Avista Q1 Net Income Rises, Top Estimates; Reiterates Full-Year Earnings View

(RTTNews) - Energy company Avista Corp. (AVA) Wednesday reported a growth in earnings for the first quarter on the back of colder weather and general rate increases. Revenue also rose during the period. Both earnings and revenues surpassed analysts' estimates.

The company backed its earnings outlook for 2014 and said it expects earnings to be near the upper end of the guidance range.

For the three months to March, net earnings increased to $48.49 million or $0.81 per share, from $42.34 million or $0.71 per share a year earlier.

On average, 2 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.77 for the quarter. Analysts' estimates typically exclude one-time items.

Avista generated revenues of $490.96 million for the first quarter, up from $482.91 million a year earlier. Analysts expected revenues of $488.92 million.

For 2014, the company reiterated its earnings guidance of $1.77 to $1.97 per share.

The company expects to complete the Alaska Energy acquisition by July 1.