Financial Performance - Operating revenues decreased by $49 million from $2,466 million for the three months ended March 31, 2023, to $2,417 million for the three months ended March 31, 2024[247]. - Net income attributable to Avangrid increased by $106 million from $245 million for the three months ended March 31, 2023, to $351 million for the three months ended March 31, 2024[249]. - Adjusted net income increased by $93 million from $248 million for the three months ended March 31, 2023, to $341 million for the three months ended March 31, 2024[250]. - UI's net income attributable to Avangrid, Inc. for the three months ended March 31, 2024, was $351 million, compared to $245 million for the same period in 2023[282]. - The total operating expenses for the three months ended March 31, 2024, were $2,010 million, compared to $2,201 million for the same period in 2023[282]. - Interest expense, net of capitalization, was $125 million for the three months ended March 31, 2024, compared to $95 million for the same period in 2023[282]. - Operating revenues increased by $10 million from $390 million for the three months ended March 31, 2023, to $400 million for the three months ended March 31, 2024[285]. - Purchased power, natural gas, and fuel used increased by $253 million from $977 million for the three months ended March 31, 2023, to $1.230 billion for the three months ended March 31, 2024[286]. - Operations and maintenance expenses increased by $31 million from $761 million for the three months ended March 31, 2023, to $792 million for the three months ended March 31, 2024[288]. - Depreciation and amortization increased by $18 million from $280 million for the three months ended March 31, 2023, to $298 million for the three months ended March 31, 2024[290]. - Other income (expense) and equity earnings increased by $33 million from $27 million for the three months ended March 31, 2023, to $60 million for the three months ended March 31, 2024[291]. - Interest expense increased by $30 million from $95 million for the three months ended March 31, 2023, to $125 million for the three months ended March 31, 2024[293]. - Adjusted EBITDA for the three months ended March 31, 2024, was $691 million, compared to $549 million for the same period in 2023[301]. - Adjusted EBITDA with Tax Credits for the three months ended March 31, 2024, was $775 million, compared to $633 million for the same period in 2023[301]. - For the three months ended March 31, 2024, net income attributable to Avangrid was $351 million, an increase of 43% compared to $245 million in the same period of 2023[305]. - Adjusted net income for the same period was $341 million, up from $248 million year-over-year, reflecting a 37.5% increase[305]. - Earnings per share (EPS) for Q1 2024 was $0.91, compared to $0.63 in Q1 2023, representing a 44.4% increase[305]. - The company reported net cash provided by operating activities of $153 million for Q1 2024, down from $204 million in Q1 2023, a decrease of 25%[319]. - Net cash used in investing activities increased to $944 million in Q1 2024 from $819 million in Q1 2023, reflecting a 15.3% increase[321]. - Financing activities provided $852 million in cash for Q1 2024, compared to $618 million used in Q1 2023, indicating a significant shift in financing strategy[323]. - The liquidity position as of March 31, 2024, was $2,113 million, down from $3,084 million at the end of 2023, a decrease of 31.5%[309]. - The company expects to incur approximately $2.8 billion in capital expenditures through the remainder of 2024[317]. - As of March 31, 2024, Avangrid had $1,864 million of commercial paper outstanding, net of discounts[310]. - The Avangrid Credit Facility allows for maximum borrowings of up to $3,575 million, with no borrowings outstanding as of March 31, 2024[311]. Regulatory and Project Updates - A non-binding proposal from Iberdrola to acquire all outstanding shares not owned by Iberdrola or its affiliates for $34.25 per share is under review by the Unaffiliated Committee[244]. - The New England Clean Energy Connect project has estimated construction costs of approximately $1.5 billion and aims to add 1,200 MW of transmission capacity[254]. - The NECEC project has received various regulatory approvals, including a Presidential Permit from the DOE for construction and operation[262]. - The Maine Law Court ruled that NECEC had constructed substantial construction in good faith, allowing the project to continue without retroactive application of the Initiative[265]. - The NYPSC approved an estimated $4.4 billion in transmission upgrades to integrate 3,500 MW of clean energy capacity into the grid, with NYSEG and RG&E's share estimated at $2.2 billion[279]. Operational Insights - Avangrid Networks serves approximately 3.3 million customers in New York and New England, with 2.3 million electric utility customers and 1.0 million natural gas utility customers as of March 31, 2024[239][241]. - Renewables has a combined installed capacity of 9,478 MW as of March 31, 2024, including 8,045 MW of onshore wind capacity and 65 MW of offshore capacity[243]. - Approximately 78% of Renewables' capacity is contracted with Power Purchase Agreements (PPAs) for an average period of approximately 9 years[243]. - The company employs approximately 8,000 people and is recognized as one of the World's Most Ethical companies in 2024 for the sixth consecutive year[239]. Risk Factors and Strategic Focus - There are potential adverse effects on the company's financial condition due to market fluctuations and regulatory changes, including inflation and supply-chain interruptions[331]. - The company emphasizes the importance of maintaining a responsive sustainability program amidst changing regulations and environmental concerns[331]. - The ability to recover costs in a timely manner through regulatory mechanisms remains a critical focus for the company's utility operations[331]. - The company faces risks related to geopolitical instability, which could exacerbate existing risk factors affecting operations[331]. - The company's dividend policy is subject to the discretion of the board and may be limited by debt agreements and New York law[331]. - The company is focused on recruiting and retaining a highly qualified workforce in a competitive labor market[331]. - The cost and availability of capital for financing business operations remain uncertain, impacting future financial performance[331]. - The company acknowledges the potential impact of extraordinary external events, such as cyber breaches and natural disasters, on its operations[331]. Climate and Compliance - The SEC's new climate disclosure rule requires registrants to provide climate-related disclosures starting with annual reports for the year ending December 31, 2025[274]. - The company is monitoring the Department of Commerce's anti-circumvention petition regarding solar panels, with no material impact on operations or financial performance to date[276]. - There have been no material changes in market risk during the three months ended March 31, 2024, compared to the fiscal year ended December 31, 2023[333].

