Q3 2024 Idacorp Inc Earnings Call Transcript
Key Points
- Idacorp Inc (IDA) reported an increase in third-quarter 2024 diluted earnings per share to $2.12, up from $2.07 in the same period last year.
- The company raised the lower end of its full-year 2024 earnings guidance to a range of $5.35 to $5.45 per diluted share.
- Idacorp Inc (IDA) experienced strong customer growth, with a 2.6% increase in its customer base since last year's third quarter.
- The company set a new record system peak of 3,793 megawatts in July 2024, reflecting robust energy demand.
- Idacorp Inc (IDA) is actively expanding its renewable energy portfolio, including a 300-megawatt wind generation facility, marking its first company-owned wind project.
- Total other O&M expenses increased by $20.3 million in the third quarter, driven by higher pension-related and wildfire mitigation expenses.
- Depreciation expense rose by $5.6 million due to system investments, impacting overall expenses.
- The company anticipates regulatory lag, which may affect earnings growth in the coming years.
- Idacorp Inc (IDA) plans to issue significant external financing, including $1.3 billion in equity and $2 billion in debt from 2025 to 2028, which could impact financial stability.
- The company faces challenges in maintaining affordable rates for customers amid substantial capital expenditure and rate base growth.
Welcome to IDACORP's third quarter 2024 earnings conference call. Today's call is being recorded, and our broadcast 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.
Thank you. Good afternoon, everyone. We appreciate you joining our call. This morning, we issued and posted to IDACORP's website our third quarter 2024 earnings release and Form 10-Q. The slides we'll reference during today's call are available on IDACORP's website.
As noted on slide 2, our discussion today includes forward-looking statements, including earnings guidance, spending forecast, regulatory plans and actions, financing plans, and estimates and assumptions that reflect our current views on what the future holds, all of which are subject to risks and uncertainties. These risks and uncertainties may cause actual results to differ materially from statements
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