Avangrid(US:AGR)2024-02-20 16:00Earnings Performance - Delivered earnings of $2.03 per share and adjusted earnings of $2.09 per share, representing an 18% growth year-over-year[1] - Consolidated net income for the full year 2023 was $786 million, compared to $881 million for 2022, reflecting a decrease when including prior year gains[1] - Non-U.S. GAAP adjusted net income for 2023 was $808 million, compared to $901 million in 2022, reflecting an 18% growth year-over-year[4] - Net income attributable to Avangrid, Inc. for the year ended December 31, 2023, was $786 million, compared to $881 million in 2022, reflecting a decrease of 10.8%[17] - Adjusted net income for the three months ended December 31, 2023, was $374 million, a 245.4% increase from $152 million in the same period of 2022[20] - Earnings per common share, diluted, for the three months ended December 31, 2023, was $1.03, compared to $0.38 for the same period in 2022, representing a 171.1% increase[17] Revenue and Expenses - Operating revenues for the three months ended December 31, 2023, increased to $2,282 million, up 5.8% from $2,158 million in the same period of 2022[17] - Total operating expenses for the year ended December 31, 2023, were $7,379 million, an increase from $7,071 million in 2022, marking a rise of 4.4%[17] - Interest expense for the year ended December 31, 2023, was $409 million, up from $303 million in 2022, reflecting a 35.0% increase[17] Segment Performance - Networks earnings for the full year 2023 were $726 million, an increase from $628 million in 2022[5] - The Networks segment reported adjusted net income of $363 million for the three months ended December 31, 2023, compared to $157 million in the same period of 2022, a 131.8% increase[21] - Renewables earnings for the full year 2023 were $145 million, down from $386 million in 2022, primarily impacted by lower production and prices[6] - The Renewables segment experienced a significant decline in adjusted net income, reporting a loss of $7 million for the three months ended December 31, 2023, compared to $81 million in 2022[21] Future Outlook and Investments - Established 2024 Earnings Outlook of $2.17-$2.32 per share[1] - Secured multi-year rate plans in New York and Maine, providing $9 billion in approved regulated rate base investment[2] - Successfully started the first turbine from the Vineyard Wind 1 offshore wind project, with $1.2 billion in tax equity closed[1] - 311 MW of onshore renewables were commissioned in 2023, with 998 MW under construction[1] - Avoided $1.9 billion equity issuance in 2024 by not proceeding with the PNM merger due to regulatory approvals not being received[1] Transaction Costs - The company incurred $11 million in merger and other transaction costs for the year ended December 31, 2023, compared to $4 million in 2022[20] Shareholder Information - The weighted-average number of common shares outstanding for the year ended December 31, 2023, was 386.8 million, slightly up from 386.7 million in 2022[17]