Avista Corp. Announces 2023 Results and Initiates 2024 Earnings Guidance

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2023 consolidated earnings per diluted share of $2.24
Significant improvement in Avista Utilities earnings reflects the benefits of cost recovery and cost management
2024 consolidated earnings guidance initiated at $2.36 to $2.56 per diluted share

SPOKANE, Wash., Feb. 21, 2024 (GLOBE NEWSWIRE) — Avista Corp. (NYSE:AVA) today announced financial results for 2023. Net income and earnings per diluted share for the fourth quarter and the year ended Dec. 31, 2023 (year-to-date) as compared to the respective periods of 2022 are presented in the table below (dollars in thousands, except per-share data):

 
Fourth Quarter
 
 
Year-to-Date
 

 
2023
 
 
2022
 
 
2023
 
 
2022
 

Net Income (Loss) by Business Segment:
 
 
 
 
 
 
 
 
 
 
 

Avista Utilities
$
83,081
 
 
$
52,660
 
 
$
167,016
 
 
$
117,901
 

AEL&P
 
3,248
 
 
 
3,253
 
 
 
8,937
 
 
 
7,545
 

Other
 
(2,194
)
 
 
22,043
 
 
 
(4,773
)
 
 
29,730
 

Total net income
$
84,135
 
 
$
77,956
 
 
$
171,180
 
 
$
155,176
 

Earnings (Loss) per Diluted Share by Business Segment:
 
 
 
 
 
 
 
 
 
 
 

Avista Utilities
$
1.07
 
 
$
0.71
 
 
$
2.18
 
 
$
1.61
 

AEL&P
 
0.04
 
 
 
0.04
 
 
 
0.12
 
 
 
0.10
 

Other
 
(0.03
)
 
 
0.30
 
 
 
(0.06
)
 
 
0.41
 

Total earnings per diluted share
$
1.08
 
 
$
1.05
 
 
$
2.24
 
 
$
2.12
 

“We made significant progress improving our earned return at Avista Utilities in 2023. I am proud of the way we worked together to deliver these results, despite the headwinds of increased interest rates and the impact of higher power supply costs. The team’s ability to find solutions to manage our costs and work toward constructive regulatory outcomes shows in Avista Utilities’ earnings. We executed the next step of our strategy this January when we filed a multi-year rate plan in Washington,” said Avista CEO Dennis Vermillion.

Analysis of 2023 Consolidated Earnings

The table below presents the change in net income and diluted earnings per share for the fourth quarter and year ended Dec. 31, 2023 as compared to the respective periods in 2022, as well as the various factors, shown on an after-tax basis, that caused such change (dollars in thousands, except per-share data):

 
Fourth Quarter
 
 
Year-to-Date
 

 
Net
Income (a)

 
 
Earnings
per Share

 
 
Net
Income (a)

 
 
Earnings
per Share

 

2022 consolidated earnings
$
77,956
 
 
$
1.05
 
 
$
155,176
 
 
$
2.12
 

Changes in net income and diluted earnings per share:
 
 
 
 
 
 
 
 
 
 
 

Avista Utilities
 
 
 
 
 
 
 
 
 
 
 

Electric utility margin (including intracompany) (b)
 
22,408
 
 
 
0.29
 
 
 
47,380
 
 
 
0.62
 

Natural gas utility margin (including intracompany) (c)
 
2,347
 
 
 
0.03
 
 
 
10,128
 
 
 
0.14
 


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