, the holding company of Idaho Power and other subsidiaries, said Tuesday its second-quarter earnings more than doubled, boosted by warmer temperatures, improved water conditions and higher irrigation demand.
The company earned $19.9 million, or 47 cents a share in the quarter, compared with $9.5 million, or 22 cents a share, a year ago. The company earned $22.7 million, or 53 cents a share from its continuing operations in the quarter. Analysts polled by Thomson First Call were expecting earnings of $19.7 million, or 44 cents a share.
Idaho Power, the company's regulated utility, contributed earnings of 51 cents a share compared with 30 cents a share a year ago.
Second-quarter revenue rose 20.5% from a year ago to $242.6 million as against analysts' expectation of $222.2 million.
The Boise, Idaho-based company said that as a result of power cost adjustment, in which annual Idaho retail rates were decreased by an average of 19.3% on June 1, it expects a decrease in its revenue by about $123 million during the period June 1 through May 31, 2007.
"Increased loads as a result of warmer-than-normal temperatures, improved water conditions, and higher irrigation demand helped lift earnings over last year," the company said. "In addition, second quarter results benefited from the sale of excess emission allowances."
Second-quarter operating income rose 62.3% from a year ago to $45.6 million and operating margin increased 484 basis points to 18.8%.
Hydroelectric generation for the quarter was 56% higher from the year-ago period.
The company's stock was trading up 2 cents at $36.32 Tuesday.
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