AVANGRID, Inc. (AGR) reported first-quarter 2024 earnings of 88 cents per share, which surpassed the Zacks Consensus Estimate of 71 cents by 23.9%. The bottom line also increased 37.5% from the year-ago quarter’s figure of 64 cents.Total RevenuesOperating revenues amounted to $2.42 billion, which missed the Zacks Consensus Estimate of $2.57 billion by 6.01%. The top line also decreased 2% from $2.47 billion reported in the comparable period of 2023. Highlights of the ReleaseOperating expenses totaled $2.01 ...

分组1 - Avangrid reported quarterly earnings of $0.88 per share, exceeding the Zacks Consensus Estimate of $0.71 per share, and up from $0.64 per share a year ago, representing an earnings surprise of 23.94% [1] - The company posted revenues of $2.42 billion for the quarter ended March 2024, missing the Zacks Consensus Estimate by 6.01%, and down from $2.47 billion year-over-year [1] - Over the last four quarters, Avangrid has surpassed consensus EPS estimates two times but has not beaten consensus revenue estimates [1] 分组2 - Avangrid shares have increased approximately 14.3% since the beginning of the year, outperforming the S&P 500's gain of 5.1% [2] - The current consensus EPS estimate for the upcoming quarter is $0.38 on revenues of $1.7 billion, and for the current fiscal year, it is $2.23 on revenues of $8.62 billion [4] - The Utility - Electric Power industry, to which Avangrid belongs, is currently ranked in the top 38% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [4]

