Idacorp (IDA) Q3 2024 earnings summary

Executive summary

• Third quarter 2024 net income rose to $113.6 million ($2.12 per diluted share) from $105.3 million ($2.07) year-over-year, with nine-month net income at $251.3 million ($4.82 per share), driven by customer growth, rate changes, and favorable weather.

• Customer growth reached 2.6% year-over-year, with over 645,000 customers and record summer peak demand, supported by strong economic expansion.

• 2024 full-year earnings guidance raised to $5.35–$5.45 per diluted share, with the lower end increased.

• Announced procurement of new battery storage and first company-owned wind project in Wyoming for 2026–2027, plus several power purchase agreements.

• Oregon general rate case settlement approved, increasing base revenue by $6.7 million (12%) effective October 15, and Idaho limited-scope rate case filed for a $99 million (7.3%) increase.

Financial highlights

• Q3 2024 operating revenues were $528.5 million, up from $510.9 million in Q3 2023; nine-month revenues reached $1.43 billion, up from $1.35 billion year-over-year.

• Net cash from operating activities for the nine months ended September 30, 2024, was $458 million, up $296 million year-over-year.

• Total other O&M expenses rose $20.3 million in Q3, driven by pension, wildfire mitigation, and insurance costs, partially offset by increased base rate recovery.

• Depreciation expense increased $5.6 million in Q3 and $21.8 million for nine months due to higher plant-in-service.

• Retail revenues per MWh, net of power supply costs, increased operating income by $19.3 million in Q3 and $44 million for nine months.

Outlook and guidance

• 2024 earnings guidance raised to $5.35–$5.45 per diluted share, assuming normal weather and power supply expenses.

• Capital expenditures for 2024 expected at $925–$975 million; five-year CapEx forecast averages ~$1.165 billion per year, with $5.4–$6.1 billion planned for 2024–2028.

• Tax credit usage for 2024 expected in the $25–$35 million range, with $105 million in the mechanism remaining.

• Five-year retail sales growth forecast increased to 7.7% annually, not including two large potential industrial projects.

• O&M expenses for pension and wildfire mitigation expected to increase by $18 million and $30 million, respectively, in 2024, with cost recovery through base rates.