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Dec 31, 2023
IDACORP Q4 2023 Earnings Report
IDACORP reported a decrease in net income for Q4 2023 compared to Q4 2022, primarily due to lower net income at Idaho Power, influenced by milder weather and increased expenses.
Key Takeaways
IDACORP's Q4 2023 net income was $31.3 million, or $0.61 per diluted share, compared to $42.1 million, or $0.83 per diluted share, in Q4 2022. The decrease was primarily due to lower net income at Idaho Power, influenced by milder weather, increased O&M expenses, and higher depreciation costs, partially offset by customer growth and FCA mechanism revenues.
Net income attributable to IDACORP decreased to $31.3 million in Q4 2023 from $42.1 million in Q4 2022.
Idaho Power's customer base grew by approximately 15,000, or 2.4 percent, during the year ended December 31, 2023, positively impacting operating income.
Milder weather in Q4 2023 led to lower sales volumes per customer, decreasing operating income, although partially offset by the FCA mechanism.
IDACORP is initiating its full-year 2024 earnings guidance to the range of $5.25 to $5.45 per diluted share.
Forward Guidance
IDACORP is initiating its full-year 2024 earnings guidance to the range of $5.25 to $5.45 per diluted share, with the expectation that Idaho Power will use between $35 and $60 million of additional tax credits available under the Idaho earnings support regulatory mechanism in 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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