IdaCorp Reports Strong 2024 Earnings, Eyes Growth

IdaCorp ( (IDA) ) has released its Q4 earnings. Here is a breakdown of the information IdaCorp presented to its investors.

IdaCorp, Inc., headquartered in Boise, Idaho, is a holding company primarily involved in the energy sector, with its subsidiary Idaho Power providing regulated electric utility services across a broad service area in Idaho and Oregon, focusing on clean energy goals with a diverse energy mix.

In its latest earnings report, IdaCorp announced a significant financial performance for the fourth quarter and full-year 2024, showing growth in net income attributable to IdaCorp, bolstered by customer growth and favorable weather conditions which increased customer usage.

The company reported a fourth quarter net income of $37.9 million, or $0.70 per diluted share, compared to $31.3 million, or $0.61 per diluted share, in the same period of the previous year. For the full year, net income rose to $289.2 million, or $5.50 per diluted share, from $261.2 million, or $5.14 per diluted share, in 2023. Key contributors to this growth included increases in retail revenues per megawatt-hour, customer growth, and usage per retail customer, although these were partially offset by higher depreciation and financing costs.

IdaCorp’s 2024 performance was also influenced by strategic adjustments such as the use of tax credits and an increase in base rates. The company plans substantial capital investments in the upcoming year to support ongoing growth and ensure energy reliability and resilience, with a 2025 earnings guidance set between $5.65 and $5.85 per diluted share.

Looking ahead, IdaCorp aims to continue leveraging its strategic initiatives and capital investments to meet growing customer demands and reinforce its position as a leader in clean energy, while maintaining competitive electricity pricing.