IDACORP (IDA) Beats Q4 Earnings Estimates, Adds Customers

IDACORP, Inc. (NYSE:IDA) delivered fourth-quarter 2018 operating earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 48 cents by 8.3%. However, the figure fell 32.5% from 77 cents in the year-ago quarter.

In 2018, the company generated earnings of $4.49 per share compared with $4.21 in2017.

The full year figure improved owing to consistent strong customer growth in Idaho Power’s service area along with constructive regulatory outcomes and a return to more normal irrigation sales.

Net income fell $12.8 million to $26.1 million in the fourth quarter of 2018, primarily due to lower net income at Idaho Power.

IDACORP, Inc. Price, Consensus and EPS Surprise

Guidance

Management guided 2019 EPS in the range of $4.30-$4.45, whose mid-point of $4.37 is lower than the current Zacks Consensus Estimate of $4.42.

The company expects operating and maintenance expenses related to Idaho Power for 2019 in the range of $350-$360 million.

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 Utility Releases

NextEra Energy, Inc (NYSE:NEE) delivered fourth-quarter 2018 adjusted earnings of $1.49 per share, which lagged the Zacks Consensus Estimate of $1.51 by 1.3%.

American Electric Power Co., Inc (NYSE:AEP) generated fourth-quarter 2018 operating EPS of 72 cents, in line with the Zacks Consensus Estimate.

Xcel Energy Inc (NASDAQ:XEL) posted fourth-quarter 2018 operating earnings of 42 cents per share, in line with the Zacks Consensus Estimate.

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