IDACORP, Inc. (NYSE:IDA) Q3 2022 Earnings Conference Call November 3, 2022 4:30 PM ET

Company Participants

Justin Forsberg - Director, Investor Relations and Treasury

Lisa Grow - President and Chief Executive Officer

Brian Buckham - Senior Vice President and Chief Financial Officer

Conference Call Participants

Paul Zimbardo - Bank of America

Operator

Welcome to IDACORP’s Third Quarter 2022 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, Erica and good afternoon everyone. We appreciate you tuning in for our call this afternoon. This morning, we issued and posted IDACORP’s website, our third quarter 2022 earnings release and Form 10-Q. The slides that accompany today’s call are also available on IDACORP’s website. We will refer to those slides by number throughout the call today.

As noted on Slide 2, our discussion today includes forward-looking statements, including earnings guidance and spending forecasts, 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 third quarter 2022 earnings per diluted share were $2.10, an increase of $0.17 per share from last year’s third quarter, reflecting the impacts of customer growth, weather, a midyear regulatory order, all partially offset by higher costs. Year-to-date, earnings per diluted share were $4.28, an increase of $0.08 per share from the first 9 months of last year.

Both revenues and earnings through September 2022 reflect IDACORP’s highest first 9 months in the history of the company. Today, we also raised our previously issued full year 2022 IDACORP earnings guidance estimate by $0.10 to the range of $5.05 to $5.15 per diluted share, which would result in the 15th consecutive year of growth in earnings per share. We also affirm that we believe Idaho Power will not need to utilize any of the additional tax credits that are available to support earnings and at this time, do not expect to share any excess earnings with Idaho customers under its Idaho regulatory settlement stipulation. These estimates assume historically normal weather conditions over the balance of the year.