The following is a summary of the IDACORP, Inc. (IDA) Q1 2024 Earnings Call Transcript:
Financial Performance:
IDACORP reported diluted earnings per share of $0.95 for Q1 2024, a decrease from $1.11 for the same period last year.
The company maintains its 2024 earnings guidance within the range of $5.25 to $5.45 per share.
An increase in operating income by $4.7 million was observed in Q1 2024, primarily driven by customer growth.
Net power supply expenses have decreased, making a positive financial impact compared to the prior year.
Business Progress:
IDACORP experienced robust customer base growth, with a 2.5% increase since Q1 of the previous year.
The company has planned capital expenditure acceleration in response to demand while maintaining operating expenses in line with revenue growth.
Efforts are underway to convert coal-fired units to natural gas to reduce carbon emissions, further marking progress in their sustainability initiatives.
The Wildfire Mitigation Plan is being upgraded with the expansion of the public safety power shutoff program zone.
A request has been submitted for a large Idaho Power owned battery storage project to fulfill the 2026-2027 RFP needs.
More details: Idacorp IR
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