IDACORP, Inc. Announces First Quarter 2014 Results, Maintains 2014 Earnings Guidance
IDACORP, Inc. (NYSE: IDA) reported first quarter 2014 net income attributable to IDACORP of $27.4 million, or $0.55 per diluted share, compared to $35.2 million, or $0.70 per diluted share, in the first quarter of 2013. Idaho Power Company, IDACORP's principal subsidiary, reported first quarter 2014 net income of $27.9 million compared to $34.0 million in the first quarter of 2013.
IDACORP is maintaining its 2014 full year earnings guidance in the range of $3.40 to $3.55 per diluted share.
"Our solid first quarter results were in line with our expectations as our service area experienced more normal weather conditions," said IDACORP President and Chief Executive Officer Darrel T. Anderson. "Abnormally cold temperatures in 2013 drove usage higher while milder temperatures this year resulted in closer to normal average customer use.
"After considering our first quarter earnings, we are maintaining our 2014 annual earnings guidance range and continue to expect to use less than $5 million of additional amortization of accumulated deferred investment tax credits to achieve these results," said Anderson.
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