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IDACORP (IDA) Beats on Q4 Earnings, Provides '17 Guidance
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IDACORP, Inc. (IDA - Free Report) recorded operating earnings of 66 cents per share in the fourth quarter of 2016, beating the Zacks Consensus Estimate of 61 cents by 8.2%. Quarterly earnings were higher than the year-ago earnings of 63 cents.
The year-over-year improvement in earnings was due to Dec 2016 legal settlement relating to the California energy market proceedings.
The full-year 2016 earnings per share was $3.94 beating the Zacks Consensus Estimate of $3.89 by 1.3%. Further, earnings were higher than the year-ago earnings of $3.87 per share. Earnings were also within the 2016 earnings guidance range of $3.80 to $3.95 per diluted share.
Continued customer growth at Idaho Power increased operating income by $3.0 million, which was mostly offset by a $2.6 million decrease due to lower usage per customer in the fourth quarter of 2016 compared with the same period in 2015.
IDACORP's net income increased $1.4 million for the fourth quarter of 2016 compared with year-ago period. For the quarter, IDACORP’s subsidiary Idaho Power's net income decreased $2.6 million compared with last year, while net income from non-regulated subsidiaries increased IDACORP's net income by $4.0 million.
Looking Ahead
IDACORP expects 2017 earnings guidance in the range of $3.90–$4.05 per diluted share. The company expects operating and maintenance expense guidance for 2017 to be in the range of $345–$355 million.
American Electric Power Co., Inc. (AEP - Free Report) , another Zacks Rank #3 stock, reported fourth-quarter 2016 operating earnings of 67 cents per share, beating the Zacks Consensus Estimate of 55 cents by 21.8%.
Eversource Energy (ES - Free Report) reported fourth-quarter 2016 operating earnings of 72 cents per share lagging the Zacks Consensus Estimate of 75 cents by 4.0%.
Zacks Rank
IDACORP currently carries a Zacks Rank #3.
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IDACORP (IDA) Beats on Q4 Earnings, Provides '17 Guidance
IDACORP, Inc. (IDA - Free Report) recorded operating earnings of 66 cents per share in the fourth quarter of 2016, beating the Zacks Consensus Estimate of 61 cents by 8.2%. Quarterly earnings were higher than the year-ago earnings of 63 cents.
The year-over-year improvement in earnings was due to Dec 2016 legal settlement relating to the California energy market proceedings.
The full-year 2016 earnings per share was $3.94 beating the Zacks Consensus Estimate of $3.89 by 1.3%. Further, earnings were higher than the year-ago earnings of $3.87 per share. Earnings were also within the 2016 earnings guidance range of $3.80 to $3.95 per diluted share.
IDACORP, Inc. Price, Consensus and EPS Surprise
IDACORP, Inc. Price, Consensus and EPS Surprise | IDACORP, Inc. Quote
Highlight of the Release
Continued customer growth at Idaho Power increased operating income by $3.0 million, which was mostly offset by a $2.6 million decrease due to lower usage per customer in the fourth quarter of 2016 compared with the same period in 2015.
IDACORP's net income increased $1.4 million for the fourth quarter of 2016 compared with year-ago period. For the quarter, IDACORP’s subsidiary Idaho Power's net income decreased $2.6 million compared with last year, while net income from non-regulated subsidiaries increased IDACORP's net income by $4.0 million.
Looking Ahead
IDACORP expects 2017 earnings guidance in the range of $3.90–$4.05 per diluted share. The company expects operating and maintenance expense guidance for 2017 to be in the range of $345–$355 million.
Peer Releases
WEC Energy Group (WEC - Free Report) , a Zacks Rank #3 (Hold) stock, reported fourth-quarter 2016 adjusted earnings of 61 cents per share, a penny lower than both the Zacks Consensus Estimate and the year-ago figure of 62 cents. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
American Electric Power Co., Inc. (AEP - Free Report) , another Zacks Rank #3 stock, reported fourth-quarter 2016 operating earnings of 67 cents per share, beating the Zacks Consensus Estimate of 55 cents by 21.8%.
Eversource Energy (ES - Free Report) reported fourth-quarter 2016 operating earnings of 72 cents per share lagging the Zacks Consensus Estimate of 75 cents by 4.0%.
Zacks Rank
IDACORP currently carries a Zacks Rank #3.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017?
Who wouldn't? Last year's market-beating Top 10 portfolio produced 5 double-digit winners. For example, oil and natural gas giant Pioneer Natural Resources and First Republic Bank racked up stellar gains of +44.9% and +44.3% respectively. Now a brand-new list for 2017 has been hand-picked from 4,400 companies covered by the Zacks Rank. See the 2017 Top 10 right now>>