IDACORP (IDA) Q1 Earnings Miss the Mark Despite Revenue Surge: A Deep Dive into the Coin’s Financial Performance

• IDACORP, Inc. (IDA) reported first-quarter 2024 earnings of 95 cents per share, falling short of the Zacks Consensus Estimate by 6.9%.
• The company’s total revenues for the quarter were $449 million, surpassing the Zacks Consensus Estimate of $441 million by 1.7%.
• Despite the revenue increase, IDACORP’s net income decreased 14.1% year over year to $48.2 million in the first quarter of 2024.

IDACORP, Inc. reports a decrease in net income despite surpassing revenue estimates in the first quarter of 2024. The company reaffirms its 2024 earnings guidance in the range of $5.25-$5.45 per share.

Q1 2024 Earnings Report

IDACORP, Inc. reported first-quarter 2024 earnings of 95 cents per share, which lagged the Zacks Consensus Estimate by 6.9%. This figure is a decrease from the company’s earnings of $1.11 per share in the year-ago quarter.

Total Revenues

IDACORP’s total revenues for the quarter were $449 million, surpassing the Zacks Consensus Estimate of $441 million by 1.7%. This represents a 4.4% increase from the year-ago quarter’s $430 million.

Operational Highlights

Customer growth in IDACORP’s service areas increased 2.5% year over year for the 12 months ended Mar 31, 2024. This growth boosted operating income by $4.7 million from the year-ago level. However, total operating expenses in the first quarter of 2024 were $399.4 million, higher than the $361.6 million recorded in the first quarter of 2023. These increased expenses were due to higher fuel expense, an increase in other operation and maintenance expenses, and h... Read the full article for FREE at COINOTAG!