IdaCorp Earnings: Here’s Why the Stock is 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 0.61%.
IdaCorp, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 28.17% to $0.91 in the quarter versus EPS of $0.71 in the year-earlier quarter.
Revenue: Rose 19.32% to $303.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: IdaCorp, Inc. reported adjusted EPS income of $0.91 per share. By that measure, the company beat the mean analyst estimate of $0.68. It beat the average revenue estimate of $256 million.
Quoting Management: “We successfully operated through a hot, dry quarter that brought significant usage from irrigation pumping and air conditioning. The increased usage helped boost our operating and financial performance this year. We continue to see warmer than normal conditions beyond the quarter as triple-digit temperatures persist throughout our service territory. On July 1 and 2, Idaho Power reached consecutive record overall peak-hour average system loads of 3,402 and 3,407 megawatts, respectively, breaking the record set last July of 3,245 megawatts.”
Key Stats (on next page)…
Revenue increased 14.71% from $264.93 million in the previous quarter. EPS increased 35.82% from $0.67 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $1.68 to a profit $1.63. For the current year, the average estimate has moved up from a profit of $3.28 to a profit of $3.31 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)