Avista Corporation Q3 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Prepared for investors: Key financial results, operational updates, guidance changes, and analyst Q&A. All comparisons are to the prior-year periods unless noted.

Earnings Overview

  • Q3 2024 Consolidated Earnings: $0.23 per diluted share (improved from $0.19 in Q3 2023).
  • Year-to-Date (YTD) 2024 Consolidated Earnings: $1.44 per diluted share (improved from $1.14 YTD 2023).
  • Improvement primarily driven by general rate cases at Avista Utilities.

Segment Performance

  • Avista Utilities: Continued improvement in Q3 and YTD vs. 2023 due to rate cases. Q3 included $3.2M pre-tax ERM expense (power supply costs higher than expected); YTD ERM expense $7.8M pre-tax. Expected to contribute near low end of range for 2024, including -$0.08 ERM impact (partially offset by new large customer).
  • AEL&P: Results in line with expectations; on track for full-year targets. Expected 2024 contribution: $0.09–$0.11 per diluted share.
  • Other Businesses: YTD loss of $0.03 per diluted share due to market valuations. Updated 2024 outlook: net loss of $0.04–$0.06 (valuations have not improved as expected).

2024 Guidance Update

  • Consolidated earnings guidance lowered by $0.10 to $2.26–$2.46 per diluted share due to other businesses performance.

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Operator: Good day and thank you for standing by. Welcome to the Avista Corporation Q3 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's 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: Thank you, Therese. Good morning. Welcome to Avista's third quarter 2024 earnings conference call. Our earnings and third quarter Form 10-Q were released pre-market this morning. You can find both on our website. Joining me this morning are Avista Corp’s CEO, Dennis Vermillion, President and COO, Heather Rosentrater, Senior Vice President and 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 we discussed in today's call. Please refer to our Form 10-K for 2023 and our Form 10-Q for the third quarter of 2024, which are available on our website for a full discussion of these risk factors. I'll begin with a recap of the financial results presented in today's press release. Our consol

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