IDACORP Q2 Earnings Match Estimates, Revenues Lag, EPS View Narrowed

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]