IDACORP, Inc. IDA reported second-quarter 2019 operating earnings of $1.05 per share, which lagged the Zacks Consensus Estimate of $1.17 by 10.2%. The reported earnings also declined 14.6% from the year-ago figure of $1.23 per share.
The year-over-year decline in earnings was due to unfavorable weather, which largely affected demand. This was marginally offset by customer growth and proper management of operating expenses.
Highlights of the release
Customer growth led to a year-over-year increase in IDACORP’s operating income by $4.2 million, as the number of Idaho Power customers grew 2.5% during the 12 months ended Jun 30.
Net income in the quarter under review was $53.2 million, reflecting a decline from $62.3 million recorded in the year-ago period.
IDACORP, Inc. Price, Consensus and EPS Surprise
Guidance
IDACORP revised its 2019 earnings guidance to the range of $4.35-$4.50 from earlier expectation of $4.30-$4.45. The mid-point of the revised guidance is $4.425, which is lower than the current Zacks Consensus Estimate of $4.46.
The company reiterated its view for 2019 operating and maintenance expenses associated with Idaho Power in the range of $350-$360 million.
Zacks Rank
Currently, IDACORP has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
NextEra Energy, Inc. NEE reported second-quarter 2019 adjusted earnings of $2.35 per share, beating the Zacks Consensus Estimate of $2.28 by 3.1%.
Dominion Energy Inc. D reported second-quarter 2019 operating earnings of 77 cents per share, beating the Zacks Consensus Estimate of 75 cents by 2.6%.
Eversource Energy ES reported second-quarter 2019 operating earnings of 74 cents per share, beating the Zacks Consensus Estimate by a penny.
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