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Mar 31, 2024
IDACORP Q1 2024 Earnings Report
IDACORP reported a decrease in net income due to lower usage per customer and higher expenses, partially offset by rate changes and customer growth.
Key Takeaways
IDACORP's first quarter 2024 net income decreased compared to the first quarter of 2023, primarily due to lower usage per customer because of weather conditions, and by higher depreciation and interest expense from system investments, despite benefits from rate changes and customer growth. The company reaffirms its 2024 earnings guidance.
Net income attributable to IDACORP was $48.2 million, or $0.95 per diluted share, compared to $56.1 million, or $1.11 per diluted share, in the first quarter of 2023.
Customer growth increased operating income by $4.7 million, with approximately 15,800 new customers, a 2.5% increase year-over-year.
Usage per retail customer decreased by $9.1 million due to more moderate temperatures.
IDACORP reaffirms its full-year 2024 earnings guidance to the range of $5.25 to $5.45 per diluted share.
IDACORP
IDACORP
IDACORP Revenue by Segment
IDACORP Revenue by Geographic Location
Revenue by Segment
Utility Operations Revenue
CapyFin.comAll Other Revenue
CapyFin.comRevenue by Geographic Location
Idaho Revenue
CapyFin.comOregon Revenue
CapyFin.com Forward Guidance
IDACORP reaffirms its full-year 2024 earnings guidance to the range of $5.25 to $5.45 per diluted share.
Revenue & Expenses
Visualization of income flow from segment revenue to net income