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IDACORP, Inc. (IDA - Free Report) reported third-quarter 2019 earnings of $1.78 per share, which declined 11.88% from the year-ago quarter’s figure of $2.02.
The year-over-year decline in earnings was caused by mild and rainy weather, which led to lower irrigation sales and reduced transmission revenues on a year-over-year basis.
Highlights of the Release
Operating income increased $5.5 million from the year-ago quarter’s level. The upside can be attributed to 2.6% rise in Idaho Power customers.
Net income in the quarter under review was $89.9 million, reflecting a 12% decline from $102.2 million recorded in the year-ago period.
IDACORP revised its 2019 earnings guidance in the range of $4.40-$4.50 from earlier expectation of $4.35-$4.50. The mid-point of the revised guidance is $4.45, which is a penny less than the current Zacks Consensus Estimate of $4.46.
The company lowered its view for 2019 operating and maintenance expenses associated with Idaho Power in the range of $345-$355 million as a result of effective cost management.
American Electric Power Company (AEP - Free Report) delivered third-quarter 2019 earnings of $1.46 per share, which surpassed the Zacks Consensus Estimate of $1.33 by 9.77%.
Avangrid (AGR - Free Report) delivered third-quarter 2019 earnings of 40 cents per share, which missed the Zacks Consensus Estimate of 51 cents by 21.57%.
NextEra Energy (NEE - Free Report) delivered third-quarter 2019 earnings of $2.39 per share, which beat the Zacks Consensus Estimate of $2.27 by 5.29%.
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IDACORP (IDA) Q3 Earnings Drop Y/Y, View Narrow
IDACORP, Inc. (IDA - Free Report) reported third-quarter 2019 earnings of $1.78 per share, which declined 11.88% from the year-ago quarter’s figure of $2.02.
The year-over-year decline in earnings was caused by mild and rainy weather, which led to lower irrigation sales and reduced transmission revenues on a year-over-year basis.
Highlights of the Release
Operating income increased $5.5 million from the year-ago quarter’s level. The upside can be attributed to 2.6% rise in Idaho Power customers.
Net income in the quarter under review was $89.9 million, reflecting a 12% decline from $102.2 million recorded in the year-ago period.
IDACORP, Inc. Price, Consensus and EPS Surprise
IDACORP, Inc. price-consensus-eps-surprise-chart | IDACORP, Inc. Quote
Guidance
IDACORP revised its 2019 earnings guidance in the range of $4.40-$4.50 from earlier expectation of $4.35-$4.50. The mid-point of the revised guidance is $4.45, which is a penny less than the current Zacks Consensus Estimate of $4.46.
The company lowered its view for 2019 operating and maintenance expenses associated with Idaho Power in the range of $345-$355 million as a result of effective cost management.
Zacks Rank
Currently, IDACORP has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Industry Releases
American Electric Power Company (AEP - Free Report) delivered third-quarter 2019 earnings of $1.46 per share, which surpassed the Zacks Consensus Estimate of $1.33 by 9.77%.
Avangrid (AGR - Free Report) delivered third-quarter 2019 earnings of 40 cents per share, which missed the Zacks Consensus Estimate of 51 cents by 21.57%.
NextEra Energy (NEE - Free Report) delivered third-quarter 2019 earnings of $2.39 per share, which beat the Zacks Consensus Estimate of $2.27 by 5.29%.
Free: Zacks’ Single Best Stock Set to Double
Today you are invited to download our just-released Special Report that reveals 5 stocks with the most potential to gain +100% or more in 2020. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain.
Download Free Report Now >>