IDACORP, Inc. (NYSE:IDA) Q2 2022 Earnings Conference Call August 4, 2022 4:30 PM ET

Company Participants

Justin Forsberg - Director, IR and Treasury

Lisa Grow - President and CEO

Brian Buckham - SVP and CFO

Adam Richins - COO

Conference Call Participants

Julien Dumoulin - Bank of America

Brian Russo - Sidoti

Anthony Crowdell - Mizuho

Operator

Welcome to IDACORP's Second Quarter 2022 Earnings Conference Call. Today's call is being recorded and a 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

Thank you, Julie, and good afternoon, everyone. This morning, we issued and posted to IDACORP's website our second 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 after Lisa and Brian provide updates.

Slide 4 shows our quarterly financial results. IDACORP's second quarter 2022 earnings per diluted share were $1.27, a decrease of $0.11 per share from last year's second quarter, primarily reflecting the impact of weather and partially offset by the accounting impacts related to a regulatory order.

Since we planned for normal weather, a portion of the weather impact compared to last year were expected and it is important to acknowledge that the Jim Bridger regulatory proceeding was also included in our original guidance for the year. Recall that last year's spring was very hot and dry and that did not repeat this year. This spring was cooler and wetter, which impacted irrigation and air-conditioning loads.