AVA - Earnings call transcript Q1 2018

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Operator

Welcome to the 2018 Q1 Earnings Conference Call. My name is Adrian, and I'll be your operator for today's call. At this time all participants are in a listen-only mode. Later, we'll conduct a question-and-answer session. [Operator Instructions] Please note that this conference is being recorded. call Lauren the Manager. Investor turn now over Pendergraft, to Relations I'll Pendergraft, may Lauren begin. you

Lauren Pendergraft

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

this first our on at avistacorp.com. were Our both website quarter and they are our released earnings premarket morning, and available XX-Q

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

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

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

Now to I'll Scott. the over turn discussion

Scott Morris

and an return to allowed order of the agreement customers matters, With customers. filed Commission they regulatory where and Well, to federal growth rate XXXX. prices order back Avista lower as And we a natural fuel benefits $XX pass regards in lower than $XX our able Utilities our return The from thank our customers. earn our had allowed season. operating We're about received fair natural Idaho, to In gas resource good pass quarter, during settlement a gas week to resulting Washington a concluded commission's customer general you, expected Lauren. that we good pleased the earnings be positive million were heating lower to to also opportunity us first from we agreed morning, cuts related We everyone. to costs, to recently benefited lower last from gas The XXXX expenses. winter over on tax cases. natural us the to costs federal tax million cuts electric to

Hydro believe and to XXXX, We we commissions, the progress work During to to are now we've Washington, continuing which we and processes. - during their reach anticipate the in agreements of through half closing Alaska, able approval made required to transaction XXXX. receive approvals the significant the Hydro pending commissions. the will transaction in be and before transaction with One second that staff state other the Idaho in One been and parties the work able settlement are We've we

Turning with a a first our that guidance turn I'll with commentary, range excluding back an net to businesses, we our earnings good other had quarter, loss expectations. losses investments on slightly At a to investment, the equity quarter were with during AEL&P unanticipated on an impairment due earnings, above to our over per share, earnings his consolidated $X.XX increased Mark. it details will further diluted to Mark We're initiating so costs. the associated a our and of expenses provide renovation. during XXXX $X.XX acquisition had

Mark Thies

Tyler Spokane. in we Lightning, With now as are Johnson Thank comment from is the you, normal hockey Bay everyone. for Scott. Good Tampa morning, laudatory Johnson rooting my Tyler

go. they hoping we're So

we our will continue invest capital for decrease that infrastructure. Utilities $XXX total in share in $X.XX earnings XXXX XXXX For the the and the to due diluted first compared depreciation necessary quarter And the to increased due $X.XX utility in expenses expense. was million expenditures about Avista largely XXXX. Depreciation to expense expect to to continuing capital was quarter of in O&M contributed and Avista per Utilities

proceeds to maintain to in expenditures what XXXX refinance long-term million expect using up capital structure. of equity. liquidity, those and long-term an And to appropriate to we're capital $XX fund $XXX Turning and planned of million for issue debt we maturing debt,

equity, through expect For $XX an the the Hydro through equity of that to consummation agency the get through million sale or of sale our contribution likely upon either One we the transaction. more from agreement shares of

with diluted our Scott XXXX we mentioned share, $X.XX $X.XX per excluding earlier, consolidated range As acquisition are the to initiating earnings a of costs. guidance

$X.XX a in range diluted expect cost XXXX. acquisition We to for share per of to be $X.XX

We Utilities any midpoint expense the a recovery mechanism. The again range does of under 'XX, or diluted excluding our to for expect Avista acquisition in range contribute Avista the benefit guidance Utilities of share costs. to $X.XX $X.XX include per not energy

is benefit a company expected current diluted customer, ERM ban is [ph] within approximately for $X.XX the add sharing the XX% per to XX% position Our expectation share. which

Utilities other above year. Our but remainder and generation temperature, normal the outlook normal for precipitation Avista of the assumes among variables for hydroelectric

and in share remainder diluted outlook AEL&P range normal to - $X.XX variables contribute hydroelectric the and they the other For for $X.XX XXXX generation the year. to assumes we of expect our among or precipitation of for AEL&P per

in loss We than loss with $X.XX a strategic is This costs other diluted of $X.XX to expect opportunities. businesses per our share, in exploring which the higher associated be of between a includes and an as have in other past, impairment first did the to $X.XX the other some first quarter but loss quarter related approximately we the costs those and businesses. in of you saw

includes such and norm. normal I transactions unusual back dispositions generally items effects operating does now such are as will of include or Lauren. turn call guidance conditions, not acquisitions settlement only the the until to Our

Lauren Pendergraft

questions up the we'd Adrian, like now. Thank you, open for call Mark. to

Operator

you. time. back at remarks. call Lauren to present I'll have over Thank the questions for the we turn final no Instructions] now [Operator And

Lauren Pendergraft

thank certainly want appreciate hope great to and for your us We have everyone today. in company day. joining our interest I a you

Operator

This participating. Thank for Thank today's concludes call. conference and you, gentlemen. ladies you

You may disconnect. now

Lauren Pendergraft	IR
Scott Morris	Chairman & CEO
Mark Thies	SVP, CFO & Treasurer
Dennis Vermillion	President & Director
Kevin Christie	Vice President & Chief Customer Officer
Ryan Krasselt	Vice President and Controller

Avista (AVA) 2 May 182018 Q1 Earnings call transcript