-ago quarter.
The year-over-year improvement in earnings was due to strong customer growth combined with higher electricity usage by its irrigation customers.
In the third quarter, customer growth led to an increase in operating income by $2.9 million year over year, as the number of Idaho Power customers grew 2.2% in the past 12 months.
Net income increased $11.6 million in the third quarter of 2018, primarily due to higher net income at Idaho Power.
IDACORP upwardly revised its 2018 earnings guidance to the range of $4.40-$4.50 from earlier expectation of $4.20-$4.30 per share.
The company reiterated its operating and maintenance expenses for 2018 in the range of $345-$355 million.
Currently, IDACORP has a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
Other Utility Releases
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2018 adjusted earnings of $2.18 per share, beating the Zacks Consensus Estimate of $2.17 by 0.46%.
WEC Energy Group Inc. (WEC - Free Report) reported third-quarter 2018 operating earnings of 74 cents per share, beating the Zacks Consensus Estimate of 71 cents by 4.2%.
DTE Energy (DTE - Free Report) reported third-quarter 2018 operating earnings per share of $2.13, which beat the Zacks Consensus Estimate of $1.74 by 22.4%
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