Avista Corporation Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Results

  • Q3 2023 Consolidated Earnings: $0.19 per diluted share, a significant improvement from a loss of $0.08 per diluted share in Q3 2022.
  • Year-to-Date 2023 Consolidated Earnings: $1.14 per diluted share, up from $1.06 per diluted share for the same period in 2022.
  • Avista Utilities Performance: Earnings increased vs. Q3 2022 due to general rate case benefits, customer growth, and lower ERM costs ($1.2M pre-tax expense in Q3 2023 vs. $4.5M in Q3 2022). YTD ERM expense was $7.8M (vs. $7.3M in 2022).
  • Other Factors: AEL&P ahead of expectations; other businesses showed net losses YTD primarily due to investment valuation adjustments.

2023 Guidance Updates (Narrowed)

  • Consolidated Earnings: Narrowed to $2.27–$2.37 per diluted share (previously wider range impacted by higher resource costs from poor hydro performance; without hydro headwind, would have been in upper half of original range). Expected ERM impact: -$0.08 per share (90% customer / 10% company sharing band).
  • Avista Utilities: $2.18–$2.24 per diluted share (floor raised $0.03 to reflect cost management success).
  • AEL&P: $0.10–$0.12 per diluted share (increased from prior expectations due to better performance).

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Operator: Good day, and thank you for standing by. Welcome to the Avista Corporation Q3 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Stacey Wenz, Investor Relations Manager. Please go ahead. Stacey Wenz: Good morning. Welcome to Avista's third quarter 2023 earnings conference call. Our earnings and our third quarter 10-Q were released pre-market this morning. Both are available on our website. Joining me this morning are Avista Corp.'s CEO, Dennis Vermillion; President and COO, Heather Rosentrater; Senior Vice President, CFO, Treasurer and Regulatory Affairs Officer, Kevin Christie; and Vice President, Controller and Principal Accounting Officer, Ryan Krasselt. Today, we will make certain statements that are forward looking. These involve assumptions, risks and uncertainties, which are subject to change. Various factors could cause actual results to differ materially from the expectations discussed in today's call. Please refer to our 10-K for 2022 and 10-Q for the third quarter of 2023, which are available on our website for a full discussion of these risk factors. To begin, I'll recap the financial results presented in today's press release. Our consolidated earnings for the third quarter of 2023

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