Avista Corporation (AVA), a provider of electricity and natural gas, on Wednesday posted a rise in earnings for the first quarter, supported by Avista Utilities segmental income, which had higher earnings due to benefits from its completed general rate cases in Idaho and Washington. In addition, the company’s earnings beat the Street view.
Separately, for the fiscal 2022 and 2023, the Group has reaffirmed its earnings guidance.
For the quarter ended in March, the Spokane-headquartered company reported a net income of $71.56 million or $0.99 per share, compared with $68.01 million or $0.98 per share, reported for the same period last year.
Five analysts, on average, polled by Thomson-Reuters were estimating the firm to report earnings per share at $0.91. Analysts’ estimates typically exclude one-time items.
On segmental basis, Avista Utilities registered its earnings for the period at $62.27 million, higher than $64.05 million, recorded for the same quarter of 2021.
Looking ahead, for the fiscal 2022, Avista continues to expect its earnings per share (EPS) to be in the range of $1.93 – $2.13. Analysts’, on average, expect the company to report its earnings at $2 per share.
For the financial year 2023, the Group projects its EPS to be in the range of $2.42 – $2.62.
Dennis Vermillion, CEO of Avista, said: “…For the remainder of 2022 we anticipate seeing higher interest costs and energy costs based upon the current economic environment. However, we are proactively managing these issues and are on track to meet our consolidated earnings targets for the full year.”
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