Group 1 - The company is characterized as having a low beta with high-growth potential and offers a 3% dividend yield, making it a favorite within the energy sector [1] - Although short-term appreciation may be limited due to a recent rally, the company is expected to perform well in the long term [1] - The analyst's investment research focuses on equities across the Americas, particularly in sectors such as utilities, consumer discretionary, consumer staples, REITs, and materials [1] Group 2 - The analyst employs a bottom-up approach to investment research, emphasizing discounted cash flow models, multiples, and dividends while considering broader market conditions [1] - The target investment horizon is primarily mid-term, ranging from 1 to 3 years [1]

Core Viewpoint - IDACORP Inc. (IDA) is positioned as a strong investment option in the utility sector due to its strategic investments, customer growth, effective cost management, and focus on clean energy production [1] Growth Projections & Surprise History - The Zacks Consensus Estimate for IDA's 2025 earnings per share (EPS) has increased by 0.3% to $5.83 over the past 60 days [2] - The 2025 sales estimate stands at $1.85 billion, reflecting a year-over-year increase of 1.6% [2] - IDA's long-term earnings growth rate is projected at 8.13%, with an average earnings surprise of 3.9% over the last four quarters [2] Liquidity - IDACORP's current ratio is 1.45, surpassing the industry average of 0.85, indicating sufficient short-term assets to cover liabilities [3] Debt Position - The total debt to capital ratio for IDA is 50.29%, which is better than the industry average of 59.75% [4] - The time-to-interest earned ratio is 2.7, demonstrating the company's capability to meet future interest obligations [4] Dividend History - IDA has consistently increased shareholder value through regular dividends, currently paying 86 cents per share, leading to an annualized dividend of $3.44 and a dividend yield of 2.76% [5] Systematic Investments - The company invested $943 million in 2024 and anticipates capital expenditures of $1-$1.1 billion in 2025, $1.25-$1.35 billion in 2026, and $3.1-$3.6 billion from 2027 to 2029 [6] Rising Customer Base - IDA's customer base grew by 2.5% year-over-year as of June 30, 2025, driven by improving economic conditions in its service areas [7][8] Stock Price Performance - Over the past three months, IDA's shares have increased by 6.2%, contrasting with a 0.6% decline in the industry [9]

IDACORP (IDA -0.79%), the electricity provider serving much of Idaho and parts of Oregon, released its second quarter 2025 earnings on July 31, 2025. The most notable news was that Earnings per share (GAAP) were $1.76 in Q2 2025, missing Wall Street’s GAAP expectation of $1.78. Net income (GAAP) reached $95.8 million in Q2 2025, an increase from last year’s $89.5 million (GAAP) in Q2 2024. The company benefited from higher customer counts and usage, as well as new base rates that started at the beginning of ...

