Q1 2024 Idacorp Inc Earnings Call Transcript
Key Points
- Idacorp Inc (IDA) reaffirmed its full-year earnings guidance range of $5.25 to $5.45 per diluted share, indicating stable financial expectations.
- Customer base grew by 2.5% since last year's first quarter, reflecting strong market demand and potential for increased revenue.
- Hydropower generation forecast for the year has improved, which could lead to lower operational costs and more sustainable energy production.
- Settlement in principle reached with Oregon Commission staff and other parties, which is expected to result in favorable price changes effective this October.
- Idacorp Inc (IDA) is actively engaging in significant infrastructure projects, including a large battery storage project and the conversion of coal-fired units to natural gas, enhancing sustainability and operational efficiency.
- First quarter 2024 earnings per share decreased to $0.95 from $1.11 in the same quarter last year, indicating a drop in profitability.
- Experienced a $9.1 million decrease in usage per retail customer, which negatively impacted earnings by approximately $0.19 per EPS compared to the first quarter of last year.
- Transmission wheeling-related revenues decreased by $2.8 million due to new regulatory mechanisms, affecting overall revenue generation.
- Total other O&M expenses increased by $13.8 million compared to the first quarter of last year, driven by higher costs in wildfire mitigation and related insurance expenses.
- Regulatory permitting delays on the Boardman to Hemingway project are likely to push the in-service date to 2027, potentially delaying benefits from this investment.
Welcome to IDACORP's First 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 website. (Operator Instructions).
I will now turn the call over to Amy Shaw, Vice President of Finance Compliance and Risk. Please go ahead.
Thank you. Good afternoon, everyone. We appreciate you joining our call. This morning, we issued and posted to IDACORP's website our first quarter 2024 earnings release and the Form 10-Q. The slides you will reference during today's call are available at 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, but are subject to risks and uncertainties. These risks and uncertainties may cause actual results to differ materially from statements made today and we caution against
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