IDACORP (IDA) Misses Q1 EPS by 6c; Affirms Outlook

IDACORP (NYSE: IDA) reported Q1 EPS of $0.74, $0.06 worse than the analyst estimate of $0.80.

"Now more than ever, Idaho Power is working to satisfy its unwavering commitment to safely provide reliable energy to our communities as we all work through the challenge of the pandemic. As a 104-year-old company, we have navigated through many challenging conditions, and we are working through the current crisis in a way that supports our customers, owners, and employees," said IDACORP President and Chief Executive Officer Darrel Anderson.

"We continued to see strong customer growth in our service area, increasing 2.6 percent over the twelve months ending March 31, 2020, which helped offset the modest initial impacts of stay-at-home orders and deliver first quarter results in line with our expectations. Current quarter results were impacted by expected decreases in transmission wheeling-related revenues compared with last year's first quarter, together with mild winter weather that contributed to reduced residential and commercial customer loads. Despite these headwinds, IDACORP still recorded its second-highest first quarter earnings per share in nearly 20 years," concluded Anderson.

GUIDANCE:

IDACORP affirms FY2020 EPS of $4.45-$4.65, versus the consensus of $4.60.

For earnings history and earnings-related data on IDACORP (IDA) click here.

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