Avangrid(US:AGR)2023-10-28 19:54Financial Performance - 3Q '23 Net Income was $59 million or $0.15/share, while Adjusted Net Income reached $105 million or $0.27/share[12] - 9M '23 Net Income amounted to $389 million or $1.00/share, with Adjusted Net Income at $434 million or $1.12/share[12] - Reaffirming 2023 guidance of EPS $1.90-$2.10 and Adjusted EPS of $2.20-$2.35, including $0.24-$0.28 of one-time extraordinary gains from Renewables transactions[12] New York Rate Case - NY Rate Case approval with positive impact of $136 million or $0.35/share recognized in 4Q '23, including $66 million from NY rate case approval including make whole and $70 million of language for uncollectibles mitigation[12] - Rate base increases from $6.6 billion in 2022 to $9.2 billion in 2026 (+$2.6 billion or +39%)[15] - Cash flow improves from $131 million in 2022 to $943 million in 2026 (+$812 million or +620%)[15] - Net Income improves from $280 million in 2022 to $449 million in 2026 (+$169 million or +60%)[16] Offshore Wind PPAs Termination - Successfully terminated offshore wind PPAs which includes an after-tax payment of $30 million in guarantees (excluded from adjusted earnings)[12] - Avoided over one billion of write-offs if supply chain had been secured[23, 25] - Paid $48 million pre-tax, $35.6 million after-tax for Commonwealth termination[23] - Termination includes payment of $16 million pre-tax, $11.8 million after-tax in 3Q'23 for CT PURA[25] Maine Rate Case - Rate base increases to $1.29 billion[29] - Cash flow improves from $116 million in 2022 to $168 million in 2025[29] - Net Income improves from $39 million in 2022 to $71 million in 2025[29]