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02/21/2023

AVANGRID Reports 2022 Financial Results

AVANGRID Reports 2022 Financial Results

  • U.S. GAAP Earnings per Share (EPS) and Non-U.S. GAAP Adjusted EPS increased ~15% and ~7% in 2022, respectively, compared to 2021
  • Invested $1.9 billion in Networks; driving 8% rate base growth
  • Commissioned ~400 MW of onshore wind & solar projects in 2022; ~600 MW under construction 
  • Construction of AVANGRID’s Vineyard Wind 1 806 MW offshore wind project; on track to deliver the first power by year-end 2023 
  • Set Industry-leading 2030 carbon neutrality targets for Scopes 1 and 2
  • Establishing 2023 Earnings and Adjusted Earnings Outlook of $1.90-$2.10 per share and $2.20-$2.35 per share, respectively; reiterating 6-7% EPS and Adjusted EPS Cumulative Annual Growth Rate through 2025 off of the mid-point of 2022 EPS outlook

Orange, CT – February 21, 2023 - 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 of $881 million, or $2.28 per share, compared to $707 million, or $1.97 per share, for the full year 2021. For the fourth quarter ended December 31, 2022, consolidated net income was $147 million, or $0.38 per share, compared to $164 million, or $0.42 per share, for the fourth quarter ended December 31, 2021. 

"Our excellent results for 2022 demonstrate our commitment to execution and to the successful implementation of our long-term outlook," said Pedro Azagra, chief executive officer of AVANGRID. “We managed through the challenges in the macro-economic environment, with sharp increases in inflation and interest rates and continued supply chain disruptions, while maintaining focus on operational excellence, improving customer experience, and achieving our strategic growth objectives.”  

On a non-U.S. GAAP adjusted basis, consolidated net income for the full year 2022 was $901 million, or $2.33 per share, compared to $780 million, or $2.18 per share, for the full year ended 2021. For the fourth quarter 2022, non-U.S. GAAP adjusted net income was $152 million, or $0.39 per share, compared to $171 million, or $0.44 per share, for the fourth quarter 2021.

Weighted average shares outstanding for the fourth quarter and full year of 2022 were 386.7 million, compared to 387.2 million and 358.1 million during the same periods in 2021, respectively.

Networks 
Networks earnings for the full year and fourth quarter 2022 were $628 million, or $1.62 per share, and $158 million, or $0.41 per share, compared to $636 million, or $1.78 per share, and $193 million, or $0.50 per share, for the same periods in 2021, respectively. Networks results for the full year and fourth quarter mainly benefited from the execution of rate plans in New York and Maine, which were more than offset by increased depreciation expense, business expenses and finance costs. 

Renewables
Renewables earnings for the full year and fourth quarter 2022 were $386 million, or $1.00 per share, and $76 million, or $0.20 per share, compared to $131 million, or $0.37 per share, and a loss of $14 million, or $0.04 per share, for the same periods in 2021, respectively. Renewables results for the full year improved mainly due to the gain from the restructuring of the Company’s New England offshore wind lease partnership agreement, improved pricing and production, tax credits, thermal and asset management and lower taxes, which were partially offset by business expenses, and the absence of the 2021 benefit from Storm Uri in ERCOT. Results for the quarter mainly benefited from improved pricing, production tax credits and lower taxes.

Outlook
AVANGRID's consolidated U.S. GAAP and non-U.S. GAAP adjusted earnings outlook for 2023 are projected to be in the range of $1.90-$2.10 per share and $2.20-$2.35 per share, respectively. This outlook assumes the PNM Resources merger closes by mid-year 2023, the NECEC transmission project resumes construction in mid-2023, a partial sale of the Kitty Hawk offshore wind lease and potential partnership structures in onshore projects.

For additional information, see "Reconciliation of Non-U.S. GAAP Adjusted 2023 Outlook" at the end of this release.

 
Non-U.S. GAAP adjusted earnings and adjusted earnings per share exclude an offshore wind contract provision, mark-to-market adjustments in the Renewables segment, merger costs and COVID-19 impacts. For additional 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 fourth quarter and full year 2022 earnings tomorrow, Wednesday, February 22, 2023, 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.
 

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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