Avista Corp. (AVA) disclosed that its profits for the first quarter of the year had risen compared to the same timeframe from the previous year. However, these results did not meet analysts' expectations.
The company's net income came up to $71.50 million, or $0.91 per share, a noticeable increase from last year's first-quarter earnings of $54.85 million or $0.73 per share.
Analysts had predicted an average earning of $1.00 per share for Avista, according to data compiled by the financial market data provider, Thomson Reuters. However, these predictions usually disregard occasional and unique charges or gains.
The revenue for Avista Corp. saw a significant increase of 29.3%, going from $460.14 million from the previous year up to $594.94 million in this quarter.
To give a concise overview of Avista's earnings under the Generally Accepted Accounting Principles (GAAP) for the first quarter: the profit was $71.50 million, up from $54.85 million last year. Earnings Per Share (EPS) were up to $0.91 from the $0.73 last year, and revenue increased to $594.94 million from last year's $460.14 million.
As for the company's future expectations, the full-year EPS guidance is proposed to be in the range of $2.36 to $2.56.