AVANGRID Q1 2024 Financial Results [Financial Highlights & Outlook](index=1&type=section&id=Financial%20Highlights%20%26%20Outlook) Avangrid reported strong financial results for the first quarter of 2024, with significant year-over-year growth in both GAAP and non-GAAP adjusted earnings. Q1 2024 vs Q1 2023 Key Financial Metrics | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **GAAP Net Income** | $351 million | $245 million | +43.3% | | **GAAP EPS** | $0.91 | $0.63 | +44.4% | | **Adjusted Net Income** | $341 million | $248 million | +37.5% | | **Adjusted EPS** | $0.88 | $0.64 | +37.5% | - The company affirmed its **2024 earnings and adjusted earnings outlook of $2.17-$2.32 per share**[4](index=4&type=chunk) - Key operational achievements include powering up the **Vineyard Wind 1 project**, submitting multiple proposals for **New England Wind offshore projects**, and executing **251 MW of new onshore wind PPAs**[3](index=3&type=chunk)[4](index=4&type=chunk) [Segment Performance](index=1&type=section&id=Segment%20Performance) Both the Networks and Renewables segments delivered significant earnings growth in the first quarter of 2024 compared to the prior year. [Networks](index=1&type=section&id=Networks) The Networks segment's earnings increased by 37% year-over-year, primarily driven by the successful execution of existing multi-year rate plans in New York and Maine. Networks Q1 Financial Performance | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Earnings** | $268 million | $195 million | +$73M | | **EPS** | $0.69 | $0.51 | +$0.18 | - The positive results were primarily impacted by the execution of existing rate plans[4](index=4&type=chunk) [Renewables](index=2&type=section&id=Renewables) The Renewables segment's earnings nearly doubled, increasing by 94% year-over-year. Renewables Q1 Financial Performance | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Earnings** | $95 million | $49 million | +$46M | | **EPS** | $0.24 | $0.13 | +$0.11 | - Results were primarily impacted by strong balancing resource performance and increased pricing, partially offset by lower production[5](index=5&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) The condensed consolidated financial statements detail the company's performance, showing a decrease in operating revenues but a significant increase in operating and net income due to lower operating expenses. [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) For Q1 2024, Avangrid's operating revenues were $2.42 billion, a slight decrease from $2.47 billion in Q1 2023, but operating income and net income significantly increased. Q1 2024 Condensed Consolidated Statement of Income (in Millions) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Operating Revenues** | **$2,417** | **$2,466** | | Total Operating Expenses | $2,010 | $2,201 | | **Operating Income** | **$407** | **$265** | | Income Before Income Tax | $342 | $197 | | **Net Income Attributable to Avangrid, Inc.** | **$351** | **$245** | | **Earnings per Common Share, Diluted** | **$0.91** | **$0.63** | [Reconciliation of Non-U.S. GAAP Financial Measures](index=6&type=section&id=Reconciliation%20of%20Non-U.S.%20GAAP%20Financial%20Measures) Avangrid reconciled its GAAP Net Income of $351 million to a non-GAAP Adjusted Net Income of $341 million for Q1 2024, primarily by excluding mark-to-market earnings and accelerated depreciation. Reconciliation of GAAP to Adjusted Net Income (in Millions) | Description | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **GAAP Net Income** | **$351** | **$245** | | Mark-to-market earnings - Renewables | ($17) | $4 | | Accelerated depreciation from repowering | $3 | — | | Income tax impact of adjustments | $4 | ($1) | | **Adjusted Net Income** | **$341** | **$248** | Reconciliation of GAAP to Adjusted EPS | Description | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **GAAP Earnings Per Share** | **$0.91** | **$0.63** | | Mark-to-market earnings - Renewables | ($0.05) | $0.01 | | Accelerated depreciation from repowering | $0.01 | — | | Income tax impact of adjustments | $0.01 | ($0.00) | | **Adjusted Earnings Per Share** | **$0.88** | **$0.64** | [Supporting Information](index=2&type=section&id=Supporting%20Information) This section provides important context, including the company's definition and rationale for using non-GAAP financial measures and a detailed list of forward-looking statements and associated risks. [Forward Looking Statements](index=2&type=section&id=Forward%20Looking%20Statements) This section cautions that the report contains forward-looking statements based on current management beliefs and expectations, highlighting numerous risks and uncertainties that could cause actual results to differ materially. - Forward-looking statements are not historical facts and are based upon current reasonable beliefs, expectations, and assumptions of management[7](index=7&type=chunk) - Key risks include actions of regulatory agencies, cost recovery, economic conditions like inflation, impacts of climate change, geopolitical instability, and the ability to complete capital projects[8](index=8&type=chunk)[9](index=9&type=chunk) [Use of Non-U.S. GAAP Financial Measures](index=4&type=section&id=Use%20of%20Non-U.S.%20GAAP%20Financial%20Measures) Avangrid uses non-GAAP measures like adjusted net income and adjusted EPS to supplement its GAAP results, believing these measures aid in analyzing profitability and comparing performance. - Non-GAAP measures are used internally to establish budgets, manage the business, and evaluate financial performance[10](index=10&type=chunk) - **Adjusted net income** is defined as net income excluding mark-to-market earnings and accelerated depreciation from repowering wind farms[11](index=11&type=chunk) - Investors are cautioned that non-GAAP measures are **not a substitute for U.S. GAAP financial information** and should be considered supplementary[12](index=12&type=chunk)