Core Insights - IDACORP, Inc. (IDA) reported second-quarter 2025 earnings of $1.76 per share, matching the Zacks Consensus Estimate and reflecting a 2.9% increase from $1.71 in the same quarter last year, driven by higher customer usage, continued customer growth, and rate changes [1][9] IDA's Total Revenues - Total revenues for Q2 2025 were $450.9 million, a decrease of 0.9% from the Zacks Consensus Estimate of $455 million and a slight decline of 0.04% from $451 million in the prior year [2] Highlights of IDA's Q2 Release - Customer growth rate in IDA's service areas increased by 2.5% year over year for the 12 months ending June 30, 2025, contributing an additional $5.5 million to operating income compared to the previous year [3] - Total operating expenses rose to $350.3 million, up 0.7% from the year-ago quarter, attributed to higher fuel, operations and maintenance, as well as depreciation and amortization expenses [3] Financial Performance - IDACORP's net income for the quarter was $96.1 million, representing a 7% increase from the prior year [4] - As of June 30, 2025, cash and cash equivalents stood at $474.5 million, up from $368.9 million as of December 31, 2024 [5] - Long-term debt increased to $3.45 billion as of June 30, 2025, compared to $3.05 billion at the end of 2024 [5] - Net cash provided by operating activities in the first half of 2025 was $301.2 million, up from $256 million in the same period last year [5] Guidance - IDACORP raised the lower end of its full-year 2025 earnings guidance to a range of $5.70-$5.85 per share, compared to the previous range of $5.65-$5.85, with the Zacks Consensus Estimate currently at $5.83 [6][9] - The company anticipates capital expenditures between $1 billion and $1.1 billion in 2025 and expects O&M expenses to be in the range of $465-$475 million [6] Hydropower Expectations - Management now expects to add hydropower capacity in the range of 7-8 megawatt-hours (MWh) in 2025, a reduction from the previous estimate of 7-8.5 MWh [7]

Financial Data and Key Metrics Changes - IDACORP's diluted earnings per share for Q2 2025 were $1.76, an increase from $1.71 in Q2 2024 [3] - For the first half of 2025, diluted earnings per share were $2.87 compared to $2.67 in the same period of 2024 [4] - The company raised the lower end of its full-year diluted earnings per share guidance to a range of $5.70 to $5.85, driven by strong operational results [4][29] - Net income increased by $6.3 million in Q2 2025 compared to Q2 2024, primarily due to higher retail revenues and customer growth [16] Business Line Data and Key Metrics Changes - Idaho Power's customer base grew by 2.5% year-over-year, with significant investments from sectors like technology and food processing [5] - Retail revenues per megawatt hour increased operating income by $8.8 million, largely due to a rate change effective January 1 [16] - Customer growth contributed an additional $6 million to operating income, with usage per retail customer benefiting from warmer weather [18] Market Data and Key Metrics Changes - The pipeline of prospective customers exceeds the all-time peak load of approximately 3,800 megawatts, indicating robust demand [7] - The company is experiencing a 30% increase in large load inquiries compared to the previous year, reflecting strong interest in its service territory [40] Company Strategy and Development Direction - IDACORP is focusing on sustainable growth and responsible service to existing customers while planning for new large load customers [7] - The company is advancing several key infrastructure projects, including the Boardman to Hemingway transmission line and battery storage projects [9][10] - The 2025 Integrated Resource Plan (IRP) recommends more gas-fired resources to enhance system flexibility and capacity [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued customer growth and the potential for increased load forecasts in future IRPs [39] - The company is navigating regulatory challenges and uncertainties related to renewable project constructability due to recent legislation [10] - Management highlighted the importance of flexibility in planning to address dynamic market conditions [10] Other Important Information - IDACORP filed a general rate case in May 2025, requesting a rate increase of approximately $199 million for Idaho customers [15] - The company is committed to maintaining a 50/50 