IDACORP(US:IDA) ZACKS·2024-08-02 17:46Core Insights - IDACORP, Inc. reported second-quarter 2024 earnings of $1.71 per share, exceeding the Zacks Consensus Estimate of $1.37 by 24.8% and up from $1.35 per share in the same quarter last year [1] - Total revenues for IDACORP reached $451 million, surpassing the Zacks Consensus Estimate of $421 million by 7.2% and increasing 8.9% from $414 million in the prior year [2] Financial Performance - Customer growth in IDACORP's service areas increased by 2.6% year over year, contributing to an operating income boost of $6.2 million compared to the previous year [3] - Operating income for the second quarter of 2024 rose by 25.5% year over year to $103.3 million [4] - Total operating expenses increased to $347.8 million from $331.5 million in the second quarter of 2023, driven by higher purchased power expenses and other operational costs [3] Cash Flow and Debt - As of June 30, 2024, cash and cash equivalents were $169.6 million, down from $327.5 million at the end of 2023 [5] - Long-term debt remained stable at $2.8 billion as of June 30, 2024, consistent with the end of 2023 [5] - Net cash provided by operating activities for the first half of 2024 was $256.1 million, a significant increase from $6.8 million in the same period last year [5] Guidance - IDACORP revised its 2024 earnings guidance to a range of $5.30-$5.45 per share, slightly up from the previous range of $5.25-$5.45 per share, aligning with the Zacks Consensus Estimate of $5.37 per share [6] - The company projects capital expenditures between $925 million and $975 million and expects to add more hydropower capacity than previously anticipated, now estimating an addition of 7.0-8.0 MWh in 2024, up from 6.5-8.0 MWh [6]