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IDACORP (IDA) Lags Q1 Earnings Estimates, Keeps '16 View

IDACORP, Inc. IDA recorded operating earnings of 51 cents per share in the first quarter of 2016, lagging the Zacks Consensus Estimate of 55 cents by 7.3%. Quarterly earnings were however up 8.5% year over year.

The year-over-year improvement in earnings was primarily due to continued growth in its service territory. Unemployment levels were well below the national average leading to strong customer additions.

Total Revenue

Quarterly revenues came in at $280.9 million, marginally higher than the year-ago level of $279 million.

Highlight of the Release

Net income of the company in first-quarter 2016 was $25.3 million, up 8.1% from the year-ago quarter. A 1.8% increase in the number of Idaho Power customers led to a $2.2 million increase in income.

Cash from operating activities in first-quarter 2016 was $66.2 million compared with $105 million in the year-ago period.

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

DTE Energy Company DTE reported first-quarter 2016 operating earnings per share of $1.52, in line with the Zacks Consensus Estimate.

FirstEnergy Corporation FE announced first-quarter 2016 operating earnings of 80 cents per share, outpacing the Zacks Consensus Estimate of 76 cents by 5.3%.

Entergy Corporation ETR reported first-quarter 2016 operational earnings of $1.35 per share, beating the Zacks Consensus Estimate of $1.17 by 15.4%.

Zacks Rank

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

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