Avista Corporation Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Avista Corporation Q4 & Full Year 2023 Earnings Summary

Consolidated Earnings:

  • Q4 2023: $1.80 per diluted share (vs. $1.50 in Q4 2022)
  • Full Year 2023: $2.24 per diluted share (vs. $2.12 in 2022)

Avista Utilities Performance: Earnings grew over 35% in 2023 compared to 2022, driven by improved cost recovery from general rate cases, cost management amid higher interest rates, and lower net power supply costs. ERM pre-tax expense improved to $8.4 million in 2023 (vs. $10.9 million in 2022).

Other Segments: AEL&P met the high end of expectations. Other businesses results were below expectations due to investment valuation losses.

Key Operational & Strategic Updates

  • Successfully restored service to ~37,000 customers after largest natural gas outage in company history (Nov 2023); costs deferred for future recovery.
  • Executed 4 renewable natural gas contracts expected to deliver 9.7 million therms annually.
  • Partnering with 9 school districts on fleet electrification by end of 2024.
  • Published 2023 Corporate Responsibility Report highlighting clean energy and diversity progress.
  • Board increased annual dividend to $1.90 per share.

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Operator: Hello, and thank you for standing by. Welcome to the Avista Corporation's Fourth Quarter 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] I would now like to hand the conference over to Stacey Wenz, you may begin. Stacey Wenz: Good morning. I'm pleased to welcome you all to Avista's fourth quarter 2023 earnings conference call. Our earnings and 2023 Form 10-K 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, 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 discuss in today's call, please refer to our 10-K for 2023, which is 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 fourth quarter of 2023 were $1.8 per diluted share compared to $1.5 for the fourth quarter of 2022. For the full year consolidated earnings were $2.24 per

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