IDACORP, Inc. (NYSE:IDA) Q1 2023 Earnings Conference Call May 4, 2023 4:30 PM ET

Company Participants

Justin Forsberg - Director of Investor Relations and Treasury

Lisa Grow - President and Chief Executive Officer

Brian Buckham - Chief Financial Officer

Adam Richins - Chief Operating Officer, Idaho Power

Conference Call Participants

Chris Ellinghaus - Siebert Williams Shank & Co. LLC

Brian Russo - Sidoti & Company, LLC

Paul Zimbardo - BofA Securities, Inc.

Operator

Welcome to IDACORP’s First Quarter 2023 Earnings Conference Call. Today’s call is being recorded, and our webcast is live. A replay will be available later today and for the next 12 months on the IDACORP website. [Operator Instructions]

I will now turn the call over to Justin Forsberg, Director of Investor Relations and Treasury.

Justin Forsberg

Thanks, Regina, and good afternoon, everyone. We appreciate you tuning in for our call. This morning, we issued and posted to IDACORP’s website our first quarter 2023 earnings release and the associated Form 10-Q. The slides that accompany today’s call are also available on IDACORP’s website. We’ll refer to those slides by number throughout the call today.

As detailed on Slide 2, our discussion today includes forward-looking statements including earnings guidance, spending forecasts, and regulatory plans, which reflect our current views on what the future holds, but are subject to several risks and uncertainties including uncertainties surrounding the impacts of future economic conditions. This cautionary note is also included in more detail for your review in our filings with the Securities and Exchange Commission. These risks and uncertainties may cause actual results to differ materially from statements made today, and we caution against placing undue reliance on any forward-looking statements.

As shown on Slide 3, on today’s call, we have Lisa Grow, IDACORP’s President and Chief Executive Officer; and Brian Buckham, IDACORP’s Senior Vice President and Chief Financial Officer. In addition to Lisa and Brian, we have other members of our management team available for a Q&A session following our prepared remarks.

Slide 4 shows our quarterly financial results. IDACORP’s first quarter 2023 earnings per diluted share were $1.11 compared with $0.91 during last year’s first quarter. Today, we also affirm our full-year 2023 IDACORP earnings guidance estimate in the range of $4.95 to $5.15 per diluted share, which includes our current expectation that Idaho Power will utilize approximately $15 million of additional tax credits that are available to support earnings as a 9.4% return-on-equity level in the Idaho jurisdiction under its Idaho regulatory settlement stipulation. These estimates assume normal weather conditions and a return to more normal power supply expenses.