10-Q - IDACORP INC (0001057877) (Filer)

Thu, Oct 31, 11:53 AM (63 days ago)

For the third quarter ended September 30, 2024, IDACORP, Inc. (NYSE: IDA) reported operating revenues of $528.5 million, a slight increase from $510.9 million in Q3 2023, driven by higher electric utility revenues. Net income rose to $113.6 million, up from $105.3 million, reflecting improved retail sales and customer growth, with diluted earnings per share increasing to $2.12 from $2.07. Operating expenses grew due to higher costs in operations and maintenance, particularly related to pension and wildfire mitigation efforts. Additionally, purchased power expenses decreased significantly, contributing to a reduction in overall operating costs. Cash flow from operations surged to $458 million, up from $162 million, aided by favorable regulatory adjustments. IDACORP anticipates continued capital investments, estimating $5.4 billion to $6.1 billion from 2024 to 2028 to meet growing demand. The company is also navigating regulatory challenges and environmental compliance, particularly concerning its coal-fired plants. Overall, IDACORP's financial health remains robust, with a focus on sustainable growth and infrastructure development.