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03.05.2018 12:31
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IDACORP, Inc. Announces First Quarter 2018 Results, Reaffirms 2018 Earnings Guidance
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PR Newswire
BOISE, Idaho, May 3, 2018
BOISE, Idaho, May 3, 2018 /PRNewswire/ -- IDACORP, Inc. (NYSE: IDA) recorded first quarter 2018 net income attributable to IDACORP of $36.1 million, or $0.72 per diluted share, compared with $33.1 million, or $0.66 per diluted share, in the first quarter of 2017.
"Earnings for the quarter improved over last year's results as continued economic growth and the fixed cost adjustment mechanism revenues in Idaho more than offset lower residential sales from a milder winter," said IDACORP President and CEO Darrel Anderson. "As we look forward, Idaho Power's pending tax reform settlement in Idaho would support our efforts to keep customer energy rates low. The settlement also proposes an extension of the existing earnings support mechanism, which could provide additional earnings predictability beyond 2019.
"Idaho was named the fastest growing state in the country in 2017 by the U.S. Census Bureau. We are seeing evidence of this with continued strong economic growth and a 2.1 percent increase in customers over the last year."
For the full year, Idaho Power maintains its projection to use less than $5 million of additional accumulated deferred investment tax credits under the Idaho regulatory settlement. IDACORP is reaffirming its full year 2018 earnings guidance in the range of $4.10 to $4.25 per diluted share.
Performance Summary
A summary of financial highlights for the quarter ended March 31, 2018 is as follows (in thousands, except per share amounts):
| | | Three months ended | ||||||
| | | 2018 | | 2017 | ||||
| Net income attributable to IDACORP, Inc. | | $ | 36,142 | | | $ | 33,102 | |
| Average outstanding shares – diluted (000's) | | 50,463 | | | 50,397 | | ||
| IDACORP, Inc. earnings per diluted share | | $ | 0.72 | | | $ | 0.66 | |
The table below provides a reconciliation of net income attributable to IDACORP for the three months ended March 31, 2018, from the same period in 2017 (items are in millions and are before related income tax impact unless otherwise noted).
| | | Three months ended | |||||
| Net income attributable to IDACORP, Inc. - March 31, 2017 | | | | $ | 33.1 | | |
| Increase (decrease) in Idaho Power net income: | | | | | |||
| Customer growth, net of associated power supply costs and power cost adjustment mechanisms | | 2.4 | | | | ||
| Usage per retail customer, net of associated power supply costs and power cost adjustment mechanisms | | (10.4) | | | | ||
| Idaho fixed cost adjustment (FCA) revenues | | 8.7 | | | | ||
| Retail revenues per megawatt-hour (MWh), net of associated power supply costs and power cost adjustment mechanisms | | 1.2 | | | | ||
| Transmission services (wheeling) and other revenues | | 2.7 | | | | ||
| Depreciation expense | | (3.3) | | | | ||
| Other changes in operating revenues and expenses, net | | 0.5 | | | | ||
| Increase in Idaho Power operating income before tax reform revenue accrual | | 1.8 | | | | ||
| Tax reform revenue accrual for future rate reduction | | (5.0) | | | | ||
| Decrease in Idaho Power operating income | | (3.2) | | | | ||
| Earnings of equity-method investments | | 2.9 | | | | ||
| Non-operating income and expenses | | 0.5 | | | | ||
| Additional accumulated deferred investment tax credits (ADITC) amortization | | (1.4) | | | | ||
| Income tax expense (excluding additional ADITC amortization) | | 4.6 | | | | ||
| Total increase in Idaho Power net income | | | | 3.4 | | ||
| Other IDACORP changes (net of tax) | | | | (0.4) | | ||
| Net income attributable to IDACORP, Inc. - March 31, 2018 | | | | $ | 36.1 | | |
IDACORP's net income increased $3.0 million for the first quarter of 2018 compared with the first quarter of 2017, primarily due to higher net income at Idaho Power.
Customer growth increased operating income by $2.4 million in the first quarter of 2018 compared with the first quarter of 2017, as the number of Idaho Power customers grew by 2.1 percent during the twelve months ended March 31, 2018. A decrease in sales volumes on a per-customer basis decreased operating income by $10.4 million in the first quarter of 2018 compared with the first quarter of 2017. More moderate winter temperatures in Idaho Power's service area in the first quarter of 2018 compared with the first quarter of 2017 led to a decrease in sales volumes on a per-customer basis, primarily due to residential customers using energy for heating. The revenue decrease related to lower sales volumes was largely offset by the FCA mechanism, which increased revenues by $8.7 million during the first quarter of 2018 compared with the first quarter of 2017.
