Avista reports slightly lower 3Q earnings

Avista Corp. reported slightly lower third quarter earnings of $10.5 million, or 16 cents per share today, compared to $11.4 million, or 19 cents per share, for the third quarter of 2013. For the nine month period ending on Sept. 30, Avista’s net income was $159.8 million, or $2.59 per share, compared to $79.4 million, or $1.32 per share for the nine month period ending on Sept. 30, 2013. Scott Morris, chairman and chief executive officer for the Spokane-based utility, listed Avista’s sale of its Ecova subsidiary and the purchase of Alaska Electric Light and Power Co. as milestones for the year. Morris also confirmed the company’s 2014 earnings guidance in the range of $3 to $3.20 per share, based on the company’s year-to-date performance and expectations for the fourth quarter.