Avista Corp Reports Financial Results for Q2 2024
Intellectia.AI Updated: 2024-08-08
Avista Corp. Reports Financial Results for Q2 2024
Avista Corp. (NYSE: AVA) today announced its financial results for the second quarter of 2024, ending June 30.
Key Financial Metrics
| Financial Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimates Q2 2024 | Q1 2024 | QoQ Change |
|---|---|---|---|---|---|---|
| Total Revenue | $386.5M | $375.0M | +3.1% | $386.69M | $379.5M | +1.8% |
| Earnings Per Share (EPS) | $0.22 | $0.20 | +10% | $0.22 | $0.21 | +4.8% |
Interpretation : Avista Corp. met the Wall Street consensus estimates for revenue and EPS for the second quarter of 2024. The year-over-year improvements in total revenue and earnings per share highlight a consistent growth in core utility operations. Sequentially, the company continues to progress, albeit at a modest pace.
Segment Performance
| Segment | Q2 2024 Revenue | Previous Guidance | YoY Change | YoY Change (%) | QoQ Change |
|---|---|---|---|---|---|
| Electric | $295.0M | $290.0M | $284.5M | +3.7% | $291.0M |
| Natural Gas | $91.5M | $92.0M | $90.5M | +1.1% | $88.5M |
Interpretation : The electric segment exceeded previous guidance with a slight year-over-year increase, reflecting the expanding customer base and operational efficiency improvements. The natural gas segment showed stable performance in line with the anticipated figures, with modest quarterly growth.
CEO Comments
Dennis Vermillion, CEO of Avista Corp, stated, "Our financial results demonstrate the strength of our core utility operations, as our second quarter utility earnings were in line with our expectations. At Avista Utilities, the investments we've made in our grid ensured the strong, stable performance of our system during the recent heat wave in the West. Because of the work we do every day, we're positioned well to deliver on our commitments to our shareholders and our customers."
Forward Guidance
Avista Corp. reaffirmed its 2024 consolidated earnings guidance, with an expected range of $2.36 to $2.56 per diluted share.
Stock Price Movement
Following the earnings release, Avista Corp.'s stock experienced a minor increase of approximately 0.0262%.
Overall, Avista Corp.'s financial performance for Q2 2024 aligned well with market expectations, showcased solid segment results, and affirmed its confidence in achieving its annual earnings targets.