IdaCorp, Inc. (NYSE:IDA) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 04:30 pm ET

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IdaCorp, Inc. (NYSE:IDA) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Welcome to IDACORP's Second Quarter 2020 Earnings Conference Call. Today's call is being recorded and webcast live. A complete replay will be available later today and for the next 12 months on the IDACORP website. [Operator Instructions]

I will now turn the call over to Justin Forsberg, Director of Investor Relations and Treasury.

Executive
Justin S. Forsberg

Thank you, and good afternoon, everyone. Before the markets opened this morning, we issued and posted to IDACORP's website our second quarter 2020 earnings release and Form 10-Q. The slides that accompany today's call are also available on our website. We'll refer to those slides by number throughout the call today.

As noted on Slide 2, our discussion includes forward-looking statements, including earnings guidance, which reflect our current views on what the future holds, that are subject to several risks and uncertainties, including those related to the COVID-19 public health crisis. This cautionary note is also included in more detail for your review in our filings with the Securities and Exchange Commission. These risks and uncertainties may cause actual results to differ materially from statements made today, and we caution against placing undue reliance on any forward-looking statements.

As shown on Slide 3, on today's call, we have Lisa Grow, IDACORP's President and Chief Executive Officer; and Steve Keen, IDACORP's Senior Vice President and Chief Financial Officer. We also have other company representatives available to help answer any questions you may have after Steve and Lisa provide updates.

On Slide 4, we present our quarterly financial results. IDACORP's 2020 second quarter earnings per diluted share were $1.19, an increase of $0.14 per share from last year's second quarter. IDACORP's earnings per diluted share for the first six months of 2020 were $1.94, an increase of $0.04 per share from the same period last year. Today, we also reaffirmed our full year 2020 IDACORP earnings guidance estimate to be in the range of $4.45 to $4.65 per diluted share with our expectation that Idaho Power will not need to utilize any of the tax credits in 2020 that are available to support earnings in Idaho under its regulatory settlement stipulation.

These are our estimates as of today as we have seen a relatively modest net financial impact from the COVID-19 pandemic to date. However, as you would expect, it is difficult to predict the full impact of evolving economic conditions on Idaho Power's customers and suppliers and how that could affect the upper end of the earnings guidance range or the use of tax credits if the pandemic worsens or is prolonged.

I will now turn the call over to Steve.

Executive
Steven R. Keen

Thank you, Justin. Let's move to Slide 5, where I will discuss our second quarter financial results as compared to the same quarter last year. Despite a fairly wet June and the impacts of the pandemic, overall, we had solid results, which we believe position us well as we move forward through the second half of 2020.

On the table of year-over-year changes, you'll see that continued strong