Group 1 - IdaCorp currently has a Zacks Rank of 2 (Buy), indicating a positive outlook for the stock [1][2] - The consensus EPS estimate for IdaCorp has increased by 0.4% over the past 90 days, reflecting improved analyst sentiment [6] - Year-to-date, IdaCorp has returned approximately 12.3%, outperforming the Utilities sector's average return of 11.4% [4] Group 2 - The Utilities sector, which includes IdaCorp, has a Zacks Sector Rank of 7 out of 16 groups, indicating a relatively strong position within the sector [8] - IdaCorp belongs to the Utility - Electric Power industry, which has gained about 15.3% year-to-date, although IdaCorp is slightly underperforming compared to this industry average [7] - Another stock in the Utilities sector, PG&E, has a year-to-date return of 12.2%, showing competitive performance within the sector [9]

Core Viewpoint - IDACORP Inc. (IDA) is positioned as a strong investment option in the utility sector due to its strategic investments aimed at enhancing infrastructure, effective cost management, and a focus on clean energy production [1] Group 1: Growth Projections - The Zacks Consensus Estimate for IDA's 2024 earnings per share (EPS) has increased by 0.6% to $5.41 over the past 60 days [3] - The sales estimate for 2024 is projected at $1.85 billion, reflecting a year-over-year increase of 4.5% [3] - IDA's long-term earnings growth rate is forecasted at 8.31%, with an average earnings surprise of 4.3% over the last four quarters [3] Group 2: Financial Position - IDA's total debt to capital ratio stands at 48.8%, significantly better than the industry average of 61.7% [4] - The time-to-interest earned ratio is 2.9, indicating the company's capability to meet future interest obligations comfortably [4] Group 3: Liquidity - The current ratio for IDA is 1.71, surpassing the industry average of 0.77, suggesting sufficient short-term assets to cover liabilities [5] Group 4: Dividend History - IDA has consistently increased shareholder value through regular dividends, currently paying 86 cents per share, which translates to an annualized dividend of $3.44, up 3.6% from the previous rate [6] - The current dividend yield is 3.07%, outperforming the Zacks S&P 500 composite's yield of 1.18% [6] Group 5: Systematic Investments - IDA plans capital expenditures of $925-$975 million in 2024, $1-$1.1 billion in 2025, and $3.5-$4 billion from 2026 to 2028, indicating a 46% increase from the previous five-year capital expenditure plan [7] - These investments are expected to strengthen IDA's infrastructure and expand its operations, allowing for a broader customer base [7] Group 6: Stock Performance - Over the past six months, IDA's shares have increased by 23.1%, compared to the industry's growth of 7.2% [8]

Core Insights - Zacks Premium provides various tools for investors to enhance their stock market strategies and confidence [1][2] Zacks Style Scores - Zacks Style Scores rate stocks based on value, growth, and momentum, serving as complementary indicators to the Zacks Rank [3][4] - Each stock receives an alphabetic rating from A to F, with A indicating the highest potential for outperforming the market [4] Categories of Style Scores - **Value Score**: Focuses on identifying undervalued stocks using financial ratios like P/E and Price/Cash Flow [5] - **Growth Score**: Evaluates a company's financial health and future growth potential through earnings and sales projections [6] - **Momentum Score**: Targets stocks with upward or downward price trends, utilizing recent price changes and earnings estimate shifts [7] - **VGM Score**: A composite score that combines all three Style Scores, providing a comprehensive assessment of stocks [8] Zacks Rank - The Zacks Rank is a proprietary model based on earnings estimate revisions, helping investors build successful portfolios [9] - Stocks rated 1 (Strong Buy) have historically produced an average annual return of +25.41% since 1988, significantly outperforming the S&P 500 [10] Stock to Watch: IDACORP, Inc. - IDACORP, Inc. is a regulated utility company serving 633,000 retail customers in southern Idaho and eastern Oregon [15] - Currently rated 3 (Hold) with a VGM Score of B, IDA has a Momentum Style Score of A and has seen a 14.2% increase in shares over the past four weeks [16] - Recent upward revisions in earnings estimates for fiscal 2024 have increased the Zacks Consensus Estimate to $5.41 per share, with an average earnings surprise of 4.3% [16][17]

