Avista Corp. has 41% earnings growth during second quarter

Spokane-based utility company Avista Corp. Wednesday reported 41 percent growth in earnings for the second quarter.

Avista, which provides natural gas to Jackson and Josephine counties, reported net income of $25.7 million, or 43 cents per share, during the second quarter, compared to $18.2 million, or 31 cents per share, for a similar period in 2012.

For the six months ending June 30, the company notched a $68 million profit, or $1.13 per share, compared with $56.6 million, or 96 cents per share, for the first half of 2012.

Avista said the bottom-line growth was primarily because of general rate increases in Washington, stemming from a settlement with Bonneville Power Administration and warmer weather that increased cooling loads.

The operating revenue from electric and natural gas operations grew to $31.9 million in the second quarter from $12.4 million in 2012.


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