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Home My WebLink AboutCOC IDA.docIDA: Moving In The Right Direction; 3Q Results Strong IDACORP, Inc. Analyst: Neil Kalton, CFA (REGULATED ELECTRIC UTILITIES, MARKET WEIGHT) (IDA, $27.37, MARKET PERFORM) Sector Rating: Regulated Electric Utilities, MARKET WEIGHT IDA reported 3Q EPS of $1.14, significantly above our estimate of $0.88, consensus of $0.83 and $0.65 last year. Idaho Power was the main driver on improved regulatory recovery, better hydro conditions and a change in methodology for allocating net power supply costs, which were partially offset by higher expenses. The company reduced planned capital expenditures for 2008 to $235-250 million from $255-270 million on lower customer connections and deferred spending; and narrowed expectations for hydro production to 6.7- 7.2 million MWh from 6.5-7.5 million MWh. IDA has been making steady progress on the regulatory front, particularly related to its power cost adjustment mechanism and test year, which should improve the company's risk profile going forward. Based on better than expected 3Q results, we plan to reevaluate our 2008E EPS following a conference call with management at 4:30pm Eastern (Dial-In: 719-325-4796).