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AVANGRID's (AGR) Q4 Earnings & Revenues Surpass Estimates

·3 min read

AVANGRID, Inc. AGR reported fourth-quarter 2021 earnings of 44 cents per share, beating the Zacks Consensus Estimate of 39 cents by 12.8%. Earnings per share were down 29% from the prior-year figure of 62 cents.

GAAP earnings for the quarter were 42 cents per share, down 22.2% from the prior-year reading. The primary reason behind the difference between GAAP and non-GAAP earnings was due to merger costs.

Adjusted earnings of AVANGRID for 2021 were $2.18 per share, beating the Zacks Consensus Estimate of $2.15 by 1.4%. Earnings per share came within the guided range of $2.04-$2.22.

Total Revenues

Total operating revenues for the fourth quarter were $1,933 million, surpassing the Zacks Consensus Estimate of $1,665 million by 16.1%. Revenues also increased 15.8% from $1,669 million in the comparable period of 2020.

Total revenues for 2021 were $6.9 billion, increasing 10.3% year over year and surpassing the Zacks Consensus Estimate of $6.71 billion by 3.9%.

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 quarter under review summed $1,713 million, up 18.4% from $1,447 million in the comparable period of 2020.

Operating income was $220 million, down 0.9% from $222 million in the fourth quarter of 2020.

AVANGRID’s deal to buy all outstanding shares of PNM Resource did not receive the necessary approval from the New Mexico utility regulators. As a consequence, both the companies signed an amendment of the merger agreement to push the closure date to Apr 20, 2023.

Guidance

AVANGRID expects 2022 adjusted net income and earnings per share in the range of $850-$920 million and $2.20-$2.38, respectively. The Zacks Consensus Estimate for earnings of $2.12 per share is higher than $2.29, the midpoint of the guided range for the same.

In 2022, AVANGRID has plans to spend $1.9 billion to further strengthen its infrastructure and provide reliable services to customers.

Zacks Rank

AVANGRID currently carries a Zacks Rank #5 (Strong Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Releases

NextEra Energy NEE reported fourth-quarter 2021 operating earnings per share of 41 cents, which surpassed the Zacks Consensus Estimate of 40 cents by 2.5%. NextEra Energy’s long-term (three to five) earnings growth is projected at 8.8%. The Zacks Consensus Estimate for NEE’s 2022 earnings indicates year-over-year growth of 8.6%.

Dominion Energy Inc. D reported fourth-quarter 2021 operating earnings of 90 cents per share, on par with the Zacks Consensus Estimate. Dominion’s long-term earnings growth is projected at 6.6%. The Zacks Consensus Estimate for D’s 2022 earnings indicates a year-over-year decline of 6.4%.

Eversource Energy ES reported fourth-quarter 2021 operating earnings of 91 cents per share, which lagged the Zacks Consensus Estimate of 93 cents by 2.2%. Eversource’s long-term earnings growth is projected at 6.1%. The Zacks Consensus Estimate for ES’ 2022 earnings indicates year-over-year growth of 6.6%.


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