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Jun 30, 2021
Avista Q2 2021 Earnings Report
Reported net income for the second quarter of 2021 and confirmed 2021 consolidated guidance.
Key Takeaways
Avista Corp. reported net income of $14.1 million, or $0.20 per diluted share, for the second quarter of 2021, compared to $17.5 million, or $0.26 per diluted share, for the second quarter of 2020. Avista Utilities' earnings were below expectations due to an increase in net power supply costs. The company is confirming its 2021 consolidated earnings guidance with a range of $1.96 to $2.16 per diluted share.
Net income was $14.1 million, or $0.20 per diluted share, for the second quarter of 2021.
Avista Utilities' earnings were below expectations due to higher net power supply costs.
AEL&P’s earnings met expectations for the second quarter and they are on track to meet the full year guidance.
Confirmed 2021 consolidated earnings guidance with a range of $1.96 to $2.16 per diluted share.
Forward Guidance
Avista Corp. is confirming its 2021 consolidated earnings guidance with a range of $1.96 to $2.16 per diluted share. We are lowering our 2022 consolidated earnings guidance by $0.15 per diluted share to a range of $2.03 to $2.23 per diluted share. We are confirming our 2023 consolidated earnings guidance with a range of $2.42 to $2.62 per diluted share.
Positive Outlook
- Timely and appropriate rate relief in our jurisdictions.
- AEL&P to contribute in the range of $0.08 to $0.11 per diluted share for 2021.
- Other businesses to contribute in the range of $0.05 to $0.08 per diluted share for 2021.
- Normal precipitation, temperatures, other operating conditions, and below normal hydroelectric generation.
- As we begin planning our next Washington general rate case to be filed early in the first quarter of 2022, which will be a multiyear rate plan as required under a new law, we will seek to include all capital investment (through the end of the rate plan period) in rates in order to earn our allowed return by 2023.
Challenges Ahead
- Increased regulatory lag due to increased capital expenditures and higher than expected depreciation expense.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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