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10/26/2022

AVANGRID Reports Third Quarter 2022 Financial Results And Reaffirms 2022 Earnings Outlook

AVANGRID Reports Third Quarter 2022 Financial Results And Reaffirms 2022 Earnings Outlook

  • Double-digit earnings growth year-to-date 2022 compared to 2021 
  • Reaffirming 2022 Earnings Outlook of $850-$920 million or $2.20-$2.38 per share 
  • Filed rate cases in Maine and Connecticut 
  • Commissioned Lund Hill 194 MW solar project in October 

Orange, CT – October 26th, 2022 - Today AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, and a member of the group of companies controlled by IBERDROLA, S.A., reported consolidated U.S. GAAP net income for the third quarter ended September 30, 2022 of $105 million, or $0.27 per share, compared to $111 million, or $0.29 per share, for the third quarter ended September 30, 2021. For the first nine months of 2022, consolidated net income was $734 million, or $1.90 per share, compared to $543 million, or $1.56 per share, for the first nine months of 2021.

On a non-U.S. GAAP adjusted basis, consolidated net income for the third quarter that ended September 30, 2022 was $122 million, or $0.31 per share, compared to $133 million, or $0.34 per share, for the third quarter ended September 30, 2021. For the first nine months of 2022, non-U.S. GAAP adjusted net income was $749 million, or $1.94 per share, compared to $609 million, or $1.75 per share, for the first nine months of 2021. 

Weighted average shares outstanding for the third quarter and first nine months of 2022 were 386.7 million, compared to 387.3 million and 348.3 million during the same periods in 2021, respectively. 

"Our solid results year-to-date demonstrate our commitment to the execution of our financial plan," said Pedro Azagra, chief executive officer of AVANGRID. “In Networks, we filed rate cases for NYSEG and RG&E in New York, Central Maine Power in Maine and United Illuminating in Connecticut, which support investments for reliability, resiliency and state climate policy. In Renewables, we 2 commissioned a new solar project and in our offshore business, construction on our flagship Vineyard Wind 1 project is on-track and we are excited to announce that the manufacturing of all major components for this landmark project is underway." 

Networks

Networks earnings for the third quarter of 2022 compared to the same period in 2021 mainly benefited from the successful execution of rate plans in New York and Maine, which were more than offset by higher depreciation expense for assets placed in service, decreased financial income, increased uncollectibles, unfavorable taxes and increased business costs including personnel net of higher capitalized labor. Earnings for the first nine months of 2022 compared to the same period in 2021 benefited from the execution of rate plans in New York and Maine and the favorable impacts from New York regulatory orders providing for the recovery of customer arrearages and late payment fees. These benefits were partially offset by higher depreciation expenses, decreased financial income and increased business expenses. 

Renewables

Renewables results for the third quarter of 2022 compared to the same period in 2021 primarily benefited from higher thermal and asset management, mark-to-market earnings and taxes, which were partially offset by higher depreciation expense and business costs due to growth. Earnings for the first nine months of 2022 compared to the same period in 2021 improved mainly due to the gain from the restructuring of the Company’s New England offshore wind lease partnership agreement in the first quarter of 2022, higher thermal and asset management and mark-to-market earnings, improved pricing and production and taxes, which were partially offset by higher depreciation and the 2021 benefit from Storm Uri in ERCOT. 

Outlook

AVANGRID is re-affirming its 2022 U.S. GAAP Net Income and non-U.S. GAAP Adjusted Net Income outlook of $850-$920 million or $2.20-$2.38 per share, based on 387 million average shares outstanding. This outlook includes the after-tax gain from the restructuring of the Company’s New England offshore wind partnership agreement. 

Non-U.S. GAAP adjusted earnings and adjusted earnings per share exclude mark-to-market adjustments in the Renewables segment, merger costs and COVID-19 impacts. For additional 3 information, see “Use of Non-U.S. GAAP Financial Measures” and “Reconciliation of Non-U.S. GAAP Financial Measures” at the end of this release. 

Earnings Webcast

AVANGRID will webcast an audio-only financial presentation in conjunction with releasing third quarter 2022 earnings tomorrow, Wednesday, October 26, 2022 beginning at 10:00 A.M. Eastern time. The listen-only webcast will feature a presentation from members of the executive team followed by a question and answer session. The webcast can be accessed through the Investor Relations section of AVANGRID’s website. A replay will be available for 90 days in the Investors section of the AVANGRID website. A replay will be available for 90 days in the Investors section of the AVANGRID website.

About Avangrid

About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $44 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs approximately 8,000 people and has been recognized by JUST Capital in 2021, 2022, 2023 and 2024 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2024, Avangrid ranked first among utilities and 12 overall. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2024 for the sixth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.

 

About Iberdrola: Iberdrola is one of the world's biggest energy companies and a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.

With a workforce of nearly 40,000 and assets in excess of €141.7 billion, across the world, Iberdrola helps to support 400,000 jobs across its supply chain, with annual procurement of €12.2 billion. A benchmark in the fight against climate change, Iberdrola has invested more than €130 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.

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