Q2 2024 Idacorp Inc Earnings Call Transcript
Key Points
- Idacorp Inc (IDA) reported strong financial results for Q2 2024, with diluted earnings per share increasing to $1.71 from $1.35 in the same quarter last year.
- The company raised the lower end of its full-year 2024 earnings guidance to a range of $5.30 to $5.45 per diluted share.
- Idacorp Inc (IDA) experienced robust customer growth, with a 2.6% increase in its customer base since last year's second quarter.
- The company achieved a record peak load of 3,793 megawatts on July 22, 2024.
- Idacorp Inc (IDA) is ahead of schedule on major infrastructure projects, including the mega data center in Kuna and the Micron expansion in Boise.
- The company faces regulatory delays, particularly with the Boardman to Hemingway transmission project, which has been pushed to no earlier than 2027.
- Total other O&M expenses increased by $13.8 million in Q2 2024, driven by higher pension-related expenses and wildfire mitigation costs.
- Idacorp Inc (IDA) is experiencing significant wildfire activity, which has led to infrastructure damage and increased operational challenges.
- The company anticipates more frequent rate cases in the future to manage regulatory lag and support its capital program.
- There is uncertainty around the timing and magnitude of future capital expenditures, which could impact financial planning and cash flow.
Welcome to IDACORP's second quarter 2024 earnings conference call. Today's call is being recorded, and our webcast is live. A replay will be available later today and for the next 12 months on the IDACORP's website. (Operator Instructions) I would now like to turn the call over to Amy Shaw, Vice President of Finance, Compliance and Risk
Thank you. Good afternoon, everyone. We appreciate you joining our call. This morning, we issued and posted IDACORP's website our second quarter 2024 earnings release and Form 10-Q. The slides we will reference during today's call are available on our IDACORP's website.
As noted on slide 2, our discussion today includes forward-looking statements, including earnings guidance, spending forecasts and regulatory plans that reflect our current views on what the future holds, and those are all subject to risks and uncertainties.
These risks and uncertainties may cause actual results to differ materially from statements made today, and we caution
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