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IDACORP (IDA) Q1 Earnings Drop Y/Y on Mild Winter Weather

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IDACORP, Inc. (IDA - Free Report) reported first-quarter 2020 earnings of 74 cents per share, which dropped 11.9% from the year-ago figure of 84 cents.

The year-over-year decline in earnings was due to reduction in transmission wheeling-related revenues from the prior-year quarter, and mild winter weather that lowered residential and commercial customer loads.

Highlights of the Release

Customer growth in its service areas increased 2.6% in the 12 months ended March 31, 2020, which helped the company offset the initial impacts of stay-at-home orders.

Despite an increase in the customer base in the first quarter, operating income decreased $6.1 million year over year due to lower sales volumes per customer. This was primarily due to moderate weather in Idaho Power's service areas. As a consequence, residential and commercial customers used less energy for heating. Some of its commercial customers were impacted by COVID-19-induced lockdowns.

IDACORP, Inc. Price, Consensus and EPS Surprise

IDACORP, Inc. Price, Consensus and EPS Surprise

IDACORP, Inc. price-consensus-eps-surprise-chart | IDACORP, Inc. Quote

Guidance

IDACORP reaffirmed full-year 2020 earnings guidance in the range of $4.45-$4.65 per share, assuming 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’s capital expenditure for 2020 is expected in the range of $300-$310 million.

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 Releases

NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.

FirstEnergy Corporation (FE - Free Report) came up with first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.1%.

ONE Gas Inc. (OGS - Free Report) reported first-quarter 2020 earnings of $1.72 per share, lagging the Zacks Consensus Estimate of $1.78 by 3.4%.

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