Avista Corporation Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Consolidated Diluted EPS: Q3 2021: $0.20 (improvement vs. $0.07 in Q3 2020); YTD 2021: $1.38 (improvement vs. $1.04 in YTD 2020).
  • Avista Utilities Contribution: Q3 2021: $0.13/share (vs. $0.08 in Q3 2020), primarily due to timing of income tax recognition; expected to normalize in Q4 2021.
  • Energy Recovery Mechanism (ERM) in Washington: Q3 2021 pre-tax expense of $3.8M (vs. benefit in Q3 2020); YTD 2021 expense of $7.1M (vs. $5.9M benefit in YTD 2020); full-year 2021 expectation updated to negative $0.09 impact (vs. prior expectation of negative $0.08).
  • Other Investments: Significant gains in 2021 exceeding expectations; expected ongoing contribution of $0.05-$0.10 per diluted share (updated from prior breakeven-to-$0.05 run-rate commentary).
  • AEL&P: Earnings on track to meet full-year guidance.

2021-2023 Guidance Updates

  • Confirmed: 2021 consolidated EPS guidance of $1.96-$2.16; 2023 consolidated EPS guidance of $2.42-$2.62.
  • Lowered: 2022 consolidated EPS guidance to $1.93-$2.13 (reduction of $0.10 from prior range) due to disallowed recovery of certain operating expenses (insurance, labor/inflation, IT, Colstrip-related) in recent rate cases.

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Operator: Good day, and thank you for standing by. Welcome to the Avista Corporation Q3 2021 Earnings Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Stacey Wenz. Please go ahead. Stacey Wenz: Thank you. Good morning, everyone, and welcome to Avista’s Third Quarter 2021 Earnings Conference Call. By way of introduction, I have been with Avista since 2009, working in our accounting group. I’m very excited to be taking over from John for my first earnings call, and I look forward to working with all of you in the coming year. Our earnings were released pre-market 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 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 2020 and 10-Q for the third quarter of 2021, which are available on our website. To

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