IDACORP, Inc. Announces Year-End and Fourth Quarter 2013 Results, Initiates 2014 Earnings Guidance
IDACORP, Inc. (NYSE: IDA) reported 2013 net income attributable to IDACORP of $182.4 million, or $3.64 per diluted share, compared to $173.0 million, or $3.46 per diluted share, in 2012. IDACORP recorded fourth quarter 2013 net income attributable to IDACORP of $27.6 million, or $0.55 per diluted share, compared to $17.9 million, or $0.36 per diluted share, in the fourth quarter of 2012. IDACORP is initiating 2014 full year earnings guidance in the range of $3.40 to $3.55 per diluted share.
IDACORP's 2013 and 2012 earnings reflect the retrospective adoption of a recently issued accounting standard, which increased net income by $5.1 million and $4.3 million, respectively. This adoption changed IDACORP's accounting method for amortizing its investments in affordable housing projects.
Idaho Power Company, IDACORP's principal subsidiary, reported 2013 net income of $176.7 million compared to $168.2 million in 2012, and net income of $27.4 million in the fourth quarter of 2013, compared to net income of $18.0 million for the same period in 2012.
"It was another year of earnings growth for IDACORP, benefiting both our shareholders and our customers," said IDACORP President and CEO J. LaMont Keen. "The positive results reflect the impacts of a full year of rate adjustments related to the Langley Gulch plant, combined with higher weather-related sales and customer growth, along with the early adoption of the accounting method change. Additionally, Idaho Power's focus on business optimization initiatives helped keep operations and maintenance costs in line with 2012.
"Our 2013 performance represents Idaho Power's sixth consecutive year of earnings growth. The 2013 return on year-end equity in the Idaho jurisdiction exceeded 10.0 percent, meaning that for the third consecutive year, earnings will be shared with Idaho customers to reduce future rates. For those three years, Idaho Power shared a total of more than $90 million with Idaho customers.
"Finally, I am pleased to be turning the helm over to Darrel Anderson as I prepare to retire April 30. Darrel is highly capable of leading this organization, and I am leaving the company in good hands to continue moving forward on a positive path," added Keen.
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