Idacorp reports lower earnings

Idaho Power parent Idacorp Inc. on May 8 said below-average hydroelectric production levels and other factors dragged first-quarter earnings below year-earlier levels. The Boise-based company reported first quarter net income of $21.7 million, or 48 cents per share, compared to $24.6 million, or 56 cents per share, in the first quarter of 2007. Total operating revenue of $213,440,000 for Idacorp compared to $206,711,000 a year earlier.

Analysts, on average, expected Idacorp in the most recent quarter to earn 61 cents per share on $213.76 million in revenue.

Idacorp’s hydroelectric production levels during the first quarter were lower than those of a year earlier, and were below average for the period, President and CEO J. LaMont Keen said in a release.

"Higher power supply costs, reduced earnings at Bridger Coal Company, and greater interest charges contributed to the decline in earnings. Increases in revenues due to colder weather over the first three months and higher retail rates during March partially offset the earnings decline,” he said.

Idacorp subsidiary Idaho Energy Resources Co. owns a one-third interest in Bridger Coal Co., which owns the Jim Bridger mine that supplies coal to the Jim Bridger generating plant in Wyoming, according to Reuters.

Settlement of Idacorp’'s 2007 Idaho general rate case increased rates an average of 5.2 percent, effective March 1. Keen said he expects the increase to enhance earnings for the rest of the year.

Idacorp stock traded between $31.23 and $32.18 May 8 compared to a one-year range between $28.74 and $36.72.