February 16, 2012 in Business

Earnings: Avista Corp., utilities company

 
Stock symbol: AVA
Reporting period: 2011
Earnings:

Profit of $100.2 million

$1.72 per share

Versus 2010:

Profit of $92.4 million

$1.65 per share

Revenue: $1.6 billion
Analysis: Above normal snowpack last winter and a cool and wet spring produced excellent river run-off conditions in 2011, President and CEO Scott Morris said, resulting in one of the best hydroelectric generation years on record. Also, purchased power and natural gas fuel prices were below the level included in base rates. Avista spent $240 million on upgrading its power generation, transmission and distribution systems, and the company expects to spend about $250 million this year and next for the same purposes. The company says it will continue to request rate adjustments to recover those costs.

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