IDACORP Reports Third-Quarter 2002 Earnings

November 10, 2002 by Jeff Shepard

IDACORP Inc. (Boise, ID) reported third-quarter earnings of $0.98 per share, a $0.07 per share increase over last year's third-quarter earnings of $0.91 per share. Year-to-date earnings per share are $1.72, or $1.08 per share, less than earnings of $2.80 through the third quarter of 2001. Net income for the third quarter of 2002 was $37.0 million, $3.0 million more than the same period a year earlier. For the first nine months, net income was $65.0 million compared to $105.0 million through the same period last year.

Third-quarter earnings benefited from a change in tax treatment that resulted in a one-time tax benefit of $31.0 million attributable to 2001 and prior years, and a $3.0 million reduction in 2002 tax expense recorded during the third quarter. The $34.0 million tax-related benefit contributed $0.90 per share in the quarter.

"Our financial results after consideration of these items are consistent with our expectations and prior guidance," said IDACORP President and CEO Jan Packwood. "As we indicated in July, our earnings this quarter were expected to get a lift from our tax method change, but the actual amounts came in higher than our original estimates."