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IDACORP, Inc. (NYSE:IDA) Q1 2024 Earnings Call Transcript

Insider Monkey Transcripts
·3 min read

IDACORP, Inc. (NYSE:IDA) Q1 2024 Earnings Call Transcript May 4, 2024

IDACORP, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: 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.

Amy Shaw: 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 placing undue reliance on any forward-looking statements. This cautionary note is included in more detail for your review in our filings with the Securities and Exchange Commission.

A view of a large hydroelectric dam, its turbines churning out renewable energy.
A view of a large hydroelectric dam, its turbines churning out renewable energy.

As shown on Slide 3, Lisa Grow, IDACORP's President and CEO, and Brian Buckham, IDACORP's Senior Vice President, CFO and Treasurer, will be presenting today. In addition to Lisa and Brian, we have other members of our management team available for a Q&A session following our prepared remarks. Slide 4 shows our first quarter financial results. IDACORP's first quarter 2024 diluted earnings per share were $0.95 compared with $1.11 for last year's first quarter. Our key metrics and guidance for 2024 remain unchanged, except for our hydropower generation forecast, which has improved. We're reaffirming our full year IDACORP earnings guidance range in the range of $5.25 to $5.45 diluted earnings per share. This includes our existing expectation that Idaho Power will use $35 million to $60 million of additional tax credits available to support earnings at the 9.12% return on equity in the Idaho jurisdiction.

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These estimates assume historically normal weather conditions and normal power supply expenses for the remainder of the year. Now I'll turn the call over to Lisa.

Lisa Grow: Thanks, Amy, and thanks to everyone for joining us. We're off to a good start in 2024. We had some great spring skiing this year with late storms and snow in the mountains, which has the added benefit of setting us up nicely from a hydro generation perspective. Overall, despite some good snowstorms, weather was generally mild to start the year, and we saw that in our financial results compared to last year. Still, our first quarter results were on plan and we're on target for the remainder of the year on our financial guidance, as Amy mentioned. Our first quarter isn't typically one of our largest revenue quarters due to seasonality, but it does help set us up for the year. Brian will address the financial drivers for the quarter and a financial look ahead in a few minutes.

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To continue reading the Q&A session, please click here.