Avista Corp. reported sharply higher first-quarter profit today, based on the exceptional performance of its utility arm. Avista posted a profit of $31.6 million, or 64 cents a share, compared with a profit of $10.2 million, or 21 cents a share, in the first quarter a year ago. Higher rates and lower-cost power from its hydroelectric dams spurred income of $26.2 million for Avista Utilities, up from income of $19 million a year ago, the company announced. Avista shares were up 65 cents in morning trading, to $21.65 a share.

Hat Tip: MarkR, for bringing this SR story to my attention. And for the dead-on observation: "Are you kidding me?"

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