Q2 2024 Avista Corp Earnings Call Transcript
Key Points
- Avista Corp (AVA) reported consolidated earnings of $0.29 per diluted share for Q2 2024, up from $0.23 in Q2 2023.
- Year-to-date consolidated earnings were $1.20 per diluted share, compared to $0.96 last year.
- The company confirmed its consolidated earnings guidance of $2.36 to $2.56 per diluted share for 2024.
- Avista Corp (AVA) is making significant investments in infrastructure to enhance reliability and mitigate wildfire risks.
- The Kettle Falls biomass generating station celebrated its 40th anniversary, showcasing Avista Corp (AVA)'s commitment to clean energy and environmental stewardship.
- Despite improvements, Avista Corp (AVA) anticipates ending the year with a negative impact on earnings of $0.07 per diluted share due to the Energy Recovery Mechanism.
- The company recognized a $0.03 loss per diluted share from periodic market valuations within its portfolio of investments.
- Avista Corp (AVA) is facing higher peak demand on its system due to extreme weather events, indicating a growing need for additional generation capacity.
- The company was unable to reach a settlement in its Washington general rate case, leading to a two-day hearing scheduled for September 30.
- Avista Corp (AVA) expects to issue approximately $70 million of common stock in 2024 to fund its capital spending, which may dilute existing shareholders.
Good day and thank you for standing by. Welcome to the Avista Corporation Q2 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Stacey Wenz, Investor Relations Manager. Please go ahead.
Good morning. Welcome to Avista's second quarter 2024 earnings conference call. Our earnings and second quarter Form 10-Q were released premarket this morning. You can find both on our website. Joining me this morning are Avista Corp's CEO, Dennis Vermillion; President and COO, Heather Rosentrater; Senior Vice President, CFO, Treasurer and Regulatory Affairs Officer, Kevin Christie; and Vice President, Controller and Principal Accounting Officer, Ryan Krasselt.
Today, we will make certain statements that are forward looking. These involve assumptions, risks and uncertainties which are subject to change. Various factors could cause actual results to differ materially from
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