Warm weather cuts into Avista Corp. earnings

Comfortable temperatures mean we are less apt to reach for the thermostat.
That might be good for most of us, but for Avista Corp shareholders, it can be chilling.
In reporting less than expected financial results, Avista CEO Scott Morris was quick to blame warmer weather both at the beginning of 2012 and in the final weeks.
Avista today reported earnings of $78.2 million, or $1.32 per share for all of 2012, compared to $100.2 million, or $1.72 per share in 2011.
The fourth quarter saw Avista’s profit tumble to $15.9 million, or 26 cents per share, from $24.6 million, or 42 cents per share, in2011.
“We had a challenging year in 2012, with earnings below our expectations, reflecting under-performance in all of our business segments,” Morris said in a statement. “This was primarily due to warmer weather in the first and fourth quarters, which decreased earnings at our core utility business.”

This comes straight from the “Make My Day” file. An Illinois tire company CEO, Maurice Taylor, leaves no doubt where he stands in relationship to the French and American governments.

January proved to be a record month for the trucking industry.

Here comes trouble. The Wall Street Journal reports Federal Reserve officials expressed growing unease with the central bank’s easy-money policies at its latest policy meeting, even suggesting the Fed might need to pull them back before the job market is fully back to normal.
Minutes released Wednesday of the Fed’s Jan. 29-30 policy meeting showed that officials worried the central bank’s easy-money policies could lead to instability in financial markets and might be hard to pull back in the future. The Fed plans to evaluate how the programs are doing at its next meeting March 19 and 20.

OfficeMax left the Rogue Valley a dozen years ago, but it will soon be back in spirit.
Office Depot said it will merge with OfficeMax in an all-stock transaction that values the rival office-supplies retailer at roughly $1.19 billion.
Office Depot plans to issue 2.69 new shares of common stock for each outstanding share of OfficeMax common stock. Once the merger is completed, the company’s board will be reconstituted to include an equal number of directors from the two companies.

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    Greg Stiles

    Covering the Southern Oregon business and economy since 2001. Read Full
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