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IDACORP, Inc.(IDA) a leading electri c utility company, has released its unaudited financial statements for the second quarter ended June 30, 2023. The company continues to exhibit robust financial performance, reporting a net income of $68.9 million for the quarter, showcasing a significant increase compared to the previous year's second-quarter net income of $64.6 million. The surge in net income is attributed to strong operating revenues, which reached $843.5 million, up from $703 million during the same period last year.Let's delve deeper into IDACORP's financial performance for the second quarter.
Operating Revenues
The company's operating revenues for the three months ended June 30, 2023, amounted to $843.5 million, reflecting an impressive year-over-year growth of approximately 20.3%. This remarkable increase in revenues is primarily attributed to the surge in electric utility revenues, which stood at $412.7 million, compared to $357.7 million during the same period in 2022. Additionally, other operating revenues contributed $1.1 million to the overall operating revenues for the quarter.
Net Income
IDACORP, Inc. reported a net income of $68.9 million for the second quarter of 2023, showcasing a notable increase from $64.6 million in the same quarter of the previous year. The surge in net income is indicative of the company's successful operational strategies and prudent financial management.
Financial Statements
IDACORP's operating revenues surged to $843.5 million, a significant increase from $703 million in the second quarter of 2022. The electric utility revenues played a vital role in driving this growth.
On the expense side, electric utility operating expenses amounted to $330.8 million, compared to $276.6 million in the same period last year. Other operating expenses added up to $713,000. As a result, the company achieved a solid operating income of $82.3 million for the quarter, up from $81.5 million in the second quarter of 2022.
In addition to the net income of $68.9 million, IDACORP also reported other comprehensive income of $147,000. This comprehensive income includes adjustments related to the unfunded pension liability, net of tax, and demonstrates the company's dedication to maintaining a strong financial position.
As of June 30, 2023, IDACORP's total assets amounted to $7.8 billion, showcasing growth compared to $7.5 billion as of December 31, 2022. The company's property, plant, and equipment net value reached $5.5 billion, reflecting ongoing investments in infrastructure and growth initiatives.
IDACORP, Inc. has delivered a strong second quarter with remarkable growth in operating revenues and net income. The company's unwavering commitment to delivering reliable and efficient electric utility services has contributed significantly to its financial success. With solid financials and a commitment to strategic growth, IDACORP continues to position itself as a leading player in the electric utility industry.