Avista Corp. financial results for fourth quarter
SPOKANE — Avista Corp. reported net income of $129.5 million, or $1.90 per diluted share for 2020, compared to $197 million, or $2.97 per diluted share for 2019.
For the fourth quarter of 2020, net income attributable to Avista Corp. shareholders was $58.7 million, or 85 cents per diluted share, compared to $50.8 million, or 76 cents per diluted share for the fourth quarter of 2019.
“In the midst of this ongoing COVID-19 pandemic, thanks to the dedication and determination of our employees, we’ve taken many steps to move our business forward. We’ve finished installing nearly all of our smart meters across Washington to help our customers better manage their energy usage, and now that the Rattlesnake Flat wind farm is online, we’re moving closer to achieving Avista’s clean electricity goals,” said Avista President and CEO Dennis Vermillion.
Vermillion said Avista Utilities earnings were better than expectations due to higher utility margin and lower income taxes, partially offset by higher operating expenses.
“We are initiating our 2021, 2022, and 2023 earnings guidance with consolidated ranges of $1.96 to $2.16 per diluted share in 2021, $2.18 to $2.38 per diluted share in 2022, and $2.42 to $2.62 per diluted share in 2023,” Vermillion added.
Avista Utilities provides energy services and electricity to 395,000 customers and natural gas to 364,000 customers in a service territory that covers 30,000 square miles in eastern Washington, North Idaho and parts of southern and eastern Oregon.