First quarter consolidated earnings per diluted share of $0.91, in line with expectations Confirms consolidated earnings guidance of $2.36 to $2.56 per diluted share SPOKANE, Wash., May 01, 2024 (GLOBE NEWSWIRE) -- Avista Corp. (NYSE:AVA) today announced financial results for the first quarter of 2024. Net income and earnings per diluted share for the first quarter of 2024 compared to the first quarter of 2023 are presented in the table below (dollars in thousands, except per-share data):     2024     2023   Net Income (Loss) by Business Segment:             Avista Utilities   $ 67,508     $ 51,627   AEL&P     3,911       4,042   Other     76       (824 ) Total net income   $ 71,495     $ 54,845   Earnings (Loss) per Diluted Share by Business Segment:             Avista Utilities   $ 0.86     $ 0.69   AEL&P     0.05       0.05   Other     —       (0.01 ) Total earnings per diluted share   $ 0.91     $ 0.73   "I'm pleased with our solid start this year. Our earnings for the first quarter are right in line with our expectations, including the negative impact of the Energy Recovery Mechanism (ERM). We are well positioned to meet our earnings targets for the year. Our rate plan filing with the Washington commission in January of this year seeks to alter the way in which power supply costs are shared in Washington, which, if approved, would reduce the volatility we continue to experience under the ERM," said Avista CEO Dennis Vermillion. "Our first quarter operations were impacted by the extreme cold which took hold throughout the Pacific Northwest in mid-January, highlighting the growing need for additional capacity in the region. We're taking the increase in demand into account as we continue our integrated resource planning, and it may accelerate our needs for generation to ensure that we have adequate resources to serve our customers reliably into the future. "Alaska Electric Light and Power Company's first quarter results met our expectations, and we continue to be pleased with its operating and financial performance," Vermillion added. Non-GAAP Financial Measures The tables below include electric and natural gas utility margin, two financial measures that are considered "non-GAAP financial measures." The most directly comparable measure calculated and presented in accordance with GAAP is utility operating revenues. The presentation of electric and natural gas utility margin is intended to enhance the understanding of operating performance, as it provides useful information to investors in their analysis of how changes in loads (due to weather, economic or other conditions), rates, supply costs and other factors impact our results of operations. These measures are not intended to replace utility operating revenues as determined in accordance with GAAP as an indicator of operating performance. The following table reconciles Avista Utilities' operating revenues to utility margin (pre-tax and after-tax) for the three months ended Mar. 31 (dollars in thousands):     OperatingRevenues     ResourceCosts     UtilityMargin(Pre-Tax)     IncomeTaxes (a)     UtilityMargin(Net of Tax)   For the three months ended Mar. 31, 2024:                               Electric   $ 366,894     $ 166,354     $ 200,540     $ 42,113     $ 158,427   Natural Gas     233,907       132,019       101,888       21,396       80,492   Less: Intracompany     (5,865 )     (5,865 )     —       —       —   Total   $ 594,936     $ 292,508     $ 302,428     $ 63,509     $ 238,919   For the three months ended Mar. 31, 2023: