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AVANGRID's (AGR) Q1 Earnings & Revenues Surpass Estimates

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·3 min read
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AVANGRID, Inc. AGR reported first-quarter 2022 earnings of $1.16 per share, beating the Zacks Consensus Estimate of $1.07 by 8.4%. Earnings per share (EPS) were up 1.8% from the prior-year figure of $1.14.

GAAP earnings for the first quarter were $1.15 per share, up 22.2% from the prior-year quarter’s figure of $1.08.

Total Revenues

Total operating revenues for the first quarter were $2,133 million, surpassing the Zacks Consensus Estimate of $2,042 million by 4.5%. Revenues also increased by 8.5% from $1,966 million in the comparable period of 2021.

Avangrid, Inc. Price, Consensus and EPS Surprise

Avangrid, Inc. Price, Consensus and EPS Surprise
Avangrid, Inc. Price, Consensus and EPS Surprise

Avangrid, Inc. price-consensus-eps-surprise-chart | Avangrid, Inc. Quote

Highlights of the Release

Total operating expenses for the first quarter summed at $1,831 million, up 17.4% from the year-ago quarter’s $1,560 million, due to the higher purchased power cost and an increase in operating expenses.

Operating income was $302 million, down 25.6% from $406 million in the first quarter of 2021.

In January 2022, AVANGRID Renewables completed the restructuring partnership agreement for New England offshore wind lease areas, which generated an after-tax gain of nearly $181 million.

Guidance

AVANGRID affirmed the 2022 adjusted net income and EPS guidance in the range of $850-$920 million and in the band of $2.20-$2.38, respectively, taking into consideration 387 million average shares outstanding. The Zacks Consensus Estimate for earnings of $2.15 per share is lower than $2.29, the midpoint of the guided range.

Zacks Rank

AVANGRID currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Releases

PNM Resources PNM is slated to report first-quarter 2022 earnings on Apr 28 before market open. The Zacks Consensus Estimate for the first quarter’s EPS is pegged at 45 cents.

PNM Resources’ long-term (three to five years) earnings growth is currently pegged at 4.4%. The Zacks Consensus Estimate for PNM’s 2022 earnings implies year-over-year growth of 4.1%.

XEL Energy XEL is slated to report first-quarter 2022 earnings on Apr 28 before market open. The Zacks Consensus Estimate for the first quarter’s EPS is pegged at 69 cents.

XEL Energy’s long-term earnings growth is currently pegged at 6.4%. The Zacks Consensus Estimate for XEL’s 2022 earnings implies year-over-year growth of 7.1%.

Alliant Energy Corp. LNT is slated to report first-quarter 2022 earnings on Apr 28 after market close. The Zacks Consensus Estimate for the first quarter’s EPS is pegged at 71 cents.

Alliant Energy’s long-term earnings growth is currently pegged at 6%. The Zacks Consensus Estimate for LNT’s 2022 earnings implies year-over-year growth of 4.2%.


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