IdaCorp Earnings: Here’s Why Shares are Up Now
IdaCorp, Inc. (NYSE:IDA) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.5%.
IdaCorp, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 34% to $0.67 in the quarter versus EPS of $0.50 in the year-earlier quarter.
Revenue: Rose 9.85% to $264.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: IdaCorp, Inc. reported adjusted EPS income of $0.67 per share. By that measure, the company beat the mean analyst estimate of $0.55. It beat the average revenue estimate of $253.1 million.
Quoting Management: “IDACORP had positive momentum coming into 2013 and we continued on that course in the first quarter,” said IDACORP President and Chief Executive Officer LaMont Keen. “Our first quarter earnings demonstrate strong operating performance. The improvement in earnings resulted from general business price changes in 2012, diligent cost management and increased sales due to colder than normal weather during the quarter. No use of additional accumulated deferred investment tax credits, or ADITCs, was required to produce these results.”
Key Stats (on next page)…
Revenue increased 5.62% from $250.8 million in the previous quarter. EPS increased 103.03% from $0.33 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $0.61 to a profit $0.63. For the current year, the average estimate is a profit of $3.26, which is the same with that ninety days ago.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)