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 ...

Investors interested in Utility - Electric Power stocks are likely familiar with Avangrid (AGR) and PSEG (PEG) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank is a proven strategy that targets companies with positive earn ...

ORANGE, Conn.--(BUSINESS WIRE)--Avangrid, Inc. (NYSE: AGR), a leading sustainable company and member of the Iberdrola Group, is marking Women’s History Month and International Women’s Day by recognizing the many contributions of its growing female workforce. Today, women make-up more than 27% of Avangrid’s approximate 8,000 employees and more than 35% of the company’s senior leadership positions1 are held by women. According to the U.S. Department of Energy, women make-up 26% of the energy workforce, and ...