IDACORP (IDA) Beats On Q2 Earnings, Keeps 2016 Guidance

IDACORP, Inc. (NYSE:IDA) recorded operating earnings of $1.12 per share in the second quarter of 2016, beating the Zacks Consensus Estimate of 98 cents by 14.3%. Earnings were, however, down 14.5% year over year.

Improving economic conditions in its service territories and warmer temperatures were tailwinds. But they were offset by a change in the fixed cost adjustment mechanism.

Total Revenue

Quarterly revenues came in at $315.5 million, lower than the year-ago level of $336 million by 6.1%.

Highlight of the Release

Idaho Power, the primary subsidiary of IDACORP, registered a 1.8% year-over-year increase in its customer base.

However, the customer base expansion was more than offset by a decrease in sales volumes, on a per customer basis, lowering operating income by $9.0 million in the second quarter of 2016 compared with the second quarter of 2015.

Net income of the company in second-quarter 2016 was $56.2 million, down by $9.9 million from the year-ago quarter. The year over year decline was primarily due to the decrease in Idaho Power's operating income.

2016 Guidance

IDACORP reiterated its 2016 earnings guidance in the range of $3.80 to $3.95 per diluted share.

The company also maintained its operating and maintenance expense guidance for 2016 in the range of $350 million to $360 million.

Other Utility Releases

CMS Energy Corp. (NYSE:CMS) reported second-quarter 2016 adjusted earnings per share of 45 cents, beating the Zacks Consensus Estimate of 35 cents by 28.6%.

American Electric Power Co. (NYSE:AEP) reported second-quarter 2016 operating earnings of 95 cents per share, beating the Zacks Consensus Estimate of 90 cents by 5.6%.

PG&E Corporation’s (NYSE:PCG) adjusted operating earnings per share of 66 cents in the second quarter of 2016 lagged the Zacks Consensus Estimate of 94 cents by 29.8%.

Zacks Rank

IDACORP Corp. currently carries a Zacks Rank #3 (Hold).