Avista Corp. Reports Strong Growth in Q2 2024

By Tamara Parker • Wednesday, August 07 08:04 • Permanent Link

Avista Corp. (NYSE: AVA) has reported its financial results for the second quarter of 2024, showing a substantial increase in net income and earnings per diluted share compared to the same period in 2023. The company's net income for the second quarter of 2024 was $22,858, up from $17,484 in 2023. Similarly, the earnings per diluted share rose to $0.29 in 2024 from $0.23 in 2023.

The company's year-to-date consolidated earnings also demonstrate significant growth. In 2024, the year-to-date net income reached $94,353, compared to $72,329 in 2023. The earnings per diluted share for the year-to-date period rose to $1.20 in 2024 from $0.96 in 2023.

Avista Utilities, a business segment of Avista Corp., contributed to this growth, with its net income reaching $23,935 in the second quarter of 2024, up from $18,810 in 2023. Similarly, the earnings per diluted share from Avista Utilities increased to $0.31 in 2024 from $0.25 in 2023. AEL&P, another business segment, saw a decrease in net income from $1,359 in 2023 to $1,109 in 2024, and a drop in earnings per diluted share from $0.02 in 2023 to $0.01 in 2024.

The company's financial results reflect the strength of its core utility operations, particularly in Avista Utilities, as it made investments in the grid to ensure stable performance during a recent heatwave in the West. Avista Corp. confirmed its consolidated earnings guidance for 2024, expecting to achieve $2.36 to $2.56 per diluted share.

Avista Utilities' electric and natural gas utility margin also showed positive growth, contributing to an increased utility margin for the three and six months ended June 30, 2024, compared to the same periods in 2023.

Looking ahead, the company expects to issue approximately $70 million of common stock in 2024 and has confirmed its 2024 consolidated earnings guidance. Avista Corp. anticipates Avista Utilities to contribute within a range of $2.23 to $2.39 per diluted share in 2024 and AEL&P to contribute in the range of $0.09 to $0.11 per diluted share. The company also expects long-term earnings growth of 4 to 6 percent off of a 2025 base year, assuming constructive outcomes in its general rate cases.

The market has reacted to these announcements by moving the company's shares 1.1% to a price of $38.17. For more information, read the company's full 8-K submission here.

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