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BOISE, Idaho - On Thursday, IDACORP, Inc. (NYSE:IDA) reported fourth quarter earnings that beat analyst estimates, but its 2025 guidance came in below expectations, sending shares down over -3% in pre-market trading.
The electric utility holding company posted fourth quarter earnings per share of $0.70, surpassing the analyst consensus of $0.63. Net income for the quarter rose to $37.9 million, compared to $31.3 million in the same period last year.
For the full year 2024, IDACORP reported net income of $289.2 million, or $5.50 per diluted share, up from $261.2 million, or $5.14 per share, in 2023.
However, the company’s 2025 earnings guidance of $5.65 to $5.85 per share fell short of analysts’ expectations of $5.85 per share at the high end. This outlook appears to be weighing on the stock, which was down 3.17% following the earnings release.
"IDACORP’s earnings in 2024 benefited from continued strong customer growth, rate changes, spring and summer weather conditions that contributed to higher customer usage, and the use of tax credits under the company’s Idaho regulatory mechanism," said IDACORP President and CEO Lisa Grow.
The company saw customer growth of 2.6% YoY in 2024. However, higher depreciation and financing costs partially offset those benefits as IDACORP continued to invest in infrastructure to meet growing customer demand.
IDACORP expects to use between $60 million and $77 million of additional tax credits available under its Idaho regulatory mechanism in 2025. The earnings guidance assumes normal weather conditions throughout the year.
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