Avista Corp. reports decrease in second-quarter earnings

Avista Corp. has reported a decrease in earnings in the second quarter, compared to the second quarter of 2019.

Avista reported second-quarter net income of $17.5 million, or 26 cents a share, compared to $25.3 million, or 38 cents per share in the second quarter of 2019, according to a company news release Wednesday.

“Avista continues to actively monitor and manage through the COVID-19 pandemic. Avista is still working hard to define what the ‘new normal’ looks like for our business, our employees, our customers, and our communities,” Dennis Vermillion, president and chief executive officer of Avista Corp., said in the statement.

The company said its second-quarter consolidated earnings were in line with expectations, and it experienced a lower utility margin from a decline in customer loads, mostly offset by lower-than-expected operating costs.

Avista reported its other businesses experienced a net loss during the second quarter because of losses on equity investments.

Avista said earnings were on track in the second quarter for its subsidiary, Alaska Electric Light & Power, which is also expected to meet yearly expectations.