IDACORP Q2 2024 Earnings Report
Key Takeaways
IDACORP's second quarter 2024 net income attributable to IDACORP was $89.5 million, or $1.71 per diluted share, compared to $68.6 million, or $1.35 per diluted share, in the second quarter of 2023. The company is increasing the lower-end of its previously reported full-year 2024 earnings guidance to the range of $5.30 to $5.45 per diluted share.
Net income attributable to IDACORP increased by $20.9 million in Q2 2024 compared to Q2 2023, primarily due to higher net income at Idaho Power.
Customer growth increased operating income by $5.1 million, with the number of customers growing by approximately 16,200, or 2.6 percent, during the twelve months ended June 30, 2024.
Usage per retail customer increased operating income by $6.2 million, with irrigation customer usage increasing most significantly due to higher temperatures.
The company is increasing the lower-end of its previously reported full-year 2024 earnings guidance to the range of $5.30 to $5.45 per diluted share.
IDACORP
IDACORP
Forward Guidance
IDACORP is increasing the lower-end of its earnings guidance estimate for 2024 and adjusting its expectation for the use of ADITCs. The 2024 guidance incorporates all of the key operating and financial assumptions listed in the table that follows.
Positive Outlook
- Earnings Guidance (per diluted share) raised to $5.30 – $5.45
- Additional ADITCs expected to be between $35 – $50 million
- Hydropower Generation expected to be between 7.0 – 8.0 MWh
- Normal weather conditions are assumed through the remainder of 2024.
- Normal power supply expenses are assumed through the remainder of 2024.