IDACORP Inc. (Boise, ID) reported that it expects first-quarter earnings to be approximately 30 percent less than last year's $0.93 per share, due to weaker results from its energy marketing activities and the lingering effects from last year's regional drought. As a result, the company is lowering its 2002 earnings guidance to a range between $2.20 and $2.50 per share which, consistent with earlier guidance, includes the potential dilutive effect of issuing equity securities during 2002.
"A key driver to the decrease is attributable to the fact that IDACORP Energy's results are being negatively impacted by declining regional pricing spreads and fewer credit-worthy counter parties in the markets today. This will limit IDACORP Energy's ability to transact the same volume of business in future periods," stated IDACORP President and CEO Jan Packwood.
