Yahoo Finance IDACORP (IDA) Q1 Earnings Fall Short of Estimates, Revenues Top
IDACORP, Inc. IDA reported first-quarter 2024 earnings of 95 cents per share, which lagged the Zacks Consensus Estimate by 6.9%. The company reported earnings of $1.11 in the year-ago quarter.
Total Revenues
IDACORP's total revenues were $449 million, which surpassed the Zacks Consensus Estimate of $441 million by 1.7%. The top line increased 4.4% from the year-ago quarter’s $430 million.
IDACORP, Inc. Price, Consensus and EPS Surprise
IDACORP, Inc. price-consensus-eps-surprise-chart | IDACORP, Inc. Quote
Highlights of the Release
Customer growth in the company’s service areas increased 2.5% year over year for the 12 months ended Mar 31, 2024. This, in turn, boosted operating income by $4.7 million from the year-ago level.
Total operating expenses in first-quarter 2024 were $399.4 million, higher than $361.6 million recorded in the first quarter of 2023. Higher fuel expense, an increase in other operation and maintenance expenses, and higher power cost adjustment resulted in this uptick.
IDACORP's net income decreased 14.1% year over year to $48.2 million in the first quarter of 2024.
Financial Highlights
As of Mar 31, 2024, cash and cash equivalents were $157.6 million compared with $327.5 million as of Dec 31, 2023.
As of Mar 31, 2024, long-term debt was $2.8 billion, on par with 2023 end level.
In the first three months of 2024, net cash provided by operating activities was $109.7 million against $90.4 million used in operating activities in the year-ago period.
Guidance
IDACORP reaffirms its 2024 earnings guidance in the range of $5.25-$5.45 per share. The Zacks Consensus Estimate is currently pegged at $5.32, lower than the midpoint ($5.35) of the guided range of.
It projects capital expenditure in the range of $925-$975 million.
Management expects to add more hydropower in 2024 than its previous expectation. IDA now expects to add in the range of 6.5-8.0 MWh in 2024, up from the prior expected range of 5.5-7.5 MWh.
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.
Other Releases
NextEra Energy, Inc. NEE reported first-quarter 2024 adjusted earnings of 91 cents per share, which beat the Zacks Consensus Estimate of 80 cents by 13.8%. The bottom line was also up 8.3% year over year. The uptick was driven by solid performance of Florida Power & Light Company and NextEra Energy Resources.
The Zacks Consensus Estimate for NEE’s 2024 earnings is pinned at $3.40 per share, indicating a rise of 7.3% from a year ago. Long-term (three-to-five year) earnings growth rate of NEE is pegged at 7.99%.
Xcel Energy Inc. XEL reported first-quarter 2024 operating earnings of 88 cents per share, which surpassed the Zacks Consensus Estimate of 80 cents by 10%. The bottom line improved 15.8% from the prior-year quarter’s 76 cents.
The Zacks Consensus Estimate for XEL’s 2024 earnings is pinned at $3.56 per share, implying an improvement of 6.3% from the prior-year levels. The long-term earnings growth rate of XEL is pegged at 6.41%.
Dominion Energy D reported first-quarter 2024 operating earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 51 cents by 7.8%.
The Zacks Consensus Estimate for D’s 2024 earnings is pinned at $2.75 per share, suggesting an increase of 38.2% from the year-earlier levels. The long-term earnings growth rate of D is pegged at 5.44%.
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