Idacorp Q1 net income rises on customer growth and rate changes

IDACORP

30/04/2026 11:45

Overview

U.S. electric utility's Q1 net income and EPS rose yr/yr, driven by customer growth and rate changes

Company reaffirmed full-year 2026 earnings guidance

Higher O&M expenses and fewer tax credits partially offset gains

Outlook

Idacorp reaffirms 2026 earnings guidance at $6.25–$6.45 per diluted share

Company expects Idaho Power to use less than $30 mln of additional tax credits in 2026

Idacorp forecasts 2026 Idaho Power O&M expense at $525–$535 mln and capital expenditures at $1.3–$1.5 bln

Result Drivers

RATE INCREASE - Higher retail revenues per MWh driven by an increase in Idaho base rates effective Jan 1, 2026, following settlement of 2025 rate case

CUSTOMER GROWTH - Growth in number of Idaho Power customers increased operating income

LOWER USAGE PER CUSTOMER - Decreased usage per residential and commercial customers, due to more moderate temperatures, reduced operating income

Company press release: ID:nBw4HJd9Ya

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
$1.21
Q1 Net Income
$67.98 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 1 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the electric utilities peer group is "buy"

Wall Street's median 12-month price target for Idacorp Inc is $157.00, about 8.8% above its April 29 closing price of $144.25

The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 20 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)