Avista Corp. reports increase in Q3 earnings

<p><p>Avista Corp. reported an increase in third-quarter earnings, compared to the third quarter of 2020.</p></p><p><p>The Spokane-based utility on Wednesday reported third-quarter net income of $14.4 million, or 20 cents per share, compared to $4.9 million, or 7 cents per share, for the third quarter of 2020.</p></p><p><p>Avista’s earnings were above expectations for the third quarter primarily because of the timing of recognition of income taxes, according to the company.</p></p><p><p>“We have concluded our Idaho and Washington general rate cases this quarter with rates in effect Sept. 1 and Oct. 1, respectively,” Dennis Vermillion, president and chief executive officer of Avista Corp., said in a statement. “We are pleased with the Commissions’ support of our ongoing investments in the infrastructure that serves our customers and offers us the opportunity to continue to provide our customers with safe, reliable and affordable energy without immediately impacting customer bills.”</p></p><p><p>Avista confirmed its 2021 consolidated earnings guidance with a range of $1.96 to $2.16 per share, but lowered its 2022 consolidated earnings guidance by 10 cents per share to a range of $1.93 to $2.13 per share.</p></p><p><p>The decrease in earnings guidance for Avista Utilities is primarily because of higher operating costs and nonrecovery of “certain operating costs in Washington general rate cases,” according to the company.</p></p><p><p>Avista’s net income was $96.5 million, or $1.38 per share, for the nine months ending Sept. 30, compared to $70.8 million, or $1.04 per share for the nine months ending Sept. 30, 2020.</p></p><p><p><span class=”print_trim”>Avista shares closed at $40.55 at the end of Wednesday’s trading day, up 0.47.</span></p></p>