- IDACORP, Inc. (IDA) reported first-quarter 2024 earnings of 95 cents per share, falling short of the Zacks Consensus Estimate by 6.9%.
- The company’s total revenues for the quarter were $449 million, surpassing the Zacks Consensus Estimate of $441 million by 1.7%.
- Despite the revenue increase, IDACORP’s net income decreased 14.1% year over year to $48.2 million in the first quarter of 2024.
IDACORP, Inc. reports a decrease in net income despite surpassing revenue estimates in the first quarter of 2024. The company reaffirms its 2024 earnings guidance in the range of $5.25-$5.45 per share.
Q1 2024 Earnings Report
IDACORP, Inc. reported first-quarter 2024 earnings of 95 cents per share, which lagged the Zacks Consensus Estimate by 6.9%. This figure is a decrease from the company’s earnings of $1.11 per share in the year-ago quarter.
Total Revenues
IDACORP’s total revenues for the quarter were $449 million, surpassing the Zacks Consensus Estimate of $441 million by 1.7%. This represents a 4.4% increase from the year-ago quarter’s $430 million.
Operational Highlights
Customer growth in IDACORP’s service areas increased 2.5% year over year for the 12 months ended Mar 31, 2024. This growth boosted operating income by $4.7 million from the year-ago level. However, total operating expenses in the first quarter of 2024 were $399.4 million, higher than the $361.6 million recorded in the first quarter of 2023. These increased expenses were due to higher fuel expense, an increase in other operation and maintenance expenses, and higher power cost adjustment.
Financial Highlights
As of Mar 31, 2024, IDACORP had cash and cash equivalents of $157.6 million, compared with $327.5 million as of Dec 31, 2023. The company’s long-term debt remained steady at $2.8 billion. In the first three months of 2024, net cash provided by operating activities was $109.7 million, a significant improvement from the $90.4 million used in operating activities in the year-ago period.
2024 Earnings Guidance
IDACORP reaffirms its 2024 earnings guidance in the range of $5.25-$5.45 per share. The company also projects capital expenditure in the range of $925-$975 million and expects to add more hydropower in 2024 than previously expected.
Conclusion
Despite surpassing revenue estimates, IDACORP’s net income decreased in the first quarter of 2024. The company remains optimistic, however, reaffirming its 2024 earnings guidance and projecting an increase in capital expenditure and hydropower. Investors and stakeholders will be watching closely to see if the company can achieve these targets in the coming quarters.
