IDACORP (IDA) Lags Q3 Earnings Estimates, Revises 2021 View

Zacks Equity Research
·2 min read

IDACORP, Inc. IDA reported third-quarter 2021 earnings of $1.93 per share, which lagged the Zacks Consensus Estimate of $2.00 by 3.5%. The bottom line also dropped 4.5% year over year.

The arrival of irrigation sales earlier than last year negatively impacted the year-over-year comparison.

IDACORP, Inc. Price, Consensus and EPS Surprise

IDACORP, Inc. Price, Consensus and EPS Surprise
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 2.9% year over year for the 12 months ended Sep 30, 2021, which in turn boosted operating income for the third quarter. Customer growth boosted operating income by $5.1 million from the year-ago level.

Other O&M expenses were up $4.9 million for the quarter, increasing year over year due to return to more normal levels of purchased services and maintenance costs compared with third-quarter 2020, which was affected by the COVID-19 pandemic.

Guidance

IDACORP revised its 2021 earnings guidance to the range of $4.80-$4.90 from the earlier projection of $4.70-$4.90. The metric was $4.60 per share in 2020. The Zacks Consensus Estimate for 2021 earnings is currently pegged at $4.85 per share.

Idaho Power reiterated its capital expenditure guidance for 2021 in the range of $320-$330 million.

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.

Recent Releases

NextEra Energy, Inc. NEE reported third-quarter 2021 adjusted earnings of 75 cents per share, which beat the Zacks Consensus Estimate of 72 cents by 4.2%.

DTE Energy Company DTE reported third-quarter 2021 operating earnings per share of $1.72, which missed the Zacks Consensus Estimate of $1.83 by 6%.

Avangrid, Inc. AGR reported third-quarter 2021 earnings of 34 cents per share, beating the Zacks Consensus Estimate of 30 cents by 13.3%


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