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Dec 31, 2023
Avista Q4 2023 Earnings Report
Announced 2023 results and initiated 2024 earnings guidance.
Key Takeaways
Avista Corp. reported a net income of $84.135 million for the fourth quarter of 2023, with earnings per diluted share of $1.08. The company is initiating its 2024 earnings guidance with a consolidated range of $2.36 to $2.56 per diluted share.
2023 consolidated earnings per diluted share of $2.24.
Significant improvement in Avista Utilities earnings reflects the benefits of cost recovery and cost management.
2024 consolidated earnings guidance initiated at $2.36 to $2.56 per diluted share.
Filed a multi-year rate plan in Washington in January.
Avista
Avista
Forward Guidance
Avista Corp. is initiating its 2024 earnings guidance with a consolidated range of $2.36 to $2.56 per diluted share.
Positive Outlook
- Expect Avista Utilities to contribute within a range of $2.23 to $2.39 per diluted share in 2024.
- Expect the ERM to be neutral to earnings with a positive impact in the latter part of the year offsetting the negative impact in the first quarter.
- Expect the distribution of earnings between quarters in 2024 to more closely align with results prior to 2023.
- Expect AEL&P to contribute in the range of $0.09 to $0.11 per diluted share in 2024.
- Expect other businesses to contribute in the range of $0.04 to $0.06 per diluted share in 2024.
Challenges Ahead
- Expect the impact of the ERM on earnings to be negative during the first quarter of 2024 in the 50 percent customer/50 percent company sharing band.
- Various factors could cause actual results to differ materially from our expectations, including our earnings guidance.
- State and federal regulatory decisions or related judicial decisions that affect our ability to recover costs and earn a reasonable return.
- Weather conditions, which affect both energy demand and electric generating capability.
- Wildfires ignited, or allegedly ignited, by our equipment or facilities could cause significant loss of life and property or result in liability for resulting fire suppression costs and/or damages, thereby causing serious operational and financial harm.