Avista Q3 2023 Earnings Report
Key Takeaways
Avista Corp. reported a net income of $14.7 million, or $0.19 per diluted share, for the third quarter of 2023, compared to a net loss of $5.8 million, or $0.08 per diluted share, for the third quarter of 2022. The company is narrowing its 2023 consolidated earnings guidance range to $2.27 to $2.37 per diluted share.
Avista Utilities' results for the third quarter are ahead of expectations, reflecting strategic execution and cost management.
AEL&P has continued to perform well and is on track to exceed original guidance.
The primary driver of results at other businesses is the recurring valuation of investments, leading to volatility.
The company is narrowing its 2023 consolidated earnings guidance range to $2.27 to $2.37 per diluted share due to the impacts of the Energy Recovery Mechanism (ERM) in Washington.
Avista
Avista
Avista Revenue by Segment
Forward Guidance
Avista Corp. is narrowing its 2023 consolidated earnings guidance range to $2.27 to $2.37 per diluted share.
Positive Outlook
- Avista Utilities $2.18 - $2.24
- AEL&P $0.10 - $0.12
Challenges Ahead
- Other $(0.01) - $0.01
- The revised Avista Utilities range incorporates higher costs under the ERM, which we expect to be a decrease to earnings of $0.08 per diluted share for the year.
- We expect to be in the 90 percent customer/10 percent Company sharing band.
- Our guidance assumes timely and appropriate rate relief in all of our jurisdictions.
- Our guidance does not include the effect of unusual or non-recurring items until the effects are known and certain.
Revenue & Expenses
Visualization of income flow from segment revenue to net income