Idacorp (IDA) Q4 2019 earnings summary

Executive summary

• 12th consecutive year of EPS growth: diluted EPS rose to $4.61 from $4.49; net income attributable to IDACORP increased $6.1 million to $232.9 million.

• Customer growth and lower O&M costs supported results, while reduced per-customer usage, especially irrigation, weighed on operating income.

• Idaho Power announced a voluntary goal of 100% clean energy by 2045, alongside plans to transition away from coal-fired generation.

Financial highlights

• Operating revenues were $1.346 billion, down from $1.371 billion; operating income increased to $298.3 million from $296.9 million.

• Net income attributable to IDACORP was $232.9 million versus $226.8 million; diluted EPS was $4.61 versus $4.49.

• Total assets rose to $6.641 billion from $6.383 billion; long-term debt, including current portion, was $1.837 billion versus $1.835 billion.

• O&M expense declined $8.7 million YoY; dividends declared per share increased to $2.56 from $2.40.

Outlook and guidance

• 2020 diluted EPS guidance initiated at $4.45–$4.65; no general rate case anticipated in 2020.

• Expected capital expenditures exceed $1.6 billion for 2020–2024; estimated 2020 additions to electric plant are $300–$310 million, excluding AFUDC.

• 2020 hydropower generation forecast is 6.5–8.5 million MWh; customer additions are projected at ~10,900 annually over the next two decades.

• The amended IRP targets completion of Boardman-to-Hemingway in 2026, a 120-MW solar resource in 2022, and ending coal participation at Jim Bridger by 2030; timing and resource assumptions remain uncertain.