Avista Q1 Profit Declines, Confirms FY15 Earnings View

(RTTNews) - Avista Corp. (AVA) Wednesday announced a decline in first quarter net income attributable to the shareholders to $46.45 million or $0.74 per share from $48.499 million or $0.81 per share last year.

On average, 3 analysts polled by Thomson Reuters expected the company to earn $0.82 per share. Analysts figures usually exclude special items.

Revenue for the quarter, was slightly down at $446.49 million, compared to $446.58 million a year ago. Wall Street expected $459.30 million.

Scott Morris, chairman, president and chief executive officer of Avista Corp. said, "Earnings for the first quarter of 2015 were below our expectations due to weather that was significantly warmer than normal in our service territory, which reduced heating loads. However, the impact on our earnings was somewhat mitigated through the decoupling mechanism in Washington."

The company confirmed its 2015 earnings guidance in a range of $1.86 to $2.06 per share. Street projection for the full year is $1.98 per share.