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. |