Avista Corporation (NYSE:AVA) Q4 2023 Earnings Call Transcript February 21, 2024 10:00 AM ET
Company Participants
Stacey Wenz - Investor Relations Manager
Dennis Vermillion - Chief Executive Officer
Kevin Christie - Senior Vice President, Chief Financial Officer, Treasurer & Regulatory Affairs Officer
Conference Call Participants
Tanner James - Bank of America
Willard Grainger - Mizuho
Brian Russo - Sidoti
Operator
Hello, and thank you for standing by. Welcome to the Avista Corporation's Fourth Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]
I would now like to hand the conference over to Stacey Wenz, you may begin.
Stacey Wenz
Good morning. I'm pleased to welcome you all to Avista's fourth quarter 2023 earnings conference call. Our earnings and 2023 Form 10-K were released pre-market this morning. You can find both on our website.
Joining me this morning are Avista Corp's CEO, Dennis Vermillion; President and COO, Heather Rosentrater; 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. Various factors could cause actual results to differ materially from the expectations we discuss in today's call, please refer to our 10-K for 2023, which is available on our website for a full discussion of these risk factors.
To begin I'll recap the financial results presented in today's press release. Our consolidated earnings for the fourth quarter of 2023 were $1.8 per diluted share compared to $1.5 for the fourth quarter of 2022. For the full year consolidated earnings were $2.24 per diluted share in 2023 compared to $2.12 last year.
Now I'm happy to turn the call over to Dennis will.
Dennis Vermillion
Well, thanks Stacey and good morning, everyone. I'd like to start by saying how proud I am of what we accomplished in 2023. We really had a great year, our 2023 earnings at Avista Utilities show significant improvement from 2022 and reflect the benefits of improved cost recovery resulting from our general rate cases, as well as our success in managing our costs through the headwinds of increased interest rates and the impact of higher power supply costs are improved. Our improved earnings demonstrate the team's commitment to delivering results.