IDACORP Q2 Earnings Down; Updates Annual Earnings Outlook

(RTTNews) - IDACORP, Inc. (IDA) on Thursday reported net profit of of $64.29 million, or $1.27 per share in the second quarter, lower than $70.02 million, or $1.38 per share in the same quarter a year ago, primarily due to lower net income at Idaho Power.

Analysts on average, polled by Thomson-Reuters expected the company to report earnings of $1.31 per share. Analysts' estimates typically exclude special items.

Looking forward, the company has increased the bottom-end of its previously provided full-year EPS guidance to $4.95-$5.05 from $4.85-$5.05. The consensus estimate stands at $4.98 per share.

"Continued customer growth, higher transmission wheeling revenues, and the impacts of a regulatory order approving Idaho Power's plan to cease its coal-fired operations at the Jim Bridger power plant all contributed to the quarter's results," said IDACORP President and Chief Executive Officer Lisa Grow.