Idacorp Inc.s fourth-quarter profits shot up 83 percent compared with a year ago, the company reported Thursday. Net income was $16.5 million, up from $9 million. Full-year profits in 2012 rose 1.2 percent to $168.8 million.
Idacorps principal subsidiary is Idaho Power Co., which reported year-end net income of $168.2 million, up 2 per cent.
Rate increases and higher sales volume in irrigation because of a warm, dry spring contributed to increased operating income, the company said. Operating income rose $81.3 million in 2012. Operating revenue for the year totaled $1.08 billion, up from $1.02 billion.
Earning per share were $3.37 in 2012, up from $3.36.
Company executives expect earnings per share will be in the $3.20 to $3.35 range in 2013.
We plan to advance a number of important initiatives in 2013, including infrastructure projects and new technology solutions, and taking steps to further our dividend policy," said J. Lamont Keen, Idacorp president and CEO.