Financial Data and Key Metrics Changes - IDACORP's Q3 2024 diluted earnings per share were $2.12, an increase from $2.07 in Q3 2023 [5] - For the first nine months of 2024, earnings per diluted share were $4.82, compared to $4.53 for the same period last year [6] - The company updated its full-year 2024 earnings guidance to a range of $5.35 to $5.45 per diluted share [7] Business Line Data and Key Metrics Changes - Net income increased by $8.3 million in Q3 2024, attributed to higher net income at Idaho Power from increased base rates and customer growth of 2.6% [19] - Total other O&M expenses rose by $20.3 million, influenced by increased pension-related expenses and wildfire mitigation costs [20] - Cash flow from operations improved significantly, with a nearly $300 million increase compared to last year [22] Market Data and Key Metrics Changes - The customer base grew by 2.6% year-over-year, with residential customers increasing by 2.9% [11] - Year-to-date growth in industrial customer segments included 15% for manufacturing and 12% for food processing [11] - The preliminary five-year forecast for retail sales growth is now 7.7% annually, up from 5.5% in the previous forecast [11][12] Company Strategy and Development Direction - IDACORP is focusing on substantial infrastructure investments to meet growing customer demand, including a 300 megawatt wind generation facility [14] - The company is actively working on regulatory cases in Idaho and Oregon, with a general rate case settlement in Oregon resulting in a 12% revenue increase [15] - The company plans to file rate cases more frequently to reduce regulatory lag and align cash flow with capital expenditures [40][41] Management's Comments on Operating Environment and Future Outlook - Management noted strong energy sales driven by hot weather and customer growth, with a record system peak of 3,793 megawatts [9][10] - The outlook for hydropower conditions remains positive heading into winter, with expectations for a good snowpack [16] - Management expressed confidence in converting capital expenditures into rate base, anticipating a significant increase in earnings potential over time [42][43] Other Important Information - The company plans to maintain a capital ratio of around 50% equity and debt, estimating external financing needs of about $1.3 billion in equity and $2 billion in debt from 2025 to 2028 [35][36] - IDACORP's estimated rate-based CAGR is projected at 16.9%, indicating robust growth potential [29] Q&A Session Summary Question: Expectations on earnings trajectory and tax credit usage - Management expects regulatory lag to impact earnings consistency but anticipates that customer growth will eventually support earnings levels [50][52] Question: Future generation needs and resource split - Management highlighted the importance of both generation and transmission assets to meet demand, with a focus on dispatchable resources for winter [54] Question: Rate pressure and affordability for customers - Management indicated that residential rates would likely track inflation, while industrial rates would be higher due to special contracts [59] Question: Dividend growth outlook - Management plans to slow dividend growth to reinvest in the business, with expectations for more steady increases in the future [78][79] Question: Clarification on ADITC recognition - Management explained that ADITC recognition may vary throughout the year based on operational performance and regulatory processes [81][82] Question: Irrigation sales performance - Management noted that irrigation sales were affected by crop cycles and weather conditions, leading to a smaller increase than expected [84] Question: Timeline for large load potential customers - Management indicated that responses from potential large load customers are expected in the coming months [85]

SIDACORP. | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Forward-Looking Statements This presentation (and oral statements relating to this presentation) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical facts, that express or involve discussions of expectations, beliefs, plans, objectives, outlooks, ...

IdaCorp (IDA) came out with quarterly earnings of $2.12 per share, missing the Zacks Consensus Estimate of $2.17 per share. This compares to earnings of $2.07 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -2.30%. A quarter ago, it was expected that this utility company would post earnings of $1.37 per share when it actually produced earnings of $1.71, delivering a surprise of 24.82%.Over the last four quarters, the company h ...

IDACORP, Inc. (IDA) reported third-quarter 2024 earnings of $2.12 per share, which missed the Zacks Consensus Estimate of $2.17 by 2.3%. The company reported earnings of $2.07 per share in the year-ago quarter.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Total RevenuesTotal revenues were $528.5 million, which outpaced the Zacks Consensus Estimate of $524 million by 0.8%. The top line increased 3.3% from the year-ago quarter’s $511 million. Highlights of the ReleaseCustomer growth ...

Exhibit 99.1 October 31, 2024 IDACORP, Inc. Announces Third Quarter 2024 Results, Increases Lower-End of Earnings Guidance Range BOISE, Idaho--IDACORP, Inc. (NYSE: IDA) reported third quarter 2024 net income attributable to IDACORP of $113.6 million, or $2.12 per diluted share, compared with $105.3 million, or $2.07 per diluted share, in the third quarter of 2023. "We had a strong third quarter and benefited from customer growth, rate changes, and weather conditions that contributed to higher customer usage ...

