Idacorp Inc. (IDA), an electricity holding company, on Thursday reported an increase in net earnings for the second quarter. However, the firm's earnings slip below the analysts' forecasts. In addition, IDA revised its annual profit guidance.
Lisa Grow, CEO of Idacorp, said: "Idacorp's strong second quarter results were driven by higher than anticipated customer usage, continued customer growth, rate changes, and the expected use of tax credits under the company's Idaho regulatory mechanism."
For the three-month period to June 30, the firm posted a net profit of $95.781 million, or $1.76 per share, higher than $89.520 million, or $1.71 per share, in the same period last year.
On average, six analysts polled had projected the company to post earnings of $1.78 per share for the quarter. Analysts' estimates typically exclude special items.
Looking ahead, for the full year, the company has revised up the lower-end of its previous full-year 2025 earnings guidance, with the expectation that Idaho Power will use $60 million to $77 million of additional tax credits available under the Idaho regulatory mechanism in 2025.
Idacorp now expects annual earnings of $5.70 to $5.85 per share, compared with the earlier outlook of $5.65 to $5.85 per share. Analysts, on average, forecast the company to earn $5.84 per share for the year.
For fiscal 2024, the company had reported earnings of $5.50 per share.
IDA was down by 0.44% at $122 in the pre-market trade on the New York Stock Exchange.
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