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Jun 30, 2020
IDACORP Q2 2020 Earnings Report
IDACORP's net income increased due to customer growth and higher sales volumes.
Key Takeaways
IDACORP reported a net income of $60.4 million, or $1.19 per diluted share, for the second quarter of 2020, compared to $53.2 million, or $1.05 per diluted share, for the same period in 2019. The increase was primarily due to higher net income at Idaho Power.
Customer growth increased operating income by $3.4 million compared to Q2 2019, with a 2.6% increase in customers.
Higher sales volumes per customer increased operating income by $6.6 million, driven by irrigation and residential customer usage.
Other O&M expenses were $3.9 million lower due to temporary deferral of maintenance projects.
IDACORP reaffirms its full-year 2020 earnings guidance in the range of $4.45 to $4.65 per diluted share.
IDACORP
IDACORP
Forward Guidance
IDACORP reaffirms its previously reported full-year 2020 earnings guidance in the range of $4.45 to $4.65 per diluted share, and is also reaffirming that Idaho Power does not expect to utilize any of the additional tax credits available under its Idaho earnings support regulatory mechanism in 2020.
Positive Outlook
- Full-year 2020 earnings guidance reaffirmed at $4.45 - $4.65 per diluted share.
- Idaho Power does not expect to utilize additional tax credits.
- Guidance assumes normal weather conditions for the rest of the year.
- Guidance includes assumed levels of impact from COVID-19.
- No significant disruption to business operations experienced to date.
Challenges Ahead
- Potential for increased adverse economic impacts from COVID-19.
- Possible substantial load declines.
- Potential increases in uncollectible accounts.
- Possible supply chain challenges.
- Circumstances associated with COVID-19 could deteriorate more than anticipated.