Loading...
•
Mar 31, 2022
IDACORP Q1 2022 Earnings Report
IDACORP's net income increased due to higher net income at Idaho Power, driven by customer growth, increased usage per customer, and strong transmission wheeling revenues.
Key Takeaways
IDACORP Inc. reported a net income of $46.3 million, or $0.91 per diluted share, for the first quarter of 2022, compared to $44.8 million, or $0.89 per diluted share, for the same period in 2021. The increase was primarily due to higher net income at Idaho Power, driven by customer growth, increased usage per customer, and strong transmission wheeling revenues.
Net income attributable to IDACORP increased by $1.5 million compared to Q1 2021.
Customer growth at Idaho Power increased operating income by $3.0 million due to a 2.6% increase in customers.
Higher sales volumes per customer increased operating income by $9.3 million, driven by colder weather and increased economic activity.
Transmission wheeling-related revenues increased by $2.0 million due to new long-term wheeling agreements and higher tariff rates.
Forward Guidance
IDACORP affirms its full-year 2022 earnings guidance in the range of $4.85 to $5.05 per diluted share. The guidance assumes normal weather conditions and no utilization of additional tax credits.
Positive Outlook
- Affirms earnings guidance of $4.85 - $5.05 per diluted share.
- Expects no utilization of additional tax credits.
- Assumes normal weather conditions for the rest of the year.
- O&M Expense between $355 - $365 million
- Capital Expenditures between $480 - $500 million
Challenges Ahead
- Assumes no significant disruption to business operations.
- Assumes no critical supply-chain shortages.
- Assumes no workforce impacts or disruptions.
- Assumes no major declines in customer usage related to COVID-19.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...