Revenue during the quarter dropped 3.28 percent to $303.35 million from $313.65 million in the previous year period. Total expenses were 86.95 percent of quarterly revenues, down from 88.55 percent for the same period last year. This has led to an improvement of 160 basis points in operating margin to 13.05 percent.

Operating income for the quarter was $39.59 million, compared with $35.91 million in the previous year period.

"I am pleased with our third quarter performance, as our results met our expectations. Throughout 2016, we have continued to invest in our utility infrastructure to enhance the safety and reliability of our system for our customers and to support both electric and natural gas customer growth. Current investments include upgrades and maintenance of generation facilities, transmission and distribution equipment, natural gas pipe and new meter technology, some of which are large, multi-year projects that have been in-progress. The timely recovery of these costs continues to be essential to earning an adequate return on our shareholders' investment," said Scott Morris, chairman, president and chief executive officer of Avista Corp.

Avista Corp. is confirming its 2016 guidance for consolidated earnings to be in the range of $1.96 to $2.16 per diluted share.

Debt moves up
Avista Corp has witnessed an increase in total debt over the last one year. It stood at $1,817.06 million as on Sep. 30, 2016, up 9.05 percent or $150.80 million from $1,666.26 million on Sep. 30, 2015. Total debt was 34.84 percent of total assets as on Sep. 30, 2016, compared with 35.16 percent on Sep. 30, 2015. Debt to equity ratio was at 1.12 as on Sep. 30, 2016, up from 1.10 as on Sep. 30, 2015. Interest coverage ratio deteriorated to 1.86 for the quarter from 1.87 for the same period last year.