debt-to-equity ratio and has entered into forward sale agreements to support its equity needs [23][24] Q&A Session Summary Question: Can you talk about how many potential connections are in the pipeline? - Management noted that the pipeline includes mostly data centers, but the exact number of projects was not available [35] Question: Are you considering a potential step up in the 2027 IRP? - Management indicated that it is conceivable to have a higher forecast in the 2027 IRP based on ongoing economic activity [39] Question: What is the irrigation impact in the second quarter? - Management reported a significant impact due to low precipitation, with a 15% increase in irrigation sales year-to-date, but flat on a weather-adjusted basis [45] Question: What is the timeline for Micron's second phase? - Management is working through details with Micron and will share information as it becomes available [51] Question: Will you need to upsize gas expectations due to the tax bill? - Management confirmed that this is one of the scenarios being analyzed [41] Question: When will the procedural schedule for the rate case be available? - Management expects to finalize the procedural schedule in the coming weeks [43]

Financial Performance - IDACORP's net income for the three months ended June 30, 2025, was $95781 thousand, compared to $89520 thousand for the same period in 2024[13] - Diluted earnings per share increased from $1.71 in Q2 2024 to $1.76 in Q2 2025[13] - For the six months ended June 30, 2025, net income was $155428 thousand, up from $137693 thousand in the first half of 2024[13] - Diluted earnings per share for the first six months of 2025 were $2.87, compared to $2.67 in the same period of 2024[13] Load and Customer Growth - The 2025 Integrated Resource Plan (IRP) forecasts a 5-year annual retail sales growth rate of 8.3% and an annual peak growth rate of 5.1%[14] - The 20-year forecasted annual growth rate for retail sales is 2.7% and for annual peak is 1.9%[14] - Customer growth for the twelve months ended June 30, 2025, was 2.5%[17] Capital Projects and Resource Planning - The Boardman-to-Hemingway (B2H) transmission line project broke ground in June 2025, with an expected in-service date in late 2027; Idaho Power's interest in B2H is approximately 45%[22, 25] - The 2025 IRP includes converting Valmy units 1 and 2 from coal to natural gas in Summer 2026[26] - The 2025 IRP preferred portfolio includes the need for 450 MW of new gas resources in 2029 and 2030 and 355 MW of peak capacity resources in 2028 and 2029[27] Regulatory and Financial Matters - Idaho Power filed a general rate case with the IPUC on May 30, 2025, requesting a $199.1 million, or 13.09%, increase in total Idaho-jurisdictional revenue, effective January 1, 2026[32] - As of June 30, 2025, Idaho Power had $400 million and IDACORP had $100 million net balance available from revolving credit facilities[34] - IDACORP has an At-the-Market Offering Program with $143.5 million net proceeds available as of June 30, 2025[34] - IDACORP entered into Forward Sale Agreements that could yield $560.4 million, settled by November 9, 2026[37] - IDACORP's earnings per share guidance for 2025 is $5.70 – $5.85 per diluted share[39]

[Financial Performance and 2025 Guidance](index=1&type=section&id=IDACORP%2C%20Inc.%20Announces%20Second%20Quarter%202025%20Results%2C%20Increases%20Lower-End%20of%20Earnings%20Guidance%20Range) The company reported strong Q2 and year-to-date 2025 results and raised its full-year earnings guidance [Second Quarter and Year-to-Date 2025 Results](index=1&type=section&id=Summary%20of%20Financial%20Results) IDACORP's Q2 and YTD 2025 net income increased due to higher customer usage, growth, and favorable rate changes Q2 & YTD 2025 Financial Highlights (vs. 2024) | | Three months ended June 30, | | Six months ended June 30, | | | :--- | :--- | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | **Net income attributable to IDACORP, Inc. (in thousands)** | $ 95,781 | $ 89,520 | $ 155,428 | $ 137,693 | | **IDACORP, Inc. earnings per diluted share** | $ 1.76 | $ 1.71 | $ 2.87 | $ 2.67 | - Strong Q2 results were driven by **higher customer usage, continued customer growth, rate changes, and the use of tax credits**, partially offset by higher depreciation and financing costs[2](index=2&type=chunk) - The company broke ground on its **Boardman-to-Hemingway 500kV transmission