Stock Track | Idacorp Soars on Strong Earnings and Renewable Energy Investments

Stock Track11-01

Shares of Idacorp Inc (NYSE:IDA), a leading electric utility company, soared by 5.38% on November 1, 2024, driven by the company's impressive third-quarter results and its strategic investments in renewable energy.

In its Q3 2024 earnings report, Idacorp posted higher earnings per share of $2.12, surpassing the previous year's figure of $2.07. The company also raised its full-year 2024 earnings guidance to a range of $5.35 to $5.45 per diluted share, reflecting its strong operational performance and robust customer growth.

Idacorp attributed its success to the robust demand for energy in its service area, fueled by a 2.6% increase in its customer base since the third quarter of 2023. The company set a new record system peak of 3,793 megawatts in July, underscoring the need for additional resources to meet the growing demand.

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