BOISE, Idaho, Sept. 20, 2019 /PRNewswire/ -- IDACORP, Inc. (IDA) announced today that its Board of Directors approved an increase in the regular quarterly cash dividend on IDACORP's common stock of 6.3% to $0.67 per share. At the new rate, the indicated dividend is $2.68 per share on an annual basis.
"IDACORP's Board of Directors has approved an annual dividend increase every year since 2012, resulting in a cumulative average growth rate of over 9%," said Darrel Anderson, IDACORP President and Chief Executive Officer. "These changes represent an overall increase of 123% in IDACORP's quarterly dividend over that period. Our customer and earnings growth have allowed us to increase the dividend to shareholders, while Idaho Power customers continue to benefit from some of the lowest energy prices in the nation.
"At this time, management expects to recommend to the Board of Directors future annual increases in the dividend of 5% or more which would keep the company near the upper end of the current target payout ratio of between 50 and 60 percent of sustainable IDACORP earnings. However, we expect to further discuss with the board the appropriate target payout ratio in mid-November."
The actual declaration of dividend payments and the approval of management's recommendations are at the discretion of the Board of Directors. In determining future dividend actions, the Board of Directors will continue to consider factors such as current and projected capital requirements, the company's liquidity position and earnings, the competitiveness of the dividend yield, business cycles, credit rating impacts, legal requirements, long-term sustainability, and more. The dividend declaration, ex-dividend, record, and payable dates will be announced during the fourth quarter of 2019.
IDACORP, Inc. (IDA), Boise, Idaho-based and formed in 1998, is a holding company comprised of Idaho Power, a regulated electric utility; IDACORP Financial, a holder of affordable housing projects and other real estate investments; and Ida-West Energy, an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978. Idaho Power began operations in 1916 and employs approximately 2,000 people to serve a 24,000-square-mile service area in southern Idaho and eastern Oregon. With 17 low-cost hydroelectric projects as the core of its generation portfolio, Idaho Power's more than 560,000 residential, business, and agricultural customers pay some of the nation's lowest prices for electricity. To learn more about IDACORP or Idaho Power, visit www.idacorpinc.com or www.idahopower.com.
In addition to the historical information contained in this press release, this press release contains (and oral communications made by IDACORP, Inc. and Idaho Power Company may contain) statements, including, without limitation, earnings guidance, that relate to future events and expectations and, as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, outlook, assumptions, future events, or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "estimates," "expects," "guidance," "intends," "potential," "plans," "predicts," "projects," "targets," "may result," "may continue," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance and involve estimates, assumptions, risks, and uncertainties. Actual results, performance, or outcomes may differ materially from the results discussed in the statements. In addition to any assumptions and other factors and matters referred to specifically in connection with such forward-looking statements, factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements are included in IDACORP, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the U.S. Securities and Exchange Commission, and subsequent reports filed by IDACORP, Inc. and its subsidiary, Idaho Power Company, with the U.S. Securities and Exchange Commission. Dividend declarations and the dividend rate are at the discretion of IDACORP, Inc.'s board of directors and depend on numerous factors, including those described in IDACORP, Inc.'s and Idaho Power Company's filings with the U.S. Securities and Exchange Commission. IDACORP, Inc.'s expectations with respect to dividends may be affected by current and projected capital requirements, IDACORP, Inc.'s liquidity position and earnings, capital expenditures, changes in cash flow, the competitiveness of the dividend yield, the impacts of economic conditions, business cycles, credit rating impacts, legal requirements and changes in laws and regulations, financial performance, long-term financial and operational performance, expectations, and sustainability, changes in tax laws, and other factors. Any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time and it is not possible for management to predict all such factors, nor can it assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. IDACORP, Inc. and Idaho Power Company disclaim any obligation to update publicly any forward-looking information, whether in response to new information, future events, or otherwise, except as required by applicable law.
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