Idaho Power headed for sixth year of income growth

newsroom@idahostatesman.comNovember 5, 2013 

Idacorp, the Boise company that owns Idaho Power, is on track for a sixth consecutive year of increased earnings, its top executive said Tuesday.

That is partly due to hot summer weather, and Idacorp announced that it expects to share 2013 earnings with customers under the terms of a December 2011 regulatory settlement.

"Our 2013 year-to-date results reflect effective cost management, coupled with the positive revenue impact of weather conditions, customer growth, and increases in base rates that went into effect in mid-2012," CEO LaMont Keen said in a press release.

New customers added about $2.9 million in operating revenues during the quarter, which ended Sept. 30.

The third quarter was so good that Idacorp raised its expectations for the full year, estimating earnings of $3.45 to $3.55 per share. It previously expected to earn $3.40 to $3.55 per share.

The details:

3rd quarter 20133rd quarter 2012
Revenue$381.1 million$334 million
Expenses$265.5 million$224.7 million
Net income$71.8 million$92.1 million
Earnings per share$1.43$1.84
Investor dividends per share$0.38$0.33

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