Avista Corp. (NYSE:AVA) Q3 2019 Earnings Conference Call Transcript

Nov 07, 2019 • 10:30 am ET

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Avista Corp. (NYSE:AVA) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Welcome to the Q3 2019 Earnings Conference Call. My name is Adrian and I will be your operator for today's call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session. [Operator Instructions]

I will now turn the call over to Mr. John Wilcox Investor Relations Manager. John Wilcox you may begin.

Executive
John Wilcox

Thanks, Adrian and good morning everyone and welcome to Avista's third quarter 2019 earnings conference call. Our earnings were released pre-market this morning and are available on our website. Joining me this morning are Avista Corp. President and CEO Dennis Vermillion; Executive Vice President Treasurer and CFO Mark Thies; Senior Vice President External Affairs and Chief Customer Officer Kevin Christie; and Vice President Controller and Principal Accounting Officer Ryan Krasselt.

I would like to remind everyone that some of the statements that will be made today are forward-looking statements that involve assumptions risks and uncertainties which are subject to change. For reference to the various factors which could cause actual results to differ materially from those discussed in today's call please refer to our 10-K for 2018 and 10-Q for the third quarter of 2019 which are available on our website. To begin this presentation I would like to recap the financial results presented in today's press release. Our consolidated earnings for the third quarter of 2019 were $0.08 per diluted share compared to $0.15 for the third quarter of 2018. For the year-to-date consolidated earnings were $2.21 per diluted share for 2019 compared to $1.37 last year.

Now I'll turn the discussion over to Dennis.

Executive
Dennis Vermillion

Well thanks, John and good morning. I'm very excited to be here today and I am deeply humbled by the honor and privilege to serve as Avista's Chief Executive. I've been at Avista for 34 years and as Avista's President for the last 10 years. I've worked closely alongside Scott. He has been a great friend and mentor to me and he has achieved so much for our shareholders customers employees and communities we serve and I know everyone at Avista is grateful for his leadership. I want to thank Scott for all that he has achieved throughout his career for our company and we all wish him well in his retirement. We will miss him greatly as he is no longer involved on the day to day operations of the company but of course we look forward to continuing our work with him on the board of directors. At a time of great change in the energy industry I am excited to meet the future head on and I am confident that Avista is prepared to meet the challenges ahead including achieving our clean energy goals proactively set.

Now turning our attention to quarterly results our earnings at each of our segments met our expectations for the third quarter and we remain on track to meet our consolidated guidance for the full year. Regarding regulatory matters in October the Oregon Commission approved our natural gas