AVA - Earnings call transcript Q3 2018

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Operator

Welcome to the Q3, 2018 Earnings Conference Call. My name is Cheryl, 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 call is being recorded. call Jason the Manager. Investor turn now over Lang, to Relations I’ll you begin. Sir may

Jason Lang

Cheryl. Welcome Thank quarter morning, Good you, everyone. conference XXXX to call. earnings third Avista’s

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

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

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

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

For XXXX the share earnings per for $X.XX and diluted year-to-date, consolidated were both XXXX.

over Now I’ll Scott. discussion turn the to

Scott Morris

the you One transaction. To morning like start on everyone. an and update Hydro good to Thank off, I provide would

we Oregon transaction through are awaiting are Hearings by and We end the in regulatory to in continue we we're Hearings concluded transaction at working weeks have next and of several occur decision. to close the in the to each be committed and the or Washington fully expect processes scheduled and the to commission's XXXX. of Idaho commissions. this

merger Hydra our pleased a board meet the and During One year-to-date Board One's the we Directors remain With regards we members a annual of the to are related with on and earnings their to expectations. commitment commitments. adopted resolution new to Hydra and track regulatory announced the new reaffirming of quarter, third results our

we expectations. quarters earnings three first our consolidated had of above the For XXXX

range For offset confirming in investments by utilities Avista XXXX the businesses, per are $X.XX we earnings were This on transaction was expected. per diluted costs diluted consolidated at associated $X.XX and guidance includes a a One third of quarter regulatory a share. higher acquisition our where with $X.XX which to earnings our with $X.XX to share than Hydro other at of losses AEL&P commitment

Mark. Now I'm going to to over this turn

Mark Thies

morning Thank everyone. you Scott. Good

coach who have You XX Q may the years in but not was cups won had fired three seen in news yesterday. big Blackhawks

a have we So new hockey. era Chicago in

Let's hope a it's good one.

For and Utilities third Avista of The acquisition in quarter interest $X.XX from diluted offset in $X.XX Utilities the quarter earnings contributed decrease increase increases, a on the to to by due year-to-date last per compared costs partially and year. expense, prior operating and was general the in contributed increased an growth, depreciation a expense. third and maintenance year a a share rate for customer $X.XX all year-to-date $X.XX, Avista XXXX increase basis

in capital necessary utility the our investing to committed be to infrastructure. continue We

new We expenditures to due from is is spending $XXX total Avista previous for expect our additional which about associated of increase primarily million. Utilities gas to capital million capital The and $XXX an estimate for natural services. increase electric

sources. issue planned to raise agency expenditures, And from equity first -- to expect issued through agreements fund Hydro early the XXXX the we of our in any appropriate in bonds don't or XXXX through additional equity of mortgage contribution and to One sales During through $XXX sales of equity capital expect other million corporate an we and after XXXX. an of long-term structure those $XXX capital of for acquisition order The or general maintain from $XXX confirmation to come million we debt million our up purposes. a expect of may combination we

our we XXXX consolidated $X.XX This mentioned with One regulatory $X.XX commitment Hydro are to transaction $X.XX includes earnings earlier to assuming to Scott diluted in guidance acquisition As costs diluted range XXXX. be for and per associated share. confirming share the of transaction is the completed in $X.XX of per the

which our expect add of diluted We in customer, guidance share. this any band commitment include expectation our Avista expense $X.XX to and $X.XX in $X.XX benefit does contribute midpoint Utilities diluted is Avista to company regulatory believe of the or acquisition current to a the $X.XX. the share in XX% costs per $X.XX under will approximately not within includes ERM, and XX% in to again we The sharing range position XXXX per of benefit Utilities $X.XX

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

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

Our between which other expect we loss exploring share opportunities. costs with $X.XX diluted and businesses per be of strategic a $X.XX associated to includes

Jason. includes and generally and acquisitions settlement turn does now include Our in not only the or unusual operating dispositions the until certain. conditions transactions I'll guidance as call back effects are normal items such to known

Jason Lang

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

Operator

you. Thank

And begin KeyBanc. our your from Paul Ridzon first now Paul session. from question-and-answer open. is line Instructions] will question the We [Operator comes

Paul Ridzon

morning. Good

Scott Morris

Paul. morning Good

Paul Ridzon

let Mark, when lose coaches X weekend. one know me Hey you in

Mark Thies

on. Come

Paul Ridzon

Scott see far potential my as do you for approvals? you the friction where guess is as I most remaining the question

Scott Morris

Oregon commissioners a Thanksgiving week an and opportunity know well do we parties we you was our as hearing a workshop Washington, to We right as we our scheduled it a in in in supplemental have hearing one talk our the intervening the had Idaho. to as Well, we to currently, hearing had. where after had had we of

progress say are interveners good working three we all what is I both to continuing would states all with So make parties. and with

working have make sure We other. states. all issues. really harder all the really I say address than all three we're any to expect we to and concerns respect wouldn't They state So hard and that of their voice, that we be a

Paul Ridzon

Okay. Thank you. That's helpful.

Operator

Thank show speakers [Operator And this Instructions] you. questions. at time further no I

Jason Lang

I'd joining Well, thank your us our great to company. for in Have like We certainly a interest everyone appreciate day. today. Okay.

Operator

Thank you concludes gentlemen. you your today's conference. for This ladies Thank participation. and

may You now disconnect.

Avista (AVA) 7 Nov 182018 Q3 Earnings call transcript