Avista Corporation (NYSE:AVA) Q2 2023 Results Conference Call August 2, 2023 10:30 AM ET
Company Participants
Stacey Wenz - IR Manager
Dennis Vermillion - President and CEO
Kevin Christie - SVP, CFO, Treasurer and Regulatory Affairs Officer
Operator
Good day, and thank you for standing by. Welcome to the Avista Corporation Q2 2023 Earnings Call. [Operator Instructions] Please be advised today’s conference is being recorded.
I would now like to hand the conference over to your speaker today, Stacey Wenz. Please go ahead.
Stacey Wenz
Good morning. Welcome to Avista’s Second Quarter 2023 Earnings Conference Call. Our earnings and our second quarter 10-Q were released premarket this morning. Both are available on our website. Joining me this morning are Avista Corp. President and CEO, Dennis Vermillion; Senior Vice President, CFO, Treasurer and Regulatory Affairs Officer, Kevin Christie; and Vice President, Controller and Principal Accounting Officer, Ryan Krasselt.
Today, we will make certain statements that are forward-looking. These involve assumptions, risks and uncertainties, which are subject to change. The information we will share this morning is based on our current expectations of normal precipitation, temperatures and other operating conditions as well as below normal hydroelectric generation as of today’s date. And various factors could cause actual results to differ materially from expectations discussed in today’s call. Please refer to our 10-K for 2022 and our 10-Q for the second quarter of 2023, which are available on our website for a full discussion of these risk factors.
I’ll begin by recapping the financial results presented in today’s press release. Our consolidated earnings for the second quarter of 2023 were $0.23 per diluted share compared to $0.16 for the second quarter of 2022. For the year-to-date, consolidated earnings $0.96 per diluted share for 2023 compared to $1.15 last year.
I’ll now turn the call over to Dennis.
Dennis Vermillion
Well, thanks, Stacey, and good morning, everyone. I hope you’re all enjoying the summer so far. It’s been a hot one for sure. I’d like to begin this morning by congratulating our employees who recently won one of the Chartwell’s Best Practices awards in outage operations for Avista’s weather and incident forecasting tool. This innovative tool leverages our historical database for weather, infrastructure and previous outages to predict future outages.
It allows us to proactively plan and prepare for potential weather events, which helps us better utilize our resources. It improves our response times and enhances the overall customer experience. This is just one great example of how Avista’s spirit of innovation informs how we approach what we do every day to deliver safe, reliable energy to our customers. In that spirit, we are continuing to invest capital across our service territory to harden the grid, maintain and upgrade our infrastructure and enhance reliability for customers while at the same time, moving closer to earning our allowed return.