Idacorp Inc (IDA) Reports Q3 2023 Earnings, Raises Lower-End Earnings Guidance
Idacorp Inc (NYSE:IDA) reported Q3 2023 net income of $105.3 million, slightly lower than Q3 2022's $106.4 million.
The company raised the lower-end of its full-year 2023 earnings guidance to a range of $5.05 to $5.15 per diluted share.
Idacorp's net income for the first nine months of 2023 increased by $13.0 million compared to the same period in 2022.
The company expects to use up to $10 million of additional tax credits available under the Idaho regulatory stipulation in 2023.
On November 2, 2023, Idacorp Inc (NYSE:IDA) announced its third quarter 2023 results, reporting a net income of $105.3 million, or $2.07 per diluted share. This is slightly lower than the $106.4 million, or $2.10 per diluted share, reported in the third quarter of 2022. Despite the slight dip in Q3 earnings, the company's net income for the first nine months of 2023 showed an increase of $13.0 million compared to the same period in 2022.
Financial Performance and Challenges
Idacorp's Q3 2023 net income decrease was primarily due to lower net income at Idaho Power. However, customer growth increased operating income by $4.6 million in Q3 2023 compared to Q3 2022, as the number of Idaho Power customers grew by approximately 14,000, or 2.3 percent, during the twelve months ended September 30, 2023. Usage per customer decreased operating income by $17.2 million in Q3 2023 compared to Q3 2022, largely due to greater precipitation and more moderate temperatures leading to less energy use per customer.
Financial Achievements and Guidance
Despite the challenges, Idacorp is raising the bottom-end of its previously reported full-year 2023 earnings guidance to a range of $5.05 to $5.15 per diluted share. The company also expects that Idaho Power will use up to $10 million of additional tax credits available under the Idaho regulatory stipulation in 2023.
Key Details from Financial Statements
For the first nine months of 2023, Idacorp's net income increased by $13.0 million compared to the same period in 2022, primarily due to higher net income at Idaho Power. Customer growth increased operating income by $11.4 million for the first nine months of 2023 compared to the first nine months of 2022. However, usage per customer decreased operating income by $18.1 million during the first nine months of 2023 compared to the first nine months of 2022.
Company's Performance Analysis
Despite the slight decrease in Q3 2023 net income, Idacorp's performance for the first nine months of 2023 shows promising growth. The company's decision to raise the lower-end of its full-year 2023 earnings guidance indicates confidence in its financial performance for the remainder of the year. The increase in customer growth and the expected use of additional tax credits also suggest potential for further growth.
For more detailed financial and operational information, please refer to Idacorps Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission, which is also available for review on Idacorps website at www.idacorpinc.com.
Explore the complete 8-K earnings release (here) from Idacorp Inc for further details.
This article first appeared on GuruFocus.
