AVA - Earnings call transcript Q3 2017

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Operator

Welcome to the Q3 2017 Earnings Conference Call. My name is Richard and I will be your operator for today's call. [Operator Instructions] Please note that this conference is being recorded. I will now turn the call over to Ms. Lauren Pendergraft, Investor Relations Manager. Ms. begin. may you Pendergraft,

Lauren Pendergraft

Good Earnings and Conference Richard. Third to Quarter XXXX Call. morning, you, welcome everyone Avista's Thank

Our earnings our and pre-market this our third quarter and both XX-Q they're available on website avistacorp.com. morning at were released

this Avista and will Scott are I Mark Krasselt. Utilities, and President Thies; of Dennis me the and and President like Vice Vice made CEO, remind morning everyone forward-looking Ryan Chairman some that Vermillion Morris; Corp. and Joining of that Avista and Board, change. Senior President President Senior that assumptions, the CFO, are statements statements to President would Vice be are subject today risks Controller, involve uncertainties, of to which

from those in please today's the would XX-K XXXX on to like to XXXX, call, to for this in discussed our the factors To release. refer results available are I reference of our our third cause quarter various website. presented the press materially begin financial XX-Q actual which for and could today's For differ which results recap to presentation,

$X.XX earnings were quarter of for third share, for diluted third of the XXXX. to XXXX quarter consolidated the compared Our $X.XX per

per year $X.XX consolidated date, the were share earnings to For XXXX for compared last $X.XX to year. diluted

over Now, I'll turn discussion to the Scott.

Scott Morris

you, and Well, thank Lauren good everyone. morning

leadership Vice for Customer Kevin will experience very our continuing all in solutions, rates supply rates service the regulatory the and Solutions role activities, appreciate the an solutions. that Christie, him finance have customer for XX will wish currently in outcomes years in smooth his best area we stakeholders. Kevin's Vice Federal transition. of gas Regulation, to responsibility We Kelly customer and his in for thank dedication his His natural role our We Kelly regulatory State leadership important off, President and provide First and achieving has today. and while company's of of a to assume Norwood benefited retired his in want retirement. President effective and Avista. played Avista's service and

earnings compared periods third increased consolidated lower costs, to The in Idaho XXXX growth. our and decreased acquisition for general earnings, were the offset and same towards earnings depreciation expenses, by in partially year-to-date Oregon expense. quarter resource the interest operating and Turning decreases and in rate XXXX costs, increases due to customer

per our expenses for our revising offset previous costs from supply by are our guidance estimated financing $X.XX We to partially our costs, earnings acquisition range compared is an expenses to range. to per power to diluted revision of previous to of XXXX, original $X.XX range. were included in range guidance diluted This share. to not $X.XX $X.XX consolidated $X lower The $X.XX due is operating which and net when share

acquisition approve proposed by third orders regulatory One. quarter, applications requesting filed the to the During Hydro we

with proxy We also meeting special transaction. a the to of distributed definitive our Avista on shareholders associated vote

to completing this the continue towards of work XXXX. second We half transaction in

XXXX. resolution In in case process case, case, of rate XXXX on X rate have an general One settlement rate to gas filed original first to In which the if Also, work the rate One Idaho October of and agreement rate continue addition related and approval recently year the will agreement on-track and Hydro request for increases we AEL&P our transaction, to half X. approved, approved general provide XXXX XXXX meet and provided expectations. to which, electric Hydro - a XXXX. a our the solid continues increases November we our Oregon through with is in our to the Washington, Commission expected for settlement natural

over time, XXXX settlement interim case, this make turn I'm rate will increases And a to the related agreement it electric filed permanent. rate our recently at Mark. approved, general which, to going we addition, to In if

Mark Thies

Scott. Good pretty everyone. a morning, started. has hockey you, day today because Thank happy season It's

is good. to So back life

to For quarter share, earnings Utilities date due in partially earnings a rate XXXX expenses, primarily The operating acquisition and customer $X.XX and to costs, Oregon interest increase $X.XX last year. increases decrease were contributed from in decrease basis, growth by from quarter XXXX, in and and XXXX. decrease and year no Washington $X.XX resource diluted share general on Idaho The in contributed compared depreciation diluted per rate Avista relief both of Avista in lower and per in to was and in Utilities costs. offset the the $X.XX third a year-to-date

necessary expenditures to to we capital the committed in $XXX total be invest expect infrastructure to Avista in XXXX. utility we million about Turning our continue and to capital, capital Utilities' in

share, in capital during we this year. third earnings a our diluted claim is AEL&P's per the an in perspective, which fourth guidance Scott the million cash expect to mentioned revision per the $X.XX to be liquidity of issue prudent into structure. refund third quarter, tax capital as we is and a And share. From guidance of we revising purchase million in approximately about have agreement bonds, quarter, first $X XXXX. we're income be received we to of things. a which expenditures bond a We an in mortgage $XX $XX to December to entered On order drawn expenditures the - range change range in to of previous earnings up in diluted quarter $XX incurred issue earlier, $X stock Also of debt million purposes. due fund could such repay quarter, filed term primarily really $X.XX XXXX. expect a this do want slight This to sure to planned for make to a fourth $X.XX to front, common short the for couple In we capital million consolidated or we will from our of

- on good supply $X.XX These we had Dennis previous hydro if the to by to power included transaction. were we offset had range. of about $X.XX good One First, our a can They're has also later that we year now estimates year, not talk costs in for side, acquisition estimate Hydro anybody XXXX, costs questions. a related our or the

compared were our range. and down Our financing operating guidance expenses to were down expenses initial our

We expect of a for ERM, I $X.XX $X.XX of XX/XX difference mentioned, that's range Avista per XXXX, included The our from the to guidance costs, And range previous ranges, $X.XX costs Utilities is the guidance, customer expense to including midpoint contribute primarily $X.XX. $X.XX Avista $X.XX you'll share sharing under of earnings our and $X.XX of band. acquisition the in Utilities' the then in change to lower recall, acquisition previous the costs. as resource the which of our to

diluted gas strong from $X in and in to an ERM to lower which due benefit be our hydro share is year improvement prices a guidance. is Our current expectation $X.XX the of million position original $X.XX deadband, to of per the

Our assumes, the Utilities of for rest year. variables, outlook other normal among precipitation, Avista the for and temperatures generation hydroelectric

to the For $X.XX hydroelectric range year. precipitation our to in contribute of remainder AEL&P $X.XX XXXX, the assumes diluted expect continue per generation normal And share. we of AEL&P and the for to outlook for

loss a had change represents diluted and due to our $X.XX we portion net previous be the Another in from subsidiaries share. the our of $X.XX $X.XX between our is to renovation expenses recognition $X.XX change our from of was change one losses at investments. of This gain of primarily guidance. of we equity expect This a a of and other a to loss per businesses

Lauren. our doesn't conditions into acquisitions add normal settlement are the did is transactions Our transaction, guidance the or guidance. include we now to the over we have until why items and call unusual known, costs again those dispositions only turn generally effects includes which as operating One now or Hydro I'll back

Lauren Pendergraft

Richard, like to call Mark. questions. for up we'd Thanks, the open

Operator

Instructions] Lauren this I'd at for have closing comments. call I [Operator questions like no to time, time. turn see to the over And this we at

Lauren Pendergraft

I thank certainly everyone Have day. interest today. us want great in Richard. you, our to Thank joining a for your company. appreciate We

Operator

conference. today's you. gentlemen, Ladies for participating. and Thank Thank you this concludes

may now disconnect. You

Avista (AVA) 1 Nov 172017 Q3 Earnings call transcript