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IDACORP's Third-Quarter Earnings Lag Estimates, Revenues Beat
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IDACORP, Inc. (IDA - Free Report) reported third-quarter 2024 earnings of $2.12 per share, which missed the Zacks Consensus Estimate of $2.17 by 2.3%. The company reported earnings of $2.07 per share in the year-ago quarter.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
Total Revenues
Total revenues were $528.5 million, which outpaced the Zacks Consensus Estimate of $524 million by 0.8%. The top line increased 3.3% from the year-ago quarter’s $511 million.
Customer growth in the company’s service areas increased 2.6% year over year for the 12 months ended on Sept. 30, 2024. This, in turn, boosted operating income by $7.4 million compared to the year-ago level.
Total operating expenses were $394.8 million, up from $384.6 million recorded in the third quarter of 2023. This uptick was due to higher fuel expenses, an increase in other operation and maintenance expenses, and a higher power cost adjustment.
IDACORP's operating income increased 5.9% year over year to $133.7 million in the reported quarter.
Financial Highlights
As of Sept. 30, 2024, cash and cash equivalents were $428 million compared with $327.4 million as of Dec. 31, 2023.
As of Sept. 30, 2024, long-term debt was $3.05 billion compared with $2.78 billion as of Dec. 31, 2023.
In the first nine months of 2024, net cash provided by operating activities was $458 million compared with $162 million in the year-ago period.
Guidance
IDACORP increased the lower end of its 2024 earnings guidance. It now guides earnings per share in the range of $5.35-$5.45 compared with $5.30-$5.45 expected previously. The Zacks Consensus Estimate is currently pegged at $5.39 per share, lower than the midpoint of the new guided range.
It projects capital expenditures to be in the range of $925-$975 million.
Management expects to add more hydropower in 2024 than previously expected. IDA now expects to add 7.0-8.0 MWh in 2024, up from the prior expected range of 7.0-7.5 MWh.
Pinnacle West Capital Corporation (PNW - Free Report) is scheduled to report third-quarter results on Nov. 6, before market open. The Zacks Consensus Estimate for earnings is pegged at $3.33 per share.
PNW’s long-term (three to five years) earnings growth rate is 8.22%. The Zacks Consensus Estimate for 2024 earnings is pinned at $4.88 per share, which implies a year-over-year improvement of 10.7%.
Evergy (EVRG - Free Report) is scheduled to report third-quarter results on Nov. 7, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.95 per share, which suggests a year-over-year increase of 3.7%.
EVRG’s long-term earnings growth rate is 5.85%. The Zacks Consensus Estimate for 2024 earnings is pinned at $3.84 per share, which implies a year-over-year improvement of 8.5%.
NRG Energy (NRG - Free Report) is scheduled to report third-quarter results on Nov. 8, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.71 per share, which suggests a year-over-year increase of 5.6%.
The Zacks Consensus Estimate for 2024 earnings is pinned at $6.09 per share, which implies a year-over-year improvement of 41%. It delivered an average earnings surprise of 7% in the trailing four quarters.
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IDACORP's Third-Quarter Earnings Lag Estimates, Revenues Beat
IDACORP, Inc. (IDA - Free Report) reported third-quarter 2024 earnings of $2.12 per share, which missed the Zacks Consensus Estimate of $2.17 by 2.3%. The company reported earnings of $2.07 per share in the year-ago quarter.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
Total Revenues
Total revenues were $528.5 million, which outpaced the Zacks Consensus Estimate of $524 million by 0.8%. The top line increased 3.3% from the year-ago quarter’s $511 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 Sept. 30, 2024. This, in turn, boosted operating income by $7.4 million compared to the year-ago level.
Total operating expenses were $394.8 million, up from $384.6 million recorded in the third quarter of 2023. This uptick was due to higher fuel expenses, an increase in other operation and maintenance expenses, and a higher power cost adjustment.
IDACORP's operating income increased 5.9% year over year to $133.7 million in the reported quarter.
Financial Highlights
As of Sept. 30, 2024, cash and cash equivalents were $428 million compared with $327.4 million as of Dec. 31, 2023.
As of Sept. 30, 2024, long-term debt was $3.05 billion compared with $2.78 billion as of Dec. 31, 2023.
In the first nine months of 2024, net cash provided by operating activities was $458 million compared with $162 million in the year-ago period.
Guidance
IDACORP increased the lower end of its 2024 earnings guidance. It now guides earnings per share in the range of $5.35-$5.45 compared with $5.30-$5.45 expected previously. The Zacks Consensus Estimate is currently pegged at $5.39 per share, lower than the midpoint of the new guided range.
It projects capital expenditures to be in the range of $925-$975 million.
Management expects to add more hydropower in 2024 than previously expected. IDA now expects to add 7.0-8.0 MWh in 2024, up from the prior expected range of 7.0-7.5 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.
Upcoming Releases
Pinnacle West Capital Corporation (PNW - Free Report) is scheduled to report third-quarter results on Nov. 6, before market open. The Zacks Consensus Estimate for earnings is pegged at $3.33 per share.
PNW’s long-term (three to five years) earnings growth rate is 8.22%. The Zacks Consensus Estimate for 2024 earnings is pinned at $4.88 per share, which implies a year-over-year improvement of 10.7%.
Evergy (EVRG - Free Report) is scheduled to report third-quarter results on Nov. 7, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.95 per share, which suggests a year-over-year increase of 3.7%.
EVRG’s long-term earnings growth rate is 5.85%. The Zacks Consensus Estimate for 2024 earnings is pinned at $3.84 per share, which implies a year-over-year improvement of 8.5%.
NRG Energy (NRG - Free Report) is scheduled to report third-quarter results on Nov. 8, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.71 per share, which suggests a year-over-year increase of 5.6%.
The Zacks Consensus Estimate for 2024 earnings is pinned at $6.09 per share, which implies a year-over-year improvement of 41%. It delivered an average earnings surprise of 7% in the trailing four quarters.