We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
IDACORP's (IDA) Q4 Earnings Top Estimates, Clean Energy Added
Read MoreHide Full Article
IDACORP, Inc. (IDA - Free Report) reported fourth-quarter 2023 earnings of 61 cents per share, which surpassed the Zacks Consensus Estimate by a penny. The company reported earnings of 83 cents in the year-ago quarter.
2023 earnings per share were $5.14 compared with $5.11 in 2022. Strong customer growth, operating efficiently resulting in flat operations and maintenance expenses compared with the last year boosted the bottom line. IDA’s 2023 earnings came near the upper end of the guided range of $5.05-$5.15 per share.
Total Revenues
IDACORP's total revenues came in at $509.6 million, which lagged the Zacks Consensus Estimate of $552 million by 7.7%. The top line also decreased by 1.6% from the year-ago quarter’s figure of $518 million.
Customer growth in the company’s service areas increased by 2.4% year over year for the 12 months ended Dec 31, 2023. This, in turn, boosted operating income by $4.3 million from the year-ago level.
Total other O&M expenses in fourth-quarter 2023 were $8.8 million, higher than the fourth quarter of 2022, due to the timing of performance-based variable compensation accruals, inflationary pressures on labor-related costs, higher professional service costs and higher maintenance costs, including an increase in scheduled maintenance work at natural gas plants.
IDACORP's net income decreased $10.8 million in the fourth quarter of 2023 compared with the fourth quarter of 2022, due primarily to lower net income at Idaho Power.
The company added 6.5 MWh of hydropower in its generation portfolio in 2023.
Guidance
IDACORP initiates its 2024 earnings guidance in the range of $5.25-$5.45 per share. The Zacks Consensus Estimate is currently pegged at $5.43, higher than the midpoint of the guided range of $5.35.
Its capital expenditure guidance for 2024 is in the range of $925-$975 million.
Management expects to add hydropower in the range of 5.5-7.5 MWh in 2024.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2023 adjusted earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 49 cents by 6.1%. The bottom line was also up nearly 2% year over year.
The Zacks Consensus Estimate for NEE’s 2024 earnings is pinned at $3.44 per share, implying an improvement of 8.5% from the year-ago levels. Long-term (three- to-five year) earnings growth of NEE is pegged at 8.2%.
Duke Energy Corporation (DUK - Free Report) reported fourth-quarter 2023 adjusted earnings of $1.51 per share, which missed the Zacks Consensus Estimate of $1.54 by 1.9%. However, the bottom line increased 36% year over year.
The Zacks Consensus Estimate for DUK’s 2024 earnings is pinned at $5.97 per share, implying 7.4% growth from the prior-year levels. The long-term earnings growth of DUK is pegged at 5.3%.
FirstEnergy (FE - Free Report) reported fourth-quarter 2023 operating earnings of 62 cents per share, which surpassed the Zacks Consensus Estimate of 60 cents by 3.3%. The bottom line increased 24% from the year-ago quarter’s figure of 50 cents.
The Zacks Consensus Estimate for FE’s 2024 earnings is pinned at $2.68 per share, implying a gain of 4.7% from thew year-ago actuals.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
IDACORP's (IDA) Q4 Earnings Top Estimates, Clean Energy Added
IDACORP, Inc. (IDA - Free Report) reported fourth-quarter 2023 earnings of 61 cents per share, which surpassed the Zacks Consensus Estimate by a penny. The company reported earnings of 83 cents in the year-ago quarter.
2023 earnings per share were $5.14 compared with $5.11 in 2022. Strong customer growth, operating efficiently resulting in flat operations and maintenance expenses compared with the last year boosted the bottom line. IDA’s 2023 earnings came near the upper end of the guided range of $5.05-$5.15 per share.
Total Revenues
IDACORP's total revenues came in at $509.6 million, which lagged the Zacks Consensus Estimate of $552 million by 7.7%. The top line also decreased by 1.6% from the year-ago quarter’s figure of $518 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 by 2.4% year over year for the 12 months ended Dec 31, 2023. This, in turn, boosted operating income by $4.3 million from the year-ago level.
Total other O&M expenses in fourth-quarter 2023 were $8.8 million, higher than the fourth quarter of 2022, due to the timing of performance-based variable compensation accruals, inflationary pressures on labor-related costs, higher professional service costs and higher maintenance costs, including an increase in scheduled maintenance work at natural gas plants.
IDACORP's net income decreased $10.8 million in the fourth quarter of 2023 compared with the fourth quarter of 2022, due primarily to lower net income at Idaho Power.
The company added 6.5 MWh of hydropower in its generation portfolio in 2023.
Guidance
IDACORP initiates its 2024 earnings guidance in the range of $5.25-$5.45 per share. The Zacks Consensus Estimate is currently pegged at $5.43, higher than the midpoint of the guided range of $5.35.
Its capital expenditure guidance for 2024 is in the range of $925-$975 million.
Management expects to add hydropower in the range of 5.5-7.5 MWh in 2024.
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 - Free Report) reported fourth-quarter 2023 adjusted earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 49 cents by 6.1%. The bottom line was also up nearly 2% year over year.
The Zacks Consensus Estimate for NEE’s 2024 earnings is pinned at $3.44 per share, implying an improvement of 8.5% from the year-ago levels. Long-term (three- to-five year) earnings growth of NEE is pegged at 8.2%.
Duke Energy Corporation (DUK - Free Report) reported fourth-quarter 2023 adjusted earnings of $1.51 per share, which missed the Zacks Consensus Estimate of $1.54 by 1.9%. However, the bottom line increased 36% year over year.
The Zacks Consensus Estimate for DUK’s 2024 earnings is pinned at $5.97 per share, implying 7.4% growth from the prior-year levels. The long-term earnings growth of DUK is pegged at 5.3%.
FirstEnergy (FE - Free Report) reported fourth-quarter 2023 operating earnings of 62 cents per share, which surpassed the Zacks Consensus Estimate of 60 cents by 3.3%. The bottom line increased 24% from the year-ago quarter’s figure of 50 cents.
The Zacks Consensus Estimate for FE’s 2024 earnings is pinned at $2.68 per share, implying a gain of 4.7% from thew year-ago actuals.