Avista Corp., of Spokane, reported this morning first-quarter net income of $42.3 million, or 71 cents a diluted share, up from $38.4 million, or 65 cents a share, in the year-earlier period.
Scott Morris, Avista's chairman, president, and CEO, said in a press release, "Overall, we are off to a good start in 2013, and we are pleased with our first-quarter results."
Utility earnings for the quarter were above expectations due to lower operating costs. Based on current snowpack and recent precipitation, the utility expects normal hydroelectric generation for the year.
In March, the Idaho Public Utilities Commission approved a rate increase for Avista that went into effect April 1 and an additional increase that will be effective Oct. 1. The company now has new base rates in both Washington and Idaho that are set through 2014.
Morris said Ecova Inc., Avista's expense- and energy-management subsidiary, had a solid quarter and is on track to meet expectations for increased revenue, due largely to increased volumes and demand for new services. The company attributed about $1.2 million of the most recent quarter's net income to Ecova's operations, which is up from an $826,000 net loss attributed to Ecova in the year-earlier quarter.