Avista Corporation reported first‑quarter 2026 results on May 5 2026, posting net income of $92 million, or $1.11 per diluted share, up from $79 million ($0.98 per diluted share) a year earlier. Revenue fell to $570 million, a 7.8% decline from $617 million in the same quarter last year and a 4.5% drop from $590 million in Q4 2025, reflecting a softer retail mix and the removal of Colstrip‑related recovery revenue.
The revenue shortfall was driven by the elimination of Colstrip recovery charges, milder weather that reduced residential and commercial demand, and lower retail volumes. Analysts had expected $644.5 million, so the $570 million figure represents a miss of $74.5 million, or about 11.5% below consensus.
Earnings per share beat expectations, with GAAP EPS of $1.11 surpassing the consensus estimate of $1.12 by $0.01 and non‑GAAP utility EPS of $1.10 exceeding the $1.05 estimate by $0.05. The beat was largely due to a higher utility margin, a $6 million reduction in the Energy Recovery Mechanism pre‑tax expense, and disciplined cost management that offset the revenue decline.
Avista confirmed its 2026 non‑GAAP utility earnings guidance of $2.52 to $2.72 per diluted share, unchanged from the prior quarter. The company also reiterated a capital‑expenditure plan of $615 million for 2026, part of a $3.4 billion five‑year investment program aimed at grid modernization and reliability upgrades.
CEO Heather Rosentrater said the quarter “demonstrates our focus on fundamentals: safety, reliability, and sound operational and financial execution,” while CFO Kevin Christie noted that “Q1 2026 represents a cleaner quarter going forward, providing a good representation for year‑over‑year comparisons for the remainder of 2026.”
Market reaction was positive: the stock rose 0.59% in pre‑market trading and 0.89% on the day of the announcement, driven by the EPS beat and the confirmation of full‑year guidance, which reassured investors about the company’s ability to maintain profitability amid a revenue miss.
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