IDACORP Reports Third-Quarter Earnings

October 29, 2001 by Jeff Shepard

IDACORP Inc. (Boise, ID) reported third-quarter earnings of $0.91 per share compared to $1.11 per share for 2000. Excluding unusual charges, the quarterly earnings were $1.09 for 2001, compared to $1.11 for 2000. Net income for the period was $33.9 million compared to $41.6 million a year earlier.

Year-to-date earnings per share were $2.80, or $0.29 per share, less than last year's results of $3.09. Excluding unusual items, year-to-date earnings were $2.98 this year compared to $2.87 in 2000. The 2001 results include an $11.4 million ($0.18 per share) write-off of disallowed power supply costs, while the 2000 results include a one-time gain from the sale of the Hermiston Power Project of approximately $14.0 million, or $0.22 per share. IDACORP's year-to-date net income was $104.8 million for 2001 and $116.2 million for 2000.

"From a corporate earnings viewpoint, 2001 shows the wisdom of our diversification strategy,” said IDACORP President and CEO Jan Packwood. “The results from our regulated utility, Idaho Power, have suffered because of severe drought and the power supply cost write-off. Fortunately, the decline in regulated earnings has been offset by our non-regulated businesses, primarily IDACORP Energy.”

Based on the results of the first nine months, the company is now increasing its 2001 earnings per share target to the range of $3.20 to $3.30.