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Mar 31, 2023
Avista Q1 2023 Earnings Report
Reported net income for the first quarter of 2023, confirming 2023 guidance.
Key Takeaways
Avista Corp. reported a solid start to 2023 with net income of $54.8 million, or $0.73 per diluted share, slightly ahead of expectations. The company confirms its 2023 consolidated earnings guidance with a range of $2.27 to $2.47 per diluted share.
Net income was $54.8 million, or $0.73 per diluted share, for the first quarter of 2023.
This compares to $71.6 million, or $0.99 per diluted share, for the first quarter of 2022.
The company absorbed $7.6 million in pre-tax costs under the Energy Recovery Mechanism in Washington.
2023 consolidated earnings guidance is confirmed with a range of $2.27 to $2.47 per diluted share.
Revenue by Segment
Forward Guidance
Avista Corp. confirms its 2023 consolidated earnings guidance with a range of $2.27 to $2.47 per diluted share.
Positive Outlook
- Timely and appropriate rate relief in all jurisdictions is assumed.
- Avista Utilities is expected to contribute in the range of $2.15 to $2.31 per diluted share for 2023.
- Expect to be in the deadband of the ERM, with an expected increase to earnings of $0.03 per diluted share.
- Customer tax credits will be fully returned to customers by the end of the third quarter of 2023 and will no longer reduce both customer bills and income tax expense.
- AEL&P is expected to contribute in the range of $0.08 to $0.10 per diluted share.
Challenges Ahead
- Income tax is spread throughout the year as a percentage of pre-tax income based on the estimated annual effective tax rate, changing the shape of our quarterly earnings as compared to recent years.
- First quarter earnings represent 35 percent of our forecast annual utility earnings.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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