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Avista tops analyst expectations with Q2 EPS, raises guidance

Avista Corp. on Aug. 7 posted second-quarter net income attributable to shareholders of $25.3 million, or 38 cents per share, compared to $25.6 million, or 39 cents per share, in the corresponding quarter of 2018.

The S&P Global Market Intelligence consensus normalized earnings estimate for the quarter was 35 cents per share, based on the polling of four analysts.

"We had a strong second quarter as our earnings benefited from lower operating costs and better than expected customer growth. These increases were partially offset by a $7 million donation commitment we made to fund initiatives to strengthen our local communities," said Avista Chairman and CEO Scott Morris.

Second-quarter operating revenues were down to $289.8 million, from $302.2 million in the year-ago period.

Avista raised its full-year 2019 consolidated EPS guidance to a range of $2.83 to $3.03. In 2019, the utility expects to issue approximately $180 million of long-term debt and up to $65 million of equity to refinance maturing long-term debt, fund planned capital expenditures and maintain an appropriate capital structure.