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IDACORP posts $6.4M YOY drop in Q2 net income

IDACORP Inc. on Aug. 3 reported a $6.4 million year-over-year decrease in second-quarter net income to $49.8 million, or 99 cents per share, compared to $56.2 million, or $1.12 per share, in the comparable quarter of 2016.

The decrease was largely related to prior-year tax benefits that did not recur this year, said IDACORP President and CEO Darrel Anderson. "Operating income at [Idaho Power Co.] increased over the same period last year due to continued customer growth and the impacts of the approved settlement stipulations related to Idaho Power's plan to cease its coal-fired operations at the North Valmy power plant," Anderson said.

IDACORP increased the low-end of its full-year EPS guidance range to $3.95 to $4.05, from the previous EPS guidance range of $3.90 to $4.05.