IDACORP releases strong Q3 results, beating estimates by $0.05

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IDACORP ($NYSE:IDA), Inc. is a holding company engaged in the generation, transmission and distribution of electric power, as well as other energy-related businesses, in the United States. The company reported strong third quarter results, with GAAP EPS of $2.10 beating estimates by $0.05. Transmission wheeling-related revenues increased $1.2 million during the third quarter of 2022 compared with the third quarter of 2021 as Idaho Power’s open access transmission tariff rates were approximately 4 percent higher. Given the strong results in the third quarter, analysts are optimistic that the company will be able to meet or exceed its guidance for the full year.

Earnings

IDACORP, Inc. announced today that it has released strong results for its fiscal year 2022 third quarter ended September 30, 2021. IDACORP also reported net income of $241.2 million for the quarter, a 1.8% decrease compared to the same period last year. The company attributes this growth to higher retail sales, as well as higher sales of wholesale power and transmission services. IDACORP is confident that it can continue to grow its business and deliver strong results for shareholders.

Stock Price

The stock opened at $104.6 and closed at $101.9, down by 0.2% from the last closing price of 102.1. The company’s Q3 results were strong, with earnings coming in at $0.05 per share higher than expected. Investors may be concerned about the company’s future prospects, given the current economic conditions. However, IDACORP has a strong track record and is well-positioned to weather any storm.

VI Analysis

A company’s fundamentals reflect its long term potential. The VI app makes analyzing a company’s fundamentals simple. Based on the VI Star Chart, IDACORP is classified as a ‘cow’. Cows are companies that have a track record of paying out consistent and sustainable dividends. Investors interested in companies like IDACORP are typically looking for income-generating investments. IDACORP is strong in dividend, medium in asset, profitability and weak in growth.

However, the company has a high health score of 8/10 with regard to its cashflows and debt. This indicates that IDACORP is capable of paying off its debt and funding future operations.

VI Peers

Since its establishment in 1898, Idacorp Inc has been engaged in electric utility businesses in the United States. The company is currently one of the leading electric utility providers in the country, with a customer base of over 500,000. Idacorp Inc has a strong presence in the western United States, particularly in Idaho, Oregon, and Washington. The company’s main competitors are American Electric Power Co Inc, PNM Resources Inc, and Energa SA. These companies are all engaged in the business of electric utility provision and have a significant presence in the United States. While Idacorp Inc is the largest electric utility provider in Idaho, American Electric Power Co Inc is the largest provider in Ohio. PNM Resources Inc is the largest electric utility provider in New Mexico. Energa SA is a Polish electric utility company with a significant presence in the United States.

– American Electric Power Co Inc ($NASDAQ:AEP)

American Electric Power Company, Inc. (AEP) is a holding company that provides electric service through its subsidiaries in 11 states in the United States. AEP’s subsidiaries generate, transmit, and distribute electricity to residential, commercial, and industrial customers. The company also owns and operates coal, oil, natural gas, and renewable energy plants. In addition, AEP’s subsidiaries engage in transmission and distribution operations, including transmission infrastructure development.

– PNM Resources Inc ($NYSE:PNM)

PNM Resources Inc is a holding company that invests in energy businesses. Its portfolio includes electric utility, natural gas, and oil businesses. The company operates through two segments: Electric Utility and Non-Utility. The Electric Utility segment engages in the generation, transmission, and distribution of electricity in New Mexico and Texas. The Non-Utility segment includes the company’s investments in energy businesses, including natural gas pipelines and gathering systems, and oil and gas exploration and production.

– Energa SA ($LTS:0QX7)

Energa SA is a Polish electricity company with a market capitalization of 2.57 billion as of 2022. The company has a return on equity of 11.25%. Energa SA is involved in the generation, transmission, and distribution of electricity. The company also supplies gas and heat.

Summary

IDACORP is a holding company that owns and operates Idaho Power, an electric utility serving southwestern Idaho and eastern Oregon. The company’s stock is traded on the New York Stock Exchange under the ticker symbol IDA. Investing in IDACORP can be a good way to gain exposure to the electric utility industry.

The company has a strong track record of financial performance, and its stock has been a consistent performer over the years. Its stock is a good choice for investors looking for exposure to the electric utility industry.