Avista Corporation Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Results (Q1 2022 vs. Q1 2021):

  • Consolidated earnings: $0.99 per diluted share (improved from $0.98 in Q1 2021).
  • Avista Utilities contribution: $0.93 per share (improved from $0.92 in Q1 2021), above expectations due to timing of expenses and rate case benefits; partially offset by higher power supply costs, depreciation, and O&M.
  • Income tax benefits increased due to customer tax credits from rate cases (Washington/Idaho effective late 2021), recorded through taxes rather than gross margin.
  • Customer growth: Slightly above 1.5% target (in line with 1-1.5% annual expectation).

2022 Guidance (Confirmed):

  • Consolidated: $1.93–$2.13 per diluted share; expected at lower end primarily due to ERM (power supply cost variance) impact of -$0.09 (worsened from prior -$0.07 forecast).
  • Avista Utilities: $1.81–$1.97 per share (midpoint excludes ERM; may be slightly below due to -$0.09 impact).
  • AEL&P: $0.08–$0.10 per share.
  • Other businesses: $0.04–$0.06 per share.
  • Assumes normal hydro conditions (current snowpack ~110%), timely rate relief, and 1-1.5% customer growth; inflation pressures (forecast ~5% cost increase) included with cost management focus.

2023 Guidance (Confirmed):

  • Consolidated: $2.42–$2.62 per diluted share.
  • Avista Utilities: $2.30–$2.40 per share.

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Operator: Good day, ladies and gentlemen, and thank you for standing by and welcome to the Avista Corporation Q1 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would like to turn the conference over to your host Ms. Stacey Wenz. Please go ahead. Stacey Wenz: Good morning, everyone. Welcome to Avista’s first quarter 2022 earnings conference call. Our earnings and our first quarter 10-Q were released premarket this morning. Both are available on our website. Joining me this morning are Avista Corp. President and CEO, Dennis Vermillion; Executive Vice President, Treasurer and CFO, Mark Thies; Senior Vice President, External Affairs and Chief Customer Officer, Kevin Christie; and Vice President, Controller and Principal Accounting Officer, Ryan Krasselt. Some of the statements that will be made today are forward-looking statements that involve assumptions, risks and uncertainties, which are subject to change. For reference to the various factors which could cause actual results to differ materially from those discussed in today’s call, please refer to our 10-K for 2021 and 10-Q for the first quarter of 2022 which are available on our website. I’ll begin by recapping the financial results presented in today’s press release. Our consolidated earnings for the first quarter of 2022 were $0.99 per diluted share, compared to $0.98 for the first quarter of 2021. Now I’ll turn the discussion over to Dennis. Dennis Vermillio

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional