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IDACORP's (IDA) Q2 Earnings and Revenues Surpass Estimates
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IDACORP, Inc. (IDA - Free Report) reported second-quarter 2024 earnings of $1.71 per share, which beat the Zacks Consensus Estimate of $1.37 by 24.8%. The company reported earnings of $1.35 per share in the year-ago quarter.
Total Revenues
IDACORP's total revenues were $451 million, which surpassed the Zacks Consensus Estimate of $421 million by 7.2%. The top line increased 8.9% from the year-ago quarter’s $414 million.
Customer growth in the company’s service areas increased 2.6% year over year for the 12 months ended on Jun 30, 2024. This, in turn, boosted operating income by $6.2 million from the year-ago level.
Total operating expenses in second-quarter 2024 were $347.8 million, up from $331.5 million recorded in the second quarter of 2023. Higher purchased power expenses, an increase in other operation and maintenance expenses, and higher power cost adjustment resulted in this uptick.
IDACORP's operating income increased 25.5% year over year to $103.3 million in the reported quarter.
Financial Highlights
As of Jun 30, 2024, cash and cash equivalents were $169.6 million compared with $327.5 million as of Dec 31, 2023.
As of Jun 30, 2024, long-term debt was $2.8 billion, on par with the end level of 2023.
In the first six months of 2024, net cash provided by operating activities was $256.1 million compared with $6.8 million provided in the year-ago period.
Guidance
IDACORP revised its 2024 earnings guidance to $5.30-$5.45 per share from the earlier guided range of $5.25-$5.45 per share. The Zacks Consensus Estimate is currently pegged at $5.37 per share, on par with the midpoint of the new guided range.
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 7.0-8.0 MWh in 2024, up from the prior expected range of 6.5-8.0 MWh.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%.
NEE’s long-term (three-to-five years) earnings growth rate is 8.12%. It delivered an average earnings surprise of 8.1% in each of the last four quarters.
American Electric Power Company, Inc. (AEP - Free Report) reported second-quarter 2024 adjusted earnings per share of $1.25, which beat the Zacks Consensus Estimate of $1.23 by 1.6%.
AEP’s long-term earnings growth rate is 6.22%. It delivered an earnings surprise of 1.63% in the last reported quarter.
DTE Energy Company (DTE - Free Report) reported second-quarter 2024 operating earnings per share of $1.43, which beat the Zacks Consensus Estimate of $1.18 by 21.2%.
DTE’s long-term earnings growth rate is 8.14%. The company delivered an average earnings surprise of 0.77% in each of the last four quarters.
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IDACORP's (IDA) Q2 Earnings and Revenues Surpass Estimates
IDACORP, Inc. (IDA - Free Report) reported second-quarter 2024 earnings of $1.71 per share, which beat the Zacks Consensus Estimate of $1.37 by 24.8%. The company reported earnings of $1.35 per share in the year-ago quarter.
Total Revenues
IDACORP's total revenues were $451 million, which surpassed the Zacks Consensus Estimate of $421 million by 7.2%. The top line increased 8.9% from the year-ago quarter’s $414 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 2.6% year over year for the 12 months ended on Jun 30, 2024. This, in turn, boosted operating income by $6.2 million from the year-ago level.
Total operating expenses in second-quarter 2024 were $347.8 million, up from $331.5 million recorded in the second quarter of 2023. Higher purchased power expenses, an increase in other operation and maintenance expenses, and higher power cost adjustment resulted in this uptick.
IDACORP's operating income increased 25.5% year over year to $103.3 million in the reported quarter.
Financial Highlights
As of Jun 30, 2024, cash and cash equivalents were $169.6 million compared with $327.5 million as of Dec 31, 2023.
As of Jun 30, 2024, long-term debt was $2.8 billion, on par with the end level of 2023.
In the first six months of 2024, net cash provided by operating activities was $256.1 million compared with $6.8 million provided in the year-ago period.
Guidance
IDACORP revised its 2024 earnings guidance to $5.30-$5.45 per share from the earlier guided range of $5.25-$5.45 per share. The Zacks Consensus Estimate is currently pegged at $5.37 per share, on par with the midpoint of the new guided range.
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 7.0-8.0 MWh in 2024, up from the prior expected range of 6.5-8.0 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 - Free Report) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%.
NEE’s long-term (three-to-five years) earnings growth rate is 8.12%. It delivered an average earnings surprise of 8.1% in each of the last four quarters.
American Electric Power Company, Inc. (AEP - Free Report) reported second-quarter 2024 adjusted earnings per share of $1.25, which beat the Zacks Consensus Estimate of $1.23 by 1.6%.
AEP’s long-term earnings growth rate is 6.22%. It delivered an earnings surprise of 1.63% in the last reported quarter.
DTE Energy Company (DTE - Free Report) reported second-quarter 2024 operating earnings per share of $1.43, which beat the Zacks Consensus Estimate of $1.18 by 21.2%.
DTE’s long-term earnings growth rate is 8.14%. The company delivered an average earnings surprise of 0.77% in each of the last four quarters.