Avista Corp (NYSE:AVA), based in Spokane, Washington, reported on Monday that profit in the third-quarter would plunge 46% from previous year, and lower its outlook for the year. The company estimates for 2013 also plunge short of Wall Street analysts’ forecasts.
The utility company blamed the shortfall on weak results at its Ecova subsidiary, which assists corporation to manage energy consumption, along with losses at its non-utility units.
Avista anticipates net income of $5.8 million or 10 cents a share during the three months period finished Sept 30. That’s low from $10.7 million or 18 cents a share in the previous year. Analysts surveyed by FactSet anticipate a profit of 20 cents a share.
The company also forecasted a 2013 profit in the range of $1.62 to $1.76 a share, below analysts’ forecasts of $1.82 a share.
Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. NorthWestern Corporation (NYSE:NWE) fell -1.16% to settle at $35.70, PG&E Corporation (NYSE:PCG) moved down -0.72% to end at $42.47 while Black Hills Corp (NYSE:BKH) plunged -0.39% to finish at $35.52 on Monday.
Avista Corp (NYSE:AVA) last session’s volume of 816,742 shares was higher than its average volume of 303,909 shares. The stock after opening at $25.88 hit high price of $25.94 and then closed at $25.54 by scoring -3.48%.
AVA generated revenue of $1.58 billion in the previous twelve months and earned $91.87 million. The Company showed a positive 5.98% in the net profit margin as well as in its operating margin which remained at 14.08%. Company’s annual sales growth for the past five years was 1.46%.
The AVA’s past twelve months’ price to sales ratio was 0.95 and price to cash ratio remained 16.07. As far as the returns are concerned, AVA’s return on equity was recorded as 7.70% and return on investment increased 2.73% while its return on asset stayed at 2.34%.
The stock showed weekly downbeat performance of -1.39% which was maintained for the month at -1.05%. Likewise the negative performance for the quarter was recorded as -3.98% and for the year was 5.06% while the YTD performance remained at 2.61%.
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