Avista (NYSE:AVA) Posts Earnings Results, Beats Expectations By $0.10 EPS

Avista (NYSE:AVA) issued its quarterly earnings results on Wednesday. The utilities provider reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.10, Briefing.com reports. The company had revenue of $383.70 million during the quarter, compared to the consensus estimate of $389.29 million. Avista had a net margin of 10.12% and a return on equity of 7.77%. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.19 earnings per share. Avista updated its FY 2024 guidance to 2.260-2.460 EPS and its FY24 guidance to $2.26-2.46 EPS.

Avista Trading Down 2.3 %

Shares of NYSE:AVA traded down $0.87 on Thursday, reaching $36.55. 859,849 shares of the company traded hands, compared to its average volume of 515,493. The business’s 50-day simple moving average is $38.07 and its 200 day simple moving average is $37.18. The company has a current ratio of 0.88, a quick ratio of 0.60 and a debt-to-equity ratio of 1.05. Avista has a 52 week low of $31.91 and a 52 week high of $39.99. The stock has a market capitalization of $2.88 billion, a P/E ratio of 14.80, a price-to-earnings-growth ratio of 3.14 and a beta of 0.47.

Insider Activity at Avista

In related news, VP David J. Meyer sold 2,400 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $38.32, for a total value of $91,968.00. Following the transaction, the vice president now owns 5,436 shares in the company, valued at $208,307.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.96% of the stock is currently owned by insiders.

Analyst Ratings Changes

Separately, Bank of America assumed coverage on shares of Avista in a report on Thursday, September 12th. They issued an “underperform” rating and a $37.00 price target for the company.

About Avista

Avista Corporation, together with its subsidiaries, operates as an electric and natural gas utility company. It operates in two segments, Avista Utilities and AEL&P. The Avista Utilities segment provides electric distribution and transmission, and natural gas distribution services in parts of eastern Washington and northern Idaho; and natural gas distribution services in parts of northeastern and southwestern Oregon, as well as generates electricity in Washington, Idaho, Oregon, and Montana.