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IDACORP (IDA) Beats on Q4 Earnings, Provides '17 Guidance

IDACORP, Inc.IDA 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 , 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 , 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 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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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