Avangrid(AGR) - 2017 Q1 - Earnings Call Presentation

Financial Performance - Avangrid's Q1 2017 net income increased by 13% to $239 million, resulting in earnings per share (EPS) of $0.77[15, 19] - Adjusted net income for Q1 2017 rose by 11% to $227 million, with adjusted EPS reaching $0.73[15, 21] - Networks' adjusted net income increased by 3% to $172 million, with adjusted EPS at $0.56, driven by new rates in New York and Connecticut[53] - Renewables' adjusted net income increased significantly by 41% to $59 million, with adjusted EPS at $0.19, due to higher production and lower tax impacts[55] - Cash from operations increased by 11% to $441 million[69] Renewables Highlights - Avangrid Renewables signed new Power Purchase Agreements (PPAs) and is on track with its 1.8 GW '17-'20 long-term outlook[24] - The company secured a 201 MW PPA at Montague Wind Power (OR) with Apple and an 80 MW PPA at Barton Wind Farm (IA)[24] - Avangrid Renewables won a BOEM offshore wind lease auction in North Carolina, with a potential capacity of approximately 1.5 GW[29, 35] - Wind production improved by 4%[61] Networks Updates - The Ginna Transmission Project in New York was completed on time and on budget[16] - A $145 million Ginna Retirement Transmission Alternative project was completed in Q1, including two substations allowing 345kV-115KV connections to the grid[42] Strategic Outlook - Avangrid is committed to delivering an 8-10% compound annual growth rate (CAGR) through 2020[44] - The company affirmed its 2017 adjusted EPS outlook of $2.10-$2.35[45, 77]