IDACORP Q3 2024 Earnings Report
Key Takeaways
IDACORP's third quarter 2024 net income attributable to IDACORP was $113.6 million, or $2.12 per diluted share, compared to $105.3 million, or $2.07 per diluted share, in the third quarter of 2023. The company is increasing the lower-end of its previously reported full-year 2024 earnings guidance to the range of $5.35 to $5.45 per diluted share.
Net income attributable to IDACORP increased by $8.3 million compared to Q3 2023, primarily due to higher net income at Idaho Power.
Customer growth increased operating income by $7.4 million as the number of customers grew by approximately 16,500, or 2.6 percent.
Usage per retail customer increased operating income by $3.1 million due to higher temperatures and lower precipitation.
The lower end of the full-year 2024 earnings guidance was increased to $5.35 to $5.45 per diluted share.
IDACORP
IDACORP
Forward Guidance
IDACORP is increasing the lower-end of its earnings guidance estimate for 2024 and its expectation for the use of additional ADITCs also improved. The 2024 guidance incorporates all of the key operating and financial assumptions.
Positive Outlook
- Earnings Guidance (per diluted share) $ 5.35 – $ 5.45
- Idaho Power Additional ADITCs $ 25 – $ 35
- Idaho Power O&M Expense No change
- Idaho Power Capital Expenditures, Excluding AFUDC No change
- Idaho Power Hydropower Generation (MWh)7.0 – 7.5