Sale of subsidiary boosts Avista’s earnings
Avista Corp.’s sale of an energy management subsidiary helped pushed the utility’s second quarter earnings past the $100 million mark, officials said this morning.
Avista reported earnings of $100.9 million, or $1.67 per share, for the quarter. For the same period last year, the Spokane-based utility reported earnings of $25.7 million, or 43 cents per share. Revenues for the quarter were nearly $313 million.
The sale of the Ecova subsidary in June resulted in a net gain of $68 million for the company during the second quarter, said Scott Morris, Avista’s chairman and chief executive officer.
In addition, utility earnings were higher than expected during the quarter, but they were partially offset by mild weather, which led to lower energy use, Morris said.
The company’s higher earnings also reflect general rate increases approved in Washington, Idaho and Oregon, he said.