Avista Corporation Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Avista Corp. Q2 2021 Earnings Summary

  • Consolidated Earnings: Q2 2021: $0.20 per diluted share (down from $0.26 in Q2 2020). YTD 2021: $1.18 per diluted share (up from $0.98 YTD 2020).
  • Avista Utilities Q2 Contribution: $0.11 per diluted share (down from $0.26 in Q2 2020), primarily due to higher net power supply costs from record heat wave-driven loads, lower hydro generation (91% of normal), and ERM expense of $7.6M pretax (vs. $0.4M benefit in Q2 2020). YTD ERM expense: $3.3M (vs. $5.6M benefit in 2020).
  • AEL&P Q2 Contribution: Met expectations; on track for full-year guidance of $0.08-$0.11 per diluted share.
  • Other Businesses Q2: Exceeded expectations due to investment gains (Energy Impact Partners funds) and gain on Spokane Steam Plant sale.

2021-2023 Guidance Updates (vs. Prior Guidance)

  • 2021 Consolidated: Confirmed at $1.96-$2.16 per diluted share. Avista Utilities segment lowered by $0.10 to $1.83-$1.97 (due to regulatory lag from higher CapEx/depreciation and ERM surcharge position expected to reduce earnings by $0.08). Other segment raised by $0.10 to $0.05-$0.08 (from investment/asset sale gains).

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Operator: Good day. Thank you for standing by, and welcome to the Avista Corp. Q2 2021 Earnings Conference Call. [Operator Instructions]. I would now like to hand the conference over to your speaker today, John Wilcox. Thank you. Please go ahead. John Wilcox: Good morning, everyone, and welcome to Avista's Second Quarter 2021 Earnings Conference Call. Our earnings were released premarket this morning and 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. I would like to remind everyone that some of the statements that we 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 2020 and 10-Q for the second quarter of 2021, which are available on our website. To begin this presentation, I would like to recap the financial results presented in today's press release. Our consolidated earnings for the second quarter of 2021 were $0.20 per diluted share compared to $0.26 for the second quarter of 2020. For the year-to-date, consolidated earnings were $1.18 per diluted share for 2021 compa

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