Boise-based Idaho Power parent Idacorp Inc. on Feb. 23 reported fourth quarter 2009 net income of $23.5 million, or 49 cents per diluted share, compared to $7.4 million, or 16 cents per share, in the year-earlier quarter.
Analysts, on average, expected Idacorp to earn 29 cents per share in the recent quarter.
Idaho Power contributed $25.9 million in net income to Idacorp in the fourth quarter of 2009 compared to $7.7 million in the fourth quarter of 2008.
Idacorp for all of 2009 reported net income of $124.35 million, including $122.56 million from Idaho Power. In 2008, net income was $98.41 million, including $94.1 million from Idaho Power.
The Idacorp units Ida-West Energy and Idacorp Financial Services posted losses in the recent quarter, from a year earlier. Ida-West and Idacorp Financial reported gains for the full year.
The parent company said that from 2008, Idaho Power‘s retail customer sales volumes decreased by 4 percent, and that irrigation usage decreased by 14 percent mainly due to increased precipitation. Economic factors and energy conservation also contributed to the reduction in sales volume, Idacorp said.
Revenue for Idacorp totaled $253.1 million in the fourth quarter 2009 and $1.05 billion for the full year, Larry Spencer, Idacorp director of investor relations, said in an interview. In 2008, Idacorp reported revenue of $217 million for fourth quarter and 960.4 million for the full year.
J. Lamont Keen, CEO of Idacorp and Idaho Power, said in a release that 2009 was very successful overall.
“A purposeful regulatory strategy and diligence in preserving our financial strength while remaining mindful of the adverse economic conditions around us produced positive results,” he said. “We enter 2010 financially healthy with a two-year regulatory framework established in our Idaho retail jurisdiction and our Langley Gulch Power Plant on schedule to come on line in 2012, positioning us to meet the customer needs we foresee coming out of the economic downturn.”