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Sep 30, 2022
IDACORP Q3 2022 Earnings Report
IDACORP's net income increased due to higher net income at Idaho Power, driven by customer growth, increased retail sales, and higher transmission wheeling revenues.
Key Takeaways
IDACORP reported a net income of $106.4 million, or $2.10 per diluted share, for the third quarter of 2022, compared to $97.9 million, or $1.93 per diluted share, in the third quarter of 2021. The increase was primarily due to higher net income at Idaho Power, driven by customer growth, increased retail sales from hotter weather, and higher transmission wheeling revenues. The company is increasing its full-year 2022 earnings guidance to $5.05 to $5.15 per diluted share.
Net income attributable to IDACORP was $106.4 million, or $2.10 per diluted share.
Customer growth increased operating income by $3.6 million as the number of Idaho Power customers grew by over 15,100, or 2.5 percent.
Higher sales volumes on a per-customer basis in all customer classes increased operating income by $12.6 million.
IDACORP is increasing its full-year 2022 earnings guidance to the range of $5.05 to $5.15 per diluted share.
Forward Guidance
IDACORP is increasing its previously reported full-year 2022 earnings guidance to the range of $5.05 to $5.15 per diluted share, and is also reaffirming that IDACORP does not expect Idaho Power to use any of the additional tax credits available under its Idaho earnings support regulatory mechanism in 2022. The earnings guidance assumes normal weather conditions over the balance of the year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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