Yahoo Finance IDACORP's (IDA) Q1 Earnings and Revenues Surpass Estimates
IDACORP, Inc. IDA reported first-quarter 2023 earnings of $1.11 per share, which surpassed the Zacks Consensus Estimate of 95 cents by 16.84%. The bottom line also improved 21.9% year over year.
The year-over-year improvement is attributable to solid customer growth. An improvement in the economic conditions of its service territories increased demand for its services.
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 2.2% year over year for the 12 months ended Mar 31, 2023, which in turn boosted operating income for the first quarter. Customer growth boosted operating income by $2.7 million from the year-ago level.
Total other O&M expenses in the first quarter of 2023 were consistent with the first quarter of 2022, as an increase in expenses due to inflationary pressures on labor-related and other costs were offset by lower expenses from planned maintenance projects compared with the same period in 2022.
Operating income was $68.1 million, up 12.3% year-over-year.
Guidance
IDACORP reiterated its 2023 earnings guidance in the range of $4.95-$5.15 per share. The Zacks Consensus Estimate for 2023 earnings is currently pegged at $5.10 per share, higher than the midpoint of the guidance range.
Idaho Power’s capital expenditure guidance for 2023 is in the range of $650-$700 million.
Idaho Power expects to add 6-7.5 MW of hydropower in 2023, up from the previous expectation of 5.5-57.5 MW.
Zacks Rank
Currently, IDACORP has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy, Inc. NEE released first-quarter 2023 adjusted earnings of 84 cents per share, which beat the Zacks Consensus Estimate of 75 cents by 12%.
The Zacks Consensus Estimate for NEE’s 2023 earnings per share is $3.11, implying year-over-year growth of 7.3%.
Entergy Corporation ETR reported first-quarter 2023 earnings of $1.14 per share, missing the Zacks Consensus Estimate of $1.34 by 14.9%.
The Zacks Consensus Estimate for ETR’s 2023 earnings per share is $6.69, implying a year-over-year increase of 4.2%.
PPL Corporation PPL reported first-quarter 2023 operating earnings per share of 48 cents, which beat the Zacks Consensus Estimate of 44 cents by 9.1%.
The Zacks Consensus Estimate for PPL’s 2023 earnings per share is $1.58, implying a year-over-year increase of 12.1%.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
PPL Corporation (PPL) : Free Stock Analysis Report
NextEra Energy, Inc. (NEE) : Free Stock Analysis Report
Entergy Corporation (ETR) : Free Stock Analysis Report
IDACORP, Inc. (IDA) : Free Stock Analysis Report
