IDACORP Guides FY23 EPS In Line With View; Q4 Earnings Top Estimates

(RTTNews) - While reporting financial results for the fourth quarter on Thursday, electric utility IDACORP, Inc. (IDA) initiated earnings guidance for the full year 2023, in line with estimates.

For fiscal 2023, the company continues to project earnings in a range of $4.95 to $5.15 per share. On average, five analysts polled by Thomson Reuters expect the company to report earnings of $5.14 per share for the year. Analysts' estimates typically exclude special items.

The company is assuming that Idaho Power will use approximately $15 million of additional tax credits available under its Idaho earnings support regulatory mechanism in 2023. The earnings guidance also assumes normal weather conditions throughout the year. For the first quarter, the company reported net income attributable to IDACORP of $42.05 million or $0.83 per share, higher than $32.80 million or $0.65 per share in the prior-year quarter. The Street was looking for earnings of $0.82 per share for the quarter.

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