IDACORP (IDA) Misses Q2 Earnings Estimates, Declines Y/Y
Zacks Investment Research | Aug 03, 2017 05:01AM ET
IDACORP, Inc. (NYSE:IDA) recorded operating earnings of 99 cents per share in the second quarter of 2017, missing the Zacks Consensus Estimate of $1.06 by 6.6%. Quarterly earnings were also down by 11.6% compared with the year-ago earnings of $1.12.
The year-over-year drop in earnings was due to soft irrigation sales in the second quarter. The higher than normal precipitation caused agricultural customers to use less energy to operate pumping equipment.
IDACORP's net income amounted $49.8 million for the second quarter of 2017 compared with $56.2 million in the year-ago quarter.
IDACORP increased 2017 earnings guidance in the range of $3.95 to $4.05 per diluted share from $3.90–$4.05. The company reaffirmed operating and maintenance expense for 2017 to be in the range of $345–$355 million.
Capital expenditure in 2017 has been reiterated in the range of $290–$300 million.
Zacks Rank
IDACORP currently carries a Zacks Rank #2 (Buy). You can see .
Peer Releases
NextEra Energy, Inc. (NYSE:NEE) reported second-quarter 2017 adjusted earnings of $1.86 per share, beating the Zacks Consensus Estimate of $1.76 by 5.7%. Reported earnings were up 11.4% year over year.
Eversource Energy (NYSE:ES) reported second-quarter 2017 operating earnings of 72 cents per share, beating the Zacks Consensus Estimate of 68 cents by 5.8%. The quarterly earnings were up 12.5% from the year-ago quarter figure of 64 cents.
First Energy Corp. (NYSE:FE) reported second-quarter 2017 operating earnings of 61 cents per share, in line with the Zacks Consensus Estimate. Quarterly earnings were up 8.9% year over year.
More Stock News: Tech Opportunity Worth $386 Billion in 2017
From driverless cars to artificial intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future.
Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential. Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.