Idaho Power made $45 million net income in the latest quarter, its parent company Idacorp Inc. announced Thursday. That was a 30 percent increase from the same time last year.
The electric utility company is the main subsidiary of Idacorp, a Boise-based company.
The growth is "due to sustained focus on our core business combined with impacts of drier and warmer than normal weather conditions," Idacorp President and CEO LaMont Keen said in a press release.
The core business improvements refer to, in part, revenues from on the Langley Gulch natural gas plant that went into service in late June 2012, growth in customer numbers and "effective cost management of operation and maintenance expenditures," Keen said.
The hot, dry late spring boosted revenues by driving up use of irrigation pumps and air conditioners. The company hit new records for electrical use in the first days of July, just after the latest quarter ended on June 30.
Rate changes that took effect in 2012, particularly the increased rates related to the Langley Gulch power plant, increased operating income by $16 million for the quarter, the company said. However, the Langley Gulch plant brought some costs and other reductions with it that tempered those increases, Idacorp said. Higher year-over-year sales, led by a 14.5 percent increase to irrigation customers, raised operating income by $9.3 million, Idacorp said.
After seeing the latest quarter's results, Idacorp management raised its expectations for the rest of the year to $3.40 to $3.55 earnings per diluted share. It previously expected annual earnings per share in the $3.20 to $3.35 range.
Details of the earnings report for the quarter ending June 30:
- Total operating revenue: $303.9 million, compared with $254.7 million the same time last year
- Total operating expenses: $224.5 million, compared with $198.2 million the same time last year
- Earnings per diluted share: $0.91, compared with $0.71 the same time last year