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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 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.
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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Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Today, See These 5 Potential Home Runs >>
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IDACORP (IDA) Q1 Earnings Drop Y/Y on Mild Winter Weather
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-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%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>