Idaho Power parent Idacorp Inc. on Oct. 29 reported third quarter net income of $54.5 million or $1.16 per diluted share compared to $51.7 million of $1.14 per share in the year-earlier quarter. Analysts on average expected Idacorp to earn $1.08 per share.

Idaho Power net income totaled $51.1 million compared to $47.4 million a year ago.

Changes to base rates and the annual power-cost adjustment mechanism helped, but were offset in part by accounting changes and increased power supply costs, Idacorp said in a release. Retail customer sales volumes dropped, and transmission revenue decreased on tariff rate changes.

"The improved earnings demonstrate that our operating and financial strategies continue to positively impact the bottom line," said Idacorp and Idaho Power President and CEO J. LaMont Keen. "Our diligence in effectively managing expenses and securing timely recovery of capital investments contributed to our improved results.

"New and upgraded infrastructure is needed before southern Idaho and eastern Oregon can take full advantage of opportunities when the economic climate rebounds," he said. "This means additional investments followed by timely recovery of those investments. It also means we continue to aggressively manage the business balancing the interests of our customers, employees and owners to ensure our communities prosper and Idacorp remains financially strong."

Total electric utility revenues were $323,128,000 in the Sept. 30 quarter compared to $298,107,000 in the year-earlier quarter.

Credit: IBR Staff Report

(Copyright 2009 Dolan Media Newswires)

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