SPOKANE, Wash. (AP) – Power company Avista Corp. said Thursday that its profit fell about 10 percent in the second quarter due to an increase in maintenance costs at its generation plants and other operating expenses.
The company reported net income of $23 million, or 39 cents a share, for the three months ended June 30. That compares with net income of $25.5 million, or 46 cents a share, in the same quarter last year.
Avista Utilities was the main factor in the cost increases for the quarter. The utility saw higher costs for maintenance at generation plants, as well as pensions and other post-retirement benefits.
The company said it has filed rate cases in Washington and Idaho in a bid to recover some of what it has invested to upgrade aging infrastructure and maintain generation, transmission and distribution systems.
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Avista Utilities’ retail electric revenue rose $12.9 million due to general rate increases and a boost in usage from colder weather. In addition, sales of fuel rose $13 million.
But those increases were partially offset by a decline in wholesale website electric revenue of $22.9 million due to lower wholesale prices and volumes, Avista said.
The company’s Advantage IQ segment saw revenue improve by 18 percent versus a year ago to $29.8 million.
Based on its results so far this year, Avista confirmed its financial outlook for the year. The company expects 2011 earnings per share to range from $1.60 to $1.80. The reality TV mother has revealed she siphons the majority of the family’s “Here Comes Honey Boo Boo” earnings into trust funds More »
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