Avista reports slightly lower earnings

Avista Corp. reported slightly lower third quarter earnings of $10.7 million, or 18 cents per share, this morning, compared to $12.3 million, or 22 cents per share, for the third quarter of 2010.

Through the first nine months of the year, Avista’s income was $75.6 million, or $1.30 per share, compared to $66.7 million, or $1.20 per share for the same period in 2010.

Scott Morris, Avista’s chairman and chief executive officer, said the third quarter earnings were in line with company expectations.

This year’s weather has been cooler than average, with rain, snow and streamflows well above average, he said. As a result, the Spokane-based utility experienced one of the best hydroelectric years on record. Morris said Avista’s customers have benefited from low wholesale prices for electricity, which have been passed onto customers through cost deferrals.