IDACORP, Inc. Announces First Quarter 2021 Results, Affirms 2021 Earnings Guidance

Rhea-AI Summary

IDACORP, Inc. (NYSE: IDA) reported a net income of $44.8 million or $0.89 per diluted share for Q1 2021, a rise from $37.5 million or $0.74 per diluted share in Q1 2020. The company experienced a customer growth of 2.9% year-over-year, accelerating to 3.5% in March 2021. Increased transmission revenue due to colder weather and rate hikes offset a minor decline in commercial sales caused by the pandemic. IDACORP maintains its full-year earnings guidance of $4.60 to $4.80 per diluted share, assuming normal weather and ongoing impacts from COVID-19.

Positive

• Net income rose to $44.8 million from $37.5 million YoY.
• Earnings per diluted share increased to $0.89 from $0.74 YoY.
• Customer growth accelerated to 3.5% in March 2021.
• Increased transmission revenue offset declines in commercial sales.

Negative

• Slight decrease in commercial customer sales related to the pandemic.

IDACORP, Inc. (NYSE: IDA) reported first quarter 2021 net income attributable to IDACORP of $44.8 million, or $0.89 per diluted share, compared with $37.5 million, or $0.74 per diluted share, in the first quarter of 2020.

“Our customer count grew 2.9% over the past twelve months and is accelerating," said IDACORP President and Chief Executive Officer Lisa Grow. “In March 2021 alone, our customer growth rate was 3.5%.

“This growth, combined with increased transmission-related revenues from higher rates and colder weather in the southwest U.S., more than offset a slight decrease in commercial customer sales related to the pandemic. Lower operations and maintenance expenses across the business also increased earnings this quarter.

"We expect robust customer growth to continue throughout 2021, as residential and business customers continue migrating to Idaho in search of our high quality-of-life and business-friendly environment."

IDACORP affirms its previously reported full-year 2021 earnings guidance to the range of $4.60 to $4.80 per diluted share and is also affirming that Idaho Power does not expect to utilize any of the additional tax credits available under its Idaho earnings support regulatory mechanism in 2021. This guidance assumes normal weather conditions over the balance of the year and includes assumed levels of impact from COVID-19 as described below, which also acknowledges circumstances could change and impact results going forward.

Performance Summary

A summary of financial highlights for the quarter ended March 31, 2021 and 2020 is as follows (in thousands, except per-share amounts):

		Three months ended March 31,
		2021				2020
Net income attributable to IDACORP, Inc.		$	44,831			$	37,490
Average outstanding shares – diluted (000’s)		50,580				50,527
IDACORP, Inc. earnings per diluted share		$	0.89			$	0.74

The table below provides a reconciliation of net income attributable to IDACORP for the three months ended March 31, 2021, from the same period in 2020 (items are in

FAQ

What was IDACORP's net income for Q1 2021?

IDACORP reported a net income of $44.8 million for Q1 2021.

What earnings per share did IDACORP achieve in Q1 2021?

The earnings per diluted share for IDACORP in Q1 2021 was $0.89.

What is IDACORP's earnings guidance for 2021?

IDACORP's earnings guidance for 2021 is between $4.60 and $4.80 per diluted share.

How did IDACORP's customer count change?

IDACORP's customer count grew by 2.9% over the past twelve months.

What factors contributed to IDACORP's revenue increase in Q1 2021?

Increased transmission-related revenues from higher rates and colder weather contributed to the revenue increase.