IdaCorp ( (IDA) ) has released its Q1 earnings. Here is a breakdown of the information IdaCorp presented to its investors.
IDACORP, Inc., based in Boise, Idaho, is a holding company that operates primarily through its subsidiary, Idaho Power, a regulated electric utility serving parts of Idaho and Oregon. The company is known for its commitment to clean energy and operates several hydroelectric projects, aiming for 100% clean energy by 2045.
In its first quarter of 2025 earnings report, IDACORP announced a net income of $59.6 million, or $1.10 per diluted share, marking an increase from $48.2 million, or $0.95 per diluted share, in the same period of 2024. The company attributes this growth to strong customer growth, rate changes, and the strategic use of tax credits.
Key financial highlights include a significant increase in retail revenues per megawatt-hour and customer growth, which contributed positively to operating income. However, higher depreciation and financing costs, along with increased operations and maintenance expenses, partially offset these gains. The company also benefited from additional accumulated deferred investment tax credits amortization.
Looking ahead, IDACORP reaffirms its 2025 earnings guidance, projecting earnings per diluted share between $5.65 and $5.85. The company plans to continue its capital investment strategy to support growth and energy reliability, with major transmission projects on the horizon. Management remains optimistic about meeting its financial targets, assuming normal weather conditions and power supply expenses for the remainder of the year.