Avangrid, Inc. (AGR) announced that it has started to construct Camino Solar Project in Kern County, CA. These 57 megawatts (MW) solar farm will have 105,000 solar panels and will generate enough clean energy to meet the needs of 14,000 households.Avangrid has been adding clean source of energy in its generation portfolio and reduce emission from the production process. Camino Solar Project is AGR’s first solar venture in California and is situated beside its existing 189 MW Manzana Wind Farm, which reached ...

BUFFALO, N.Y.--(BUSINESS WIRE)--The 13th cohort of FeedMore WNY’s free workforce development program, RISE, graduated yesterday, thanks in significant part to a grant from the Avangrid Foundation, the primary philanthropic arm of NYSEG’s parent company Avangrid, Inc. (NYSE: AGR). The Avangrid Foundation recently awarded a $20,000 grant to FeedMore WNY, $10,000 of which supported the RISE program. The additional $10,000 from the grant was allocated for critical equipment improvements in FeedMore WNY’s commis ...

Core Viewpoint - Avangrid, Inc. has been recognized for its innovative Student Loan Debt Repayment Program, which has significantly benefited its employees financially, saving them over $1.5 million in the past year [1][2]. Group 1: Company Achievements - Avangrid received an Eddy Award from Pension & Investments for its Student Loan Debt Repayment Program, highlighting its commitment to employee financial wellness [1]. - The company ranked second in the Financial Wellness category at the Eddy Awards, marking its third award in four years [1]. - Avangrid has been recognized as one of the JUST 100 companies for four consecutive years, ranking first among utilities in 2024 [2]. Group 2: Employee Benefits - The Student Loan Debt Repayment Program offers non-union employees a monthly payment of $250, with a lifetime maximum of $9,000, directly benefiting their student loan providers [2]. - Over 600 employees have enrolled in the program, indicating strong participation and support for employee financial health [2]. - Employees have expressed that the program enhances their overall wellbeing, allowing them to manage their student loans more effectively [2]. Group 3: Company Profile - Avangrid, Inc. is a leading sustainable energy company with approximately $44 billion in assets and operations across 24 U.S. states [2]. - The company operates in two primary sectors: networks and renewables, serving over 3.3 million customers [2]. - Avangrid employs around 8,000 people and has been recognized for its ethical practices and commitment to sustainability [2].

ORANGE, Conn.--(BUSINESS WIRE)--Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and a member of the Iberdrola Group, announced today that it is enhancing customer service at several of its electric and natural gas utilities by launching bill explainer videos. This new educational tool will be available for customers of United Illuminating (UI) in Connecticut, Central Maine Power (CMP) in Maine, and New York State Electric & Gas (NYSEG) and Rochester Gas and Electric (RG&E) in New York. “ ...

WANAN YOSSINGKUM/iStock via Getty Images Foreword This article is based on 100 top sustainable companies based on Calvert Research and Management's annual review of more than 230 Environmental, Social and Governance [ESG] performance indicators, such as workplace diversity, data security, and greenhouse-gas emissions, as reported in the February 26, 2024 edition of Barron's weekly. How Barron's determined their list "To build Barron's seventh annual ranking of the most sustainable companies, Calvert ...

PORTLAND, Ore.--(BUSINESS WIRE)--Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, today announced the construction of what will be the company’s fifth wind farm in Illinois. Osagrove Flats, located in La Salle County, will include 34 wind turbines with a total capacity of 153 MW. “Avangrid has a long track record of successfully partnering with Illinois communities to build and operate wind farms, helping accelerate a clean energy transition in the state ...