IDACORP, Inc. Reports Strong Second Quarter with Net Income of $68.9 Million

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