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Avista Corp. Reports Financial Results for Third Quarter and Year-to-Date 2019, and Confirms 2019 Earnings Guidance

SPOKANE, Wash., Nov. 07, 2019 (GLOBE NEWSWIRE) -- Avista Corp. (NYSE: AVA) today reported net income attributable to Avista Corp. shareholders of $5.1 million, or $0.08 per diluted share for the third quarter of 2019, compared to $10.1 million, or $0.15 per diluted share for the third quarter of 2018. For the nine months ended Sept. 30, 2019, net income attributable to Avista Corp. shareholders was $146.2 million, or $2.21 per diluted share, compared to $90.6 million, or $1.37 per diluted share for the nine months ended Sept. 30, 2018.
"Earnings at each segment met our expectations for the third quarter and we remain on track to meet our guidance for the full year,a?? said Dennis Vermillion, president and chief executive officer of Avista Corp."With regards to regulatory matters, in October, the Oregon Commission approved our natural gas general rate case settlement and new rates will go into effect Jan. 15, 2020. In Idaho, we were able to reach an all-party settlement agreement where, if approved, new rates would take effect on Dec. 1, 2019. The outcome of these cases were in line with our expectations. In Washington, a settlement in principle has been reached in the current general rate cases with all parties and all issues with the exception of decoupling and Energy Recovery Mechanism related issues.A The Settlement Stipulation is in the drafting stage, and the parties, including the Public Counsel Unit of the Washington Attorney Generala??s Office and the Sierra Club, are securing the necessary approvals in their respective organizations.A The Settlement Stipulation is anticipated to be filed on or about Nov. 21, 2019, and will require Commission approval. We believe that the terms of the settlement-in-principle are fair for customers and shareholders. We continue to work through the regulatory process for the 2015 remand cases.a??For the full year of 2019, we are confirming our earnings guidance with a consolidated range of $2.83 to $3.03 per diluted share, which includes $1.01 per diluted share for the termination fee received from Hydro One in the first quarter, which was partially offset by the payment of related transaction costs,a?? Vermillion said.Summary Results: Avista Corp.a??s results for the third quarter of 2019 and the nine months ended Sept. 30, 2019, (year-to-date) as compared to the respective periods in 2018 are presented in the table below (dollars in thousands, except per-share data):A 
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