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Monday, April 6, 2020  Spokane, Washington  Est. May 19, 1883
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Avista Corp. reports $5 million increase in fourth quarter earnings

UPDATED: Wed., Feb. 26, 2020

Avista Corp. announced Tuesday, March 10, 2020,  it will start asking employees who can to work from home and customers to pay their bills online to help prevent the spread of coronavirus. (Tyler Tjomsland / The Spokesman-Review)
Avista Corp. announced Tuesday, March 10, 2020, it will start asking employees who can to work from home and customers to pay their bills online to help prevent the spread of coronavirus. (Tyler Tjomsland / The Spokesman-Review)

Avista Corp. on Wednesday reported a $5 million increase in net earnings for the fourth quarter of 2019 compared to the prior year.

Avista reported fourth quarter net income of $50.8 million, or 76 cents per share, compared to $45.8 million, or 70 cents per share, in the fourth quarter of 2018, according to a company release.

The utility company also reported a rise in yearly earnings with net income of $197 million, or $2.87 per share, for the year ending Dec. 31, compared to $136.4 million, or $2.07 per share for the year ending Dec. 31, 2018.

“We had a good year in 2019 as we were in the upper half of our consolidated earnings guidance,” said Dennis Vermillion, Avista’s president and CEO said in a statement.

Avista’s earnings benefited from a $103 million termination fee it received in January from Hydro One Ltd. after Washington and Idaho regulators blocked its sale to the Toronto-based utility in 2018.

The termination fee was used for reimbursing Avista’s transaction costs incurred from 2017 to 2019. Some of those costs were $51 million in income taxes, according to the company release.

Avista reached settlements in general rate cases in Oregon and Idaho during 2019, and is awaiting a decision from the Washington regulators on a partial settlement agreement in a general rate case.

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