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Why Is IdaCorp (IDA) Up 2.7% Since Last Earnings Report?

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A month has gone by since the last earnings report for IdaCorp (IDA - Free Report) . Shares have added about 2.7% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is IdaCorp due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.

IDACORP Beats Q3 Earnings Estimates, Adds Customers

IDACORP, Inc.  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.

Guidance

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.

How Have Estimates Been Moving Since Then?

Fresh estimates followed a downward path over the past two months. The consensus estimate has shifted -24.6% due to these changes.

VGM Scores

At this time, IdaCorp has an average Growth Score of C, however its Momentum Score is doing a lot better with an A. However, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

IdaCorp has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.




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