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IDACORP (IDA) Q1 Earnings Beat on Strong Customer Growth
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IDACORP, Inc. (IDA - Free Report) reported first-quarter 2018 operating earnings of 72 cents per share, beating the Zacks Consensus Estimate of 71 cents by 1.4%. Quarterly earnings increased 9.1% from 66 cents in the year-ago quarter.
The improvement was driven by strong economic activity and fixed cost adjustment mechanism revenues in Idaho that helped to offset lower residential sales from a milder winter.
In the first quarter, customer growth increased operating income by $2.4 million year over year, as the number of Idaho Power customers grew 2.1% in the last 12 months.
In the quarter, Idaho Power also benefited from a $2.7 million increase in transmission services and other revenues compared with the prior-year quarter.
Total operating expenses in the first quarter were $258.4 million, up 4.4% year over year.
Operating income was down 5.6% from the year-ago quarter to $50.6 million.
Financial Update
Cash and cash equivalents as of Mar 31, 2018 was $307.3 million compared with $76.7 million as of Dec 31, 2017.
Total long-term debt as of Mar 31, 2018 was $1.83 billion compared with $1.75 billion at the end of 2017.
Cash from operating activities in the first quarter of 2018 was $91.7 million, down 19.3% from $113.7 million in the first quarter of 2017.
Guidance
IDACORP reaffirmed its earnings guidance for 2018 in the range of $4.10-$4.25 per share.
Operating and Maintenance expenses for 2018 are expected within $345-$355 million.
Other Utility Releases
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2018 adjusted earnings of $1.94 per share, beating the Zacks Consensus Estimate of $1.78 by 8.9%.
Dominion Energy Inc. (D - Free Report) reported first-quarter 2018 operating earnings of $1.14 per share, beating the Zacks Consensus Estimate of $1.03 by 10.7%.
FirstEnergy Corporation (FE - Free Report) reported first-quarter 2018 operating earnings of 67 cents per share, lagging the Zacks Consensus Estimate of 68 cents by 1.5%.
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IDACORP (IDA) Q1 Earnings Beat on Strong Customer Growth
IDACORP, Inc. (IDA - Free Report) reported first-quarter 2018 operating earnings of 72 cents per share, beating the Zacks Consensus Estimate of 71 cents by 1.4%. Quarterly earnings increased 9.1% from 66 cents in the year-ago quarter.
The improvement was driven by strong economic activity and fixed cost adjustment mechanism revenues in Idaho that helped to offset lower residential sales from a milder winter.
IDACORP, Inc. Price, Consensus and EPS Surprise
IDACORP, Inc. Price, Consensus and EPS Surprise | IDACORP, Inc. Quote
Highlights of the Release
In the first quarter, customer growth increased operating income by $2.4 million year over year, as the number of Idaho Power customers grew 2.1% in the last 12 months.
In the quarter, Idaho Power also benefited from a $2.7 million increase in transmission services and other revenues compared with the prior-year quarter.
Total operating expenses in the first quarter were $258.4 million, up 4.4% year over year.
Operating income was down 5.6% from the year-ago quarter to $50.6 million.
Financial Update
Cash and cash equivalents as of Mar 31, 2018 was $307.3 million compared with $76.7 million as of Dec 31, 2017.
Total long-term debt as of Mar 31, 2018 was $1.83 billion compared with $1.75 billion at the end of 2017.
Cash from operating activities in the first quarter of 2018 was $91.7 million, down 19.3% from $113.7 million in the first quarter of 2017.
Guidance
IDACORP reaffirmed its earnings guidance for 2018 in the range of $4.10-$4.25 per share.
Operating and Maintenance expenses for 2018 are expected within $345-$355 million.
Other Utility Releases
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2018 adjusted earnings of $1.94 per share, beating the Zacks Consensus Estimate of $1.78 by 8.9%.
Dominion Energy Inc. (D - Free Report) reported first-quarter 2018 operating earnings of $1.14 per share, beating the Zacks Consensus Estimate of $1.03 by 10.7%.
FirstEnergy Corporation (FE - Free Report) reported first-quarter 2018 operating earnings of 67 cents per share, lagging the Zacks Consensus Estimate of 68 cents by 1.5%.
Zacks Rank
Currently, IDACORP carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
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