line project** after nearly 19 years of permitting efforts[3](index=3&type=chunk) [2025 Earnings Guidance Update](index=1&type=section&id=2025%20Earnings%20Guidance%20Update) IDACORP raised its full-year 2025 earnings guidance to $5.70-$5.85 per share, supported by tax credit utilization - The full-year 2025 earnings guidance has been increased to a range of **$5.70 to $5.85 per diluted share**[4](index=4&type=chunk) - The guidance anticipates that Idaho Power will use between **$60 million and $77 million of additional tax credits** available under its Idaho regulatory mechanism in 2025[4](index=4&type=chunk) [Detailed Financial Analysis](index=2&type=section&id=Detailed%20Financial%20Analysis) This section details the key drivers behind the year-over-year changes in net income for Q2 and YTD 2025 [Reconciliation of Net Income](index=2&type=section&id=Reconciliation%20of%20Net%20Income) A detailed reconciliation shows the financial drivers impacting net income for Q2 and YTD 2025 versus 2024 Reconciliation of Net Income (in millions) | | Three months ended | Six months ended | | :--- | :--- | :--- | | **Net income - June 30, 2024** | **$ 89.5** | **$ 137.7** | | Retail revenues per MWh | $ 8.8 | $ 20.3 | | Customer growth | $ 6.0 | $ 11.8 | | Usage per retail customer | $ 5.5 | $ 4.6 | | Other O&M expenses | $ (11.1) | $ (18.2) | | Depreciation and amortization | $ (6.4) | $ (12.2) | | Non-operating expense, net | $ (7.0) | $ (9.1) | | Additional ADITC amortization | $ 9.8 | $ 16.5 | | **Total increase in Idaho Power net income** | **$ 5.5** | **$ 16.3** | | **Net income - June 30, 2025** | **$ 95.8** | **$ 155.4** | [Analysis of Second Quarter 2025 Performance](index=2&type=section&id=Net%20Income%20-%20Second%20Quarter%202025) Q2 2025 net income rose by $6.3 million, driven by revenue growth and tax credits, which offset higher expenses - Customer growth added approximately **16,000 customers (2.5%)** in the twelve months ended June 30, 2025, increasing operating income by **$6.0 million** in Q2[9](index=9&type=chunk) - O&M expenses rose by **$11.1 million** due to higher variable employee costs, inflation, and increased wildfire mitigation program expenses[10](index=10&type=chunk) - Depreciation and amortization increased by **$6.4 million**, primarily from a larger plant-in-service balance and a new leased battery storage facility[11](index=11&type=chunk) - Income tax expense decreased, largely due to recording **$17.2 million of additional ADITC amortization** in Q2 2025, compared to $7.5 million in Q2 2024[15](index=15&type=chunk) [Analysis of Year-to-Date 2025 Performance](index=4&type=section&id=Net%20Income%20-%20Year-To-Date%202025) Year-to-date net income grew by $17.7 million, led by increased retail revenue and significant tax credit amortization - Year-to-date net income increased by **$17.7 million**, primarily due to higher net income at Idaho Power[16](index=16&type=chunk) - Higher retail revenues per MWh increased operating income by **$20.3 million YTD**, mainly from the 2024 Idaho Limited-Issue Rate Case[17](index=17&type=chunk) - O&M expenses were **$18.2 million higher YTD**, driven by increased employee costs, inflation, wildfire mitigation expenses, and lower grant funding[19](index=19&type=chunk) - The company recorded **$36.5 million of additional ADITC amortization** in the first six months of 2025, compared to $20.0 million in the same period of 2024[23](index=23&type=chunk) [Corporate Information and Outlook](index=5&type=section&id=Corporate%20Information%20and%20Outlook) This section provides updated 2025 guidance, company background, and important forward-looking statements [Annual Earnings Guidance and Key Operating and Financial Metrics](index=5&type=section&id=Annual%20Earnings%20Guidance%20and%20Key%20Operating%20and%20Financial%20Metrics) IDACORP updated its 2025 EPS guidance to $5.70–$5.85 and narrowed its hydropower generation forecast 2025 Guidance and Key Metrics (in millions, except per share) | | Current Guidance | Previous Guidance | | :--- | :--- | :--- | | **IDACORP Earnings Guidance (per diluted share)** | **$ 5.70 – $ 5.85** | $ 5.65 – $ 5.85 | | Idaho Power Additional ADITCs | $ 60 – $ 77 | No Change | | Idaho Power O&M Expense | $ 465 – $ 475 | No Change | | Idaho Power Capital Expenditures, Excluding AFUDC | $ 1,000 – $ 1,100 | No Change | | **Idaho Power Hydropower Generation (MWh)** | **7.0 – 