NYSE$AVA
Avista Corporation · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Reported net income ahead of expectations due to cost management and timing of certain expenses, but impacted by higher ERM costs in Washington due to poor hydro conditions.
Avista Corp. reported a net income of $17.5 million, or $0.23 per diluted share, for the second quarter of 2023, compared to $11.5 million, or $0.16 per diluted share, for the second quarter of 2022. The company is confirming its 2023 consolidated earnings guidance with a range of $2.27 to $2.47 per diluted share.
- Second quarter results exceeded expectations due to effective cost management.
- Constructive outcomes reached in Idaho rate cases, with Oregon rate case settlement in line with expectations.
- AEL&P is performing as expected and on track to meet full-year guidance.
- 2023 consolidated earnings guidance confirmed at $2.27 to $2.47 per diluted share, but expected to be at the lower end due to higher ERM costs.
Headline financials
Revenue & EPS history
Avista · Revenue · Quarterly
$369M
Forward guidance
Avista Corp. is confirming its 2023 consolidated earnings guidance with a range of $2.27 to $2.47 per diluted share, with Avista Utilities contributing in the range of $2.15 to $2.31 per diluted share. We expect to be in the lower end of these ranges as a result of higher costs under the ERM.
Tailwinds
- Timely and appropriate rate relief in all of our jurisdictions.
- Tax credits will be fully returned to customers by the end of the third quarter of 2023.
- Increase in utility margin is expected in the third and fourth quarters of 2023.
- AEL&P is expected to contribute in the range of $0.08 to $0.10 per diluted share.
- Other businesses are expected to contribute in the range of $0.04 to $0.06 per diluted share.
Headwinds
- Expect to be in the lower end of guidance range due to higher costs under the ERM.
- Expect to be in the 90 percent customer/10 percent Company sharing band, resulting in a decrease to earnings of $0.08 per diluted share.
- Lower than normal hydroelectric generation for the year.
- Record-high temperatures in May caused snowpack to melt faster than expected.
- One of the worst years for hydroelectric generation.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
-0.0%
Avg return
Earnings day
+0.2%
Avg return
5 days after
-0.3%
Avg return
30 days after
52%
35 / 67 earnings
Positive
+8.4%
Q3 2023
Best reaction
-10.1%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | -4.6% | -6.4% | -6.4% | |
| Q3 2025 | +2.6% | +6.3% | +0.1% | |
| Q2 2025 | -4.2% | -2.3% | -3.6% | |
| Q1 2025 | -1.7% | -6.1% | -10.7% | |
| Q4 2024 | +3.3% | +3.3% | +6.1% | |
| Q3 2024 | -1.8% | +1.9% | +0.1% | |
| Q1 2024 | +2.3% | +3.9% | +2.8% | |
| Q4 2023 | +0.1% | -2.1% | -0.8% | |
| Q3 2023 | +8.4% | +10.3% | +10.2% | |
| Q2 2023 | +0.6% | -1.2% | -11.1% | |
| Q1 2023 | +1.4% | +1.7% | -4.7% | |
| Q4 2022 | +2.5% | +1.7% | +1.1% | |
| Q3 2022 | -10.1% | -9.5% | +0.9% | |
| Q2 2022 | +0.1% | -1.0% | -5.4% | |
| Q1 2022 | +1.8% | +5.6% | +7.2% | |
| Q4 2021 | +2.1% | +5.0% | +5.5% | |
| Q3 2021 | -1.0% | -0.8% | -2.1% | |
| Q2 2021 | -2.5% | -4.2% | -4.1% | |
| Q1 2021 | +2.4% | +2.8% | -2.9% | |
| Q4 2020 | +4.6% | +2.5% | +24.3% | |
| Q3 2020 | -3.1% | +3.0% | +7.3% | |
| Q2 2020 | -0.1% | +3.1% | +0.4% | |
| Q1 2020 | -1.5% | -9.4% | -1.1% | |
| Q4 2019 | -1.0% | +1.2% | -16.6% | |
| Q3 2019 | -1.3% | -2.3% | -0.0% | |
| Q2 2019 | +2.5% | +2.2% | +4.6% | |
| Q1 2019 | +3.1% | +2.6% | -1.2% | |
| Q4 2018 | -1.3% | -1.2% | -1.0% | |
| Q3 2018 | +0.8% | +0.8% | -15.6% | |
| Q2 2018 | -0.1% | +0.5% | +1.4% | |
| Q1 2018 | -0.4% | -0.3% | +0.8% | |
| Q4 2017 | -1.0% | -1.6% | +3.5% | |
| Q3 2017 | -0.6% | -0.8% | -0.6% | |
| Q2 2017 | -1.0% | -0.7% | -2.3% | |
| Q1 2017 | +2.0% | +3.5% | +9.3% | |
| Q4 2016 | -0.5% | +1.0% | +0.8% | |
| Q3 2016 | -3.6% | -3.3% | -3.0% | |
| Q2 2016 | -0.9% | -2.3% | -4.8% | |
| Q1 2016 | +1.6% | — | — | |
| Q4 2015 | +4.1% | — | — | |
| Q3 2015 | +2.6% | — | — | |
| Q2 2015 | +0.7% | — | — | |
| Q1 2015 | -1.2% | — | — | |
| Q4 2014 | -1.5% | — | — | |
| Q3 2014 | -1.8% | — | — | |
| Q2 2014 | +0.1% | — | — | |
| Q1 2014 | +3.6% | — | — | |
| Q4 2013 | -0.5% | — | — | |
| Q3 2013 | +0.2% | — | — | |
| Q2 2013 | +2.2% | — | — | |
| Q1 2013 | +1.5% | — | — | |
| Q4 2012 | -2.0% | — | — | |
| Q3 2012 | -2.1% | — | — | |
| Q2 2012 | -4.5% | — | — | |
| Q1 2012 | -2.5% | — | — | |
| Q4 2011 | -0.6% | — | — | |
| Q3 2011 | -1.4% | — | — | |
| Q2 2011 | -9.6% | — | — | |
| Q1 2010 | +3.5% | — | — | |
| Q1 2011 | +1.6% | — | — | |
| Q4 2008 | +1.0% | — | — | |
| Q4 2010 | +1.0% | — | — | |
| Q3 2010 | +0.0% | — | — | |
| Q3 2009 | +0.0% | — | — | |
| Q2 2009 | +0.9% | — | — | |
| Q4 2009 | +0.9% | — | — | |
| Q2 2010 | +0.9% | — | — |
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