A net increase in retail revenues per MWh contributed $1.2 million to operating income in the first quarter of 2018 compared with the first quarter of 2017. Revenue increases resulting from the North Valmy coal-fired power plant (Valmy Plant) settlement stipulations discussed below were mostly offset by a decrease in the proportion of residential sales in higher rate categories under Idaho Power's tiered rate structure. This was due to more moderate winter temperatures in the first quarter of 2018 compared with the first quarter of 2017.
In the second quarter of 2017, the Idaho Public Utilities Commission (IPUC) and Public Utility Commission of Oregon (OPUC) each approved settlement stipulations related to Idaho Power's plan to end its participation in coal-fired operations at the Valmy Plant by the end of 2025. In the first quarter of 2018, the settlement stipulations resulted in increased retail revenue collections and retail revenue accruals, increased net depreciation expense, and increased associated income tax expenses, including plant-related flow-through tax adjustments.
During the first quarter of 2018, Idaho Power also benefited from a $2.7 million increase in transmission services and other revenue compared with the first quarter of 2017. This change was largely due to an increase in Idaho Power's Open Access Transmission Tariff (OATT) rates that became effective in October 2017, as well as a weather-related increase in wheeling volumes.
Due to regulatory orders received from the IPUC and OPUC during the first quarter of 2018 relating to the Tax Cuts and Jobs Act, Idaho Power recorded a $5.0 million reduction to revenue and corresponding regulatory liability for its estimate of first quarter 2018 tax benefits resulting from the changes in the federal and state income tax law that Idaho Power expects to return to Idaho and Oregon customers in the future.
Income from Idaho Power's unconsolidated investment in Bridger Coal Company (BCC) increased non-operating income by $2.9 million in the first quarter of 2018 compared with the first quarter of 2017, primarily due to an increase in coal sales prices at BCC.
Idaho Power income tax expense, excluding additional ADITC amortization, decreased $4.6 million in the first quarter of 2018 compared with the first quarter of 2017, due mostly to the lower federal statutory income tax rate resulting from the Tax Cuts and Jobs Act. Idaho Power recorded $0.5 million of additional ADITC amortization under its Idaho regulatory settlement stipulation during the first quarter of 2018. During the first quarter of 2017, Idaho Power recorded $1.9 million of additional ADITC amortization, which was later reversed as actual 2017 results exceeded earlier estimates. Based on Idaho Power's current expectations of full-year 2018 results, Idaho Power expects to record less than $5 million of additional ADITC amortization for the full-year 2018.
2018 Annual Earnings Guidance and Key Operating and Financial Metrics
IDACORP is reaffirming its earnings guidance estimate for 2018. The 2018 guidance incorporates all of the key operating and financial assumptions listed in the table that follows (in millions, except per share amounts):
| | | Current(1) | | Previous(2) |
| IDACORP Earnings Guidance (per share) | | No Change | | $4.10-$4.25 |
| Idaho Power Operating & Maintenance Expense | | No Change | | $345-$355 |
| Idaho Power Additional Amortization of ADITC | | No Change | | Less than $5 |
| Idaho Power Capital Expenditures (excluding allowance for funds used during construction) | | No Change | | $280-$290 |
| Idaho Power Hydroelectric Generation (MWh) | | No Change | | 7.5-9.5 |
| (1) | As of May 3, 2018. |
| (2) | As of February 22, 2018, the date of filing IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended December 31, 2017. |
More detailed financial information is provided in IDACORP's Quarterly Report on Form 10-Q filed today with the U.S. Securities and Exchange Commission and posted to the IDACORP Web site at www.idacorpinc.com.
Web Cast / Conference Call
IDACORP will hold an analyst conference call today at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time). All parties interested in listening may do so through a live webcast on the company's website (www.idacorpinc.com), or by calling (800) 242-0681 for listen-only mode. There is no passcode required; simply request to be connected to the "IDACORP, Inc." call. The conference call logistics are also posted on the company's website and will be included in the company's earnings news release. Slides will be included during the conference call. To access the slide deck, register for the event just prior to the call at www.idacorpinc.com/investor-relations/earnings-center/conference-calls. A replay of the conference call will be available on the company's website for a period of 12 months and will be available shortly after the call.
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