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Sep 30, 2020
IDACORP Q3 2020 Earnings Report
IDACORP's net income increased due to customer growth and higher transmission-related revenues, offsetting decreased commercial customer sales related to COVID-19.
Key Takeaways
IDACORP reported a net income of $102.0 million, or $2.02 per diluted share, for the third quarter of 2020, compared to $89.9 million, or $1.78 per diluted share, for the same period in 2019. Strong customer growth at Idaho Power, along with higher transmission-related revenues, drove the company's success. The company has tightened upward its previously reported full-year 2020 earnings guidance to the range of $4.55 to $4.65 per diluted share.
Net income attributable to IDACORP increased by $12.1 million in Q3 2020 compared to Q3 2019.
Customer growth at Idaho Power increased operating income by $3.9 million, with customer base growing by 2.6% year-over-year.
Higher transmission wheeling-related revenues increased by $4.4 million due to warmer weather in the southwest U.S. and California.
Other O&M expenses decreased by $4.4 million, partially due to the exit from North Valmy coal-fired power plant and lower labor-related costs.
Forward Guidance
IDACORP tightened upward its previously reported full-year 2020 earnings guidance to the range of $4.55 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 nor to share revenue with Idaho customers in 2020.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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