Avista Corporation Q4 FY2021 Earnings Call

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Avista Corporation Q4 & FY 2021 Earnings Summary

  • Consolidated Diluted EPS: Q4 2021: $0.71 (down from $0.85 in Q4 2020); FY 2021: $2.10 (up from $1.90 in FY 2020). Results in upper half of guidance range, driven by gains in other businesses.
  • Avista Utilities Contribution: $1.79 per share in 2021 (down slightly from $1.83 in 2020), due to higher operating/depreciation expenses, power supply costs, and ERM expense of $7.7M pretax (vs. $6.2M benefit in 2020).
  • Other Businesses: $0.21 per share in 2021 (vs. $0.05 loss in 2020), reflecting stronger investment gains; expected to normalize to $0.04-$0.06 per share going forward.

Guidance & Outlook

  • Confirmed Ranges: 2022 consolidated EPS: $1.93-$2.13; 2023: $2.42-$2.62 (targeting authorized ROE by 2023). Avista Utilities expected to contribute $1.81-$1.97 (2022) and $2.30-$2.46 (2023).
  • Key Assumptions: Timely rate relief in WA/OR/ID; 1%-1.5% customer growth; ~5% cost inflation in 2022 normalizing in 2023; ERM in 50/50 sharing band (negative ~$0.07 impact in 2022, reset expected in 2023).
  • Dividend: Increased 4.1% to $1.76 annual per share (20th consecutive annual raise).

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Operator: Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Avista Corporation Fourth Quarter 2021 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. [Operator Instructions] At this time, I would like to turn the conference over to Ms. Stacey Wenz. Thank you. Ma'am, please begin. Stacey Wenz: Thank you. Good morning, everyone. Welcome to Avista's fourth quarter and fiscal year 2021 earnings conference call. Our earnings and our 2021 Form 10-K 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, which is available on our website. I'll begin by recapping the financial results presented in today's press release. Our consolidated earnings for the fourth quarter of 2021 were $0.71 per diluted share, compared to $0.85 for the fourth quarter of 2020. For the full year, con

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