Avista Corp. has reported improved first quarter earnings of $25.2 million, or 47 cents per share, compared with earnings of $14.1 million, or 26 cents per share, for the first quarter of 2007.

Officials at the Spokane-based utility attributed the improved results to last year’s sale of Avista Energy, a subsidiary involved in the high-risk business of traded electricity and natural gas. Avista Energy lost money during the first quarter of 2007.

A rate increase for Washington utility customers that took effect Jan. 1 also benefited the company’s bottom line.