Warmer than normal summer temperatures boosted sales of electricity for Avista Corp., as more customers turned on air conditioners and fans to stay cool, the utility reported Wednesday.
Avista reported third-quarter earnings of $12.7 million, or 21 cents per share, compared to earnings of $10.5 million, or 16 cents per share, for the third quarter of 2014.
However, the company is still feeling the effects of last winter, when mild temperatures resulted in decreased sales of electricity and natural gas, Avista officials said.
For the nine months ending Sept. 30, Avista reported net income of $84.2 million, or $1.34 per share, from the utility’s continuing operations.
For the same period in 2014, Avista reported income of $89.2 million, or $1.45 per share. The results don’t include a one-time gain of $70.6 million in 2014 from the sale of Avista’s subsidiary, Ecova.
“We had a solid third quarter, with results that were slightly above our expectations,” said Scott Morris, the company’s chairman and chief executive officer, in a news release.
He said the company’s revenues from increased summer electric sales were partially offset by recently adopted provisions in Washington and Idaho that require the utility to issue rebates when power sales exceed projections.
The company’s outlook for 2015 earnings continues to be in the $1.86 to $2.06 per share range.
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