IDACORP, Inc. Reports Second Quarter 2014 Results, Raises 2014 Earnings Guidance Range
IDACORP, Inc. (NYSE: IDA) reported second quarter 2014 net income attributable to IDACORP of $44.5 million, or $0.89 per diluted share, compared with $46.5 million, or $0.93 per diluted share, in the second quarter of 2013. For the first six months of 2014, IDACORP recorded net income attributable to IDACORP of $71.9 million, or $1.43 per diluted share, compared with $81.7 million, or $1.63 per diluted share for the first six months of 2013.
Idaho Power Company, IDACORP's principal subsidiary, reported second quarter 2014 net income of $42.7 million compared with $45.0 million in the second quarter of 2013, and net income of $70.6 million for the first six months of 2014, compared with net income of $79.0 million for the same period in 2013. Customer growth, the impacts of weather conditions, and the Idaho regulatory settlement mechanism affected second quarter results in 2014 compared with the second quarter of 2013.
- Customer growth added to sales volumes - Idaho Power added approximately 7,500 new customers during the 12 months ended June 30, 2014.
- Weather conditions reduced per-customer sales volumes - milder temperatures contributed to a decrease in residential energy use per customer as compared to the second quarter of 2013.
- Revenue sharing decreased - Idaho Power recorded no revenue sharing under its Idaho regulatory settlement in 2014, compared to $2.8 million in 2013.
Based on year-to-date earnings and the company's outlook for the remainder of 2014, IDACORP is raising its 2014 full year earnings guidance to the range of $3.50 to $3.65 per diluted share, from the previous estimate of $3.40 to $3.55 per diluted share.
"IDACORP had a strong second quarter, with results comparable to those of the second quarter last year, despite weather conditions this year that were less favorable for sales," said President and CEO Darrel Anderson. "Idaho Power's results benefited from continued growth in customers and lower income tax expense, which helped offset the effects of milder temperatures on sales volumes.
"We view these results as evidence that our core business continues to perform well. In the second quarter Idaho Power reversed all of the additional accumulated deferred investment tax credit amortization recorded in the first quarter under its Idaho regulatory settlement, and no longer expects to use any of those additional tax credits this year," added Anderson.
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