Utilities Boost Avista's Income

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On Feb. 18, 2009, Avista (AVA Quote) reported a 24.2% surge in its fourth quarter 2008 net income boosted by increased earnings from Avista Utilities. Net income increased to $17.49 million or $0.32 per share from $14.07 million or $0.26 per share a year ago. The latest quarterly earnings missed the consensus estimate of $0.39 per share.

During Q4 FY08, total operating revenue grew 15.7% to $447.46 million from $386.90 million a year ago, fueled by strong growth from Avista Utilities and Advantage IQ business segments. Segment-wise, the Avista Utilities' retail electric revenues ascended 10.4% to $173.58 million, whereas wholesale electric revenue rose 34.0% to $30.79 million. Further, the Avista Utilities retail natural gas revenue grew marginally to $143.98 million from $143.62 million, while wholesale natural gas revenue jumped 92.0% to $59.41 million. Other electric revenues augmented 40.8% to $4.99 million, while Transportation and other natural gas revenues were up 13.1% to $2.98 million. Revenue from the Advantage IQ segment rose 37.1% year-over-year to $17.34 million. However, Other revenues were down 14.7% to $10.20 million. ...