IDACORP, Inc. (IDA - Free Report) reported third-quarter 2019 earnings of 93 cents per share, which improved 78.8% from the year-ago figure of 52 cents.
The year-over-year improvement in earnings was attributable to strong economic activity in Idaho Power's service area and solid performance across IDACORP's other subsidiaries. Customer addition and cost management also had a positive impact on the company’s bottom line.
Highlights of the Release
In 2019, its customer base improved 2.5% year over year, which resulted in $18.8 million increase in operating income from 2018 levels.
Net income in the quarter under review was $47.1 million compared with $26.1 million recorded in the year-ago period.
The company continues to lower the usage of coal in its electricity generation units. The usage of coal dropped 59% in 2019 from 2005 levels.
IDACORP initiated its full-year 2020 earnings guidance in the range of $4.45-$4.65 per share and this guidance assumes normal weather in its service territories. The mid-point of the guidance is $4.55, which is a penny less than the current Zacks Consensus Estimate.
The company expects 2020 operating and maintenance expenses associated with Idaho Power in the range of $350-$360 million. Idaho Power capital expenditure for 2020 is expected in the range of $300-$310 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.
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