8.0** | 7.0 – 8.5 | [Conference Call Information](index=5&type=section&id=Web%20Cast%20%2F%20Conference%20Call) The company scheduled a conference call and webcast to discuss its Q2 2025 financial results - An analyst conference call was scheduled for **2:30 p.m. Mountain Time** to discuss results, with access via live webcast or a listen-only phone line[25](index=25&type=chunk) [Company Background](index=5&type=section&id=Background%20Information) IDACORP is a holding company for Idaho Power, a low-cost electric utility serving Idaho and Oregon - IDACORP, Inc. is a holding company whose main subsidiary is Idaho Power, a regulated electric utility serving **over 650,000 customers** in Idaho and Oregon[26](index=26&type=chunk) - Idaho Power's energy mix is centered around **17 low-cost hydropower projects**, contributing to some of the nation's lowest electricity prices for its customers[26](index=26&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements subject to significant risks and uncertainties - The report contains forward-looking statements concerning future events and expectations, which are **subject to risks and uncertainties and are not guarantees of future performance**[27](index=27&type=chunk) - Key factors that could cause actual results to differ include **regulatory decisions, risks from capital expenditures, economic conditions, severe weather, and the ability to obtain financing**[27](index=27&type=chunk) - IDACORP **disclaims any obligation to publicly update** forward-looking statements unless required by applicable law[28](index=28&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q | ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES | | | --- | --- | --- | | | EXCHANGE ACT OF 1934 | | | | For the quarterly period ended June 30, 2025 | | | | OR | | | ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES | | | | EXCHANGE ACT OF 1934 | | | | For the transition period from __________ to __________ | | | | Exact name of registrants as specified | I.R.S. ...

Group 1 - Centuri Holdings (CTRI) is outperforming the Utilities sector with a year-to-date return of approximately 12.6%, compared to the sector average of 9.9% [4] - The Zacks Sector Rank for the Utilities group is 1, indicating strong performance among its 108 individual stocks [2] - Centuri Holdings has a Zacks Rank of 2 (Buy), reflecting an improving earnings outlook with a 4.5% increase in the full-year earnings estimate over the past quarter [3][4] Group 2 - The Utility - Electric Power industry, which includes Centuri Holdings, has an average return of 9.9% this year, with CTRI performing better than this average [6] - IdaCorp (IDA) is another stock in the Utilities sector that has shown strong performance, returning 10.4% year-to-date and also holding a Zacks Rank of 2 (Buy) [5][6] - Investors in the Utilities sector should monitor both Centuri Holdings and IdaCorp for their continued solid performance [7]

Core Viewpoint - IdaCorp (IDA) is anticipated to report flat earnings of $1.71 per share for the quarter ended June 2025, with revenues expected to reach $453.36 million, reflecting a 0.5% increase from the previous year [3][12]. Earnings Expectations - The upcoming earnings report is scheduled for July 31, and the stock may experience upward movement if the reported figures exceed expectations, while a miss could lead to a decline [2][12]. - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst expectations [4]. Earnings Surprise Prediction - The Most Accurate Estimate for IdaCorp is higher than the Zacks Consensus Estimate, resulting in a positive Earnings ESP of +2.34%, suggesting a likelihood of beating the consensus EPS estimate [12]. - A positive Earnings ESP is a strong indicator of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10]. Historical Performance - In the last reported quarter, IdaCorp had an earnings surprise of +6.80%, reporting $1.10 per share against an expectation of $1.03 [13]. - Over the past four quarters, the company has surpassed consensus EPS estimates three times [14]. Investment Considerations - While an earnings beat can influence stock movement, other factors may also play a significant role in determining stock performance post-earnings release [15]. - Investors are encouraged to consider both Earnings ESP and Zacks Rank when evaluating potential investment opportunities ahead of earnings announcements [16].