Financial Performance - Net income for the three months ended September 30, 2024, was $113,840,000, compared to $105,647,000 for the same period in 2023, representing an increase of approximately 2.3%[22] - Total comprehensive income for the nine months ended September 30, 2024, was $252,805,000, up from $230,974,000 in 2023, indicating a growth of about 9.4%[22] - Comprehensive income attributable to IDACORP, Inc. for the three months ended September 30, 2024, was $113,890,000, compared to $105,410,000 in 2023, marking an increase of approximately 5.0%[22] - The company reported a net income of $251,952,000 for the nine months ended September 30, 2024, compared to $230,535,000 for the same period in 2023, which is an increase of about 9.3%[22] - Net income for the three months ended September 30, 2024, was $111,089,000, up from $103,022,000 in the same period last year, representing a growth of 7.4%[39] - The company reported a total comprehensive income of $111,374,000 for the three months ended September 30, 2024, compared to $103,168,000 for the same period in 2023, indicating a growth of 7.5%[39] - Net income for Idaho Power Company increased to $245,779,000 in September 2024, up from $225,812,000 in September 2023, representing an increase of approximately 8.7%[47] - Net income attributable to IDACORP for Q3 2024 was $113.6 million, an increase of $8.3 million compared to Q3 2023[165] - Net income attributable to IDACORP for the first nine months of 2024 was $251.3 million, an increase of $21.4 million compared to the same period in 2023[175] Revenue and Sales Growth - Operating revenues for the three months ended September 30, 2024, were $527,487,000, an increase of 3.8% compared to $509,635,000 for the same period in 2023[36] - For the three months ended September 30, 2024, Idaho Power recorded $532.5 million in revenue from contracts with customers, up from $496.6 million in the same period of 2023, representing a 7.2% increase[76] - The total electric utility operating revenues for the nine months ended September 30, 2024, reached $1.426 billion, compared to $1.352 billion for the same period in 2023, marking a 5.5% increase[76] - Retail revenues for the third quarter of 2024 reached $486.5 million, up from $459.1 million in the same quarter of 2023, marking an increase of $27.4 million[208] - Retail revenues for the first nine months of 2024 totaled $1,217.1 million, an increase of $85.7 million compared to $1,131.4 million in the same period of 2023[210] Assets and Liabilities - Cash and cash equivalents increased to $427,950,000 from $327,429,000, representing a 30.6% increase year-over-year[32] - Total current assets rose to $1,033,358,000 from $1,004,054,000, marking a 2.9% increase[25] - Total liabilities increased to $5,827,597,000 from $5,426,385,000, indicating a rise of 7.4%[28] - Total equity increased to $3,277,573,000 from $2,914,743,000, reflecting a growth of 12.5%[29] - Long-term debt increased to $3,053,948,000 as of September 30, 2024, compared to $2,775,790,000 at the end of the previous year[44] - Total liabilities as of September 30, 2024, were $5,838,894,000, up from $5,415,655,000 as of December 31, 2023[44] - The carrying value of long-term debt, including the current portion, was $3,123,633,000 as of September 30, 2024, with an estimated fair value of $3,022,690,000[135] Capital Expenditures and Investments - Additions to property, plant, and equipment totaled $823,969,000, compared to $427,211,000 in the prior year, indicating a substantial increase in capital expenditures[32] - Idaho Power entered into agreements for the acquisition of 200 MW of new battery storage assets, expected to be in service by June 2026[164] - Capital expenditures estimates for Idaho Power from 2024 to 2028 have increased to a range of $5.4 billion to $6.1 billion to meet growing demand[163] Regulatory and Strategic Initiatives - The company is actively pursuing regulatory filings and capital expenditures to enhance its operational capabilities and financial performance[13] - Future outlook includes potential impacts from economic conditions, regulatory changes, and operational challenges that may affect financial performance[13] - The company is focused on strategic goals related to infrastructure projects and regulatory cost recovery mechanisms to ensure sustainable growth[13] - Idaho Power filed a 2024 Idaho Limited-Issue Rate Case requesting an increase in annual Idaho jurisdictional revenue of $99.3 million, which would result in an overall increase of 7.31% if approved[64] - The Idaho Fixed Cost Adjustment Mechanism (FCA) approved an increase in recovery from $25.1 million to $36.8 million for the 2023 FCA deferral, effective from June 1, 2024, to May 31, 2025[75] Customer Growth and Demand - Idaho Power's customer count grew by over 12,500 customers, resulting in a 2.6% growth rate for the twelve months ended September 30, 2024[163] - The number of Idaho Power customers grew by 2.6% over the past twelve months, reaching a total of 645,542 customers by September 30, 2024[208] - Retail sales volumes increased by 4% in the third quarter of 2024 and by 3% in the first nine months compared to the same periods in 2023, driven by customer growth and increased usage[204] Environmental and Regulatory Compliance - The company actively monitors environmental regulations that may impact future operations but is currently unable to estimate the financial impact of such regulations[107] - Idaho Power's regulatory mechanisms allow for the deferral of certain costs associated with wildfire mitigation efforts, with OPUC authorizing deferral for the 12-month period ending December 28, 2023[198] Pension and Benefit Costs - The company reported a significant increase in distributions from equity-method investments, rising to $3,100,000 in September 2024 from $550,000 in September 2023[47] - Idaho Power's net periodic benefit cost for the pension plan increased to $9.119 million in Q3 2024 from $4.462 million in Q3 2023, reflecting a significant rise of 104.7%[109] - For the nine months ended September 30, 2024, total net periodic benefit cost recognized was $34.322 million, compared to $20.373 million for the same period in 2023, indicating a year-over-year increase of 68.5%[110] - Idaho Power contributed $20 million to its defined benefit pension plan during the nine months ended September 30, 2024, with no minimum contribution requirement for 2024[111]

Wall Street expects a year-over-year increase in earnings on higher revenues when IdaCorp (IDA) reports results for the quarter ended September 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on October 31, 2024, might help the stock move higher if these key numbers are better than expe ...