Avista Corp., of Spokane, reported today fourth-quarter net income of $32.2 million, or 51 cents a diluted share, up from $31.7 million, or 53 cents a share, in the year-earlier quarter.

For all of 2014, the company posted income of $192 million, or $3.10 a share, up from $111.1 million, or $1.85 a share, in 2013.

About $72.4 million of Avista's 2014 net income stemmed from its sale and partial-year operation of  energy management subsidiary Ecova Inc.

Scott Morris, Avista’s chairman, president, and CEO, said in a press release that fourth-quarter earnings were below expectations due to significantly warmer weather, which reduced heating loads. Earnings for the entire year, however, were slightly higher than expected due to higher loads for the first nine months, lower power supply costs, and other factors.

Morris called 2014 a “transformational year” for Avista, with the sale of Ecova and the acquisition of Alaska Electric Light & Power Co. 

“Our new Alaska operations met our expectations, contributing $3.2 million to our earnings in the second half of 2014,” Morris said. “We are continuing to explore further growth opportunities in Alaska.”