Idacorp (IDA) Q4 2024 earnings summary

Executive summary

• Achieved 17th consecutive year of earnings growth, with 2024 diluted EPS of $5.50, up from $5.14 in 2023, driven by strong customer growth, rate changes, and favorable weather.

• Full-year 2024 net income was $289.2 million, up from $261.2 million in 2023; Q4 net income was $37.9 million, up from $31.3 million in Q4 2023.

• Customer base grew 2.6% to nearly 650,000, with robust economic activity and major projects in the service area.

• Initiated 2025 EPS guidance of $5.65–$5.85, assuming normal weather and power supply expenses.

Financial highlights

• Net income increased by $28 million year-over-year, primarily from customer growth and rate increases.

• Retail revenues per MWh, customer growth, and usage per customer contributed to net income increase; offset by higher O&M and depreciation expenses.

• Total O&M expenses rose $61.1 million, mainly due to pension, wildfire mitigation, and labor costs.

• Depreciation expense increased $28.1 million due to system investments.

• Operating cash flow reached nearly $600 million, a $325 million increase from the prior year.

Outlook and guidance

• 2025 EPS guidance set at $5.65–$5.85, with $60–$77 million of additional tax credit amortization expected.

• O&M expense forecasted at $465–$475 million; CapEx expected between $1–$1.1 billion for 2025.

• Hydropower generation forecasted at 6.5–8.5 million MWh for 2025.

• Five-year CapEx forecast totals $5.6–$5.8 billion, averaging $1.1 billion per year from 2025–2029.

• Rate base projected to more than double to $9.7 billion by 2029, with a 16.1% CAGR.