Avista reports $71M in net income

COEUR d'ALENE — Avista Corp. on Wednesday reported profits of $71.5 million for the first quarter of 2024, compared to $55 million last year.

The company's revenue for the quarter rose to $594 million from $460 million last year, an increase of nearly 30%.

“I'm pleased with our solid start this year. Our earnings for the first quarter are right in line with our expectations, including the negative impact of the Energy Recovery Mechanism," said Avista CEO Dennis Vermillion. "We are well positioned to meet our earnings targets for the year."

The Spokane company said it had a profit of 91 cents on a per-share basis, which was in line with expectations. It is forecasting earnings of $2.36 to $2.56 per share for this year.

"Our first-quarter operations were impacted by the extreme cold, which took hold throughout the Pacific Northwest in mid-January, highlighting the growing need for additional capacity in the region," Vermillion said. "We’re taking the increase in demand into account as we continue our integrated resource planning, and it may accelerate our needs for generation to ensure that we have adequate resources to serve our customers reliably into the future."