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IDACORP posts improved YOY earnings in Q1

IDACORPInc. on April 28 reported net income attributable to the company of$25.7 million, or 51 cents per share, in the first quarter 2016, compared to$23.4 million, or 47 cents per share, in the same period of 2015. Thefirst-quarter consensus normalized EPS estimate was 53 cents, according toS&P Global Market Intelligence.

The higher earnings were driven primarily by a $1.0 millionincrease in operating income at principal operating subsidiary and a $1.8 milliondecrease in income tax expense, the company said.

Idaho Power reported first-quarter net income of $25.5million, compared to $23.5 million in the corresponding period of 2015. IdahoPower estimated that it will record approximately $2 million of additionalaccumulated deferred investment tax credits, or ADITC, amortization for thefull year 2016.

"First quarter results improved over the first quarterof 2015, benefiting from continued growth in our service area, and slightlycooler temperatures than last year," IDACORP President and CEO DarrelAnderson said.

IDACORP affirmed its full-year 2016 earnings guidance of $3.80to $3.95 per share.

Idaho Power's operation and maintenance expenses for 2016are expected to be between $350 million and $360 million. The IDACORPsubsidiary's capital expenditures for 2016 are expected to be between $300million and $310 million.