Avista Corp., of Spokane, reported today first-quarter net income of $48.5 million, or 82 cents a diluted share, up from $42.3 million, or 73 cents a share, in the year-earlier period.
The company said in a press release that the results were above expectations.
“Utility earnings increased for the first quarter as a result of colder-than-normal weather, which increased both electric and natural gas heating loads,” company Chairman, President, and CEO Scott Morris said in the release. “As compared with the prior year, our results also improved from the general rate increases in each of our jurisdictions.”
Morris also said the company is exploring the possibility of selling its Spokane-based energy-management subsidiary Ecova Inc. He said Avista has received offers that it’s evaluating, but there are no assurances that it will accept any of those offers.
Ecova accounted for $1.1 million, or 2 cents a share, of Avista’s first-quarter net income, down slightly from $1.2 million, or 2 cents a share, in the year-earlier period. Morris said both Avista as a whole and Ecova alone are expected to meet their earlier full-year earnings projections.
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