Avangrid Inc
NYSE:AGR

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Avangrid Inc
NYSE:AGR
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Price: 36.02 USD Market Closed
Market Cap: 13.9B USD

Avangrid Inc
Investor Relations

Avangrid Inc., a prominent player in the U.S. energy sector, weaves its story around a commitment to sustainable energy. Headquartered in Orange, Connecticut, Avangrid is part of the larger Iberdrola Group, a multinational energy services giant based in Spain. This connection gives Avangrid the backing of a global leader in renewable energy, aligning its operations with innovative practices and substantial resources. Avangrid operates through two primary segments: Networks and Renewables. Its Networks segment functions as a keystone, managing electricity and gas utility operations across several states, including New York and Maine, serving millions of customers. This segment ensures steady revenue through regulated tariffs, providing an essential service that balances reliability and sustainability.

The Renewables segment amplifies Avangrid's growth narrative through its focus on wind, solar, and thermal energy. Avangrid has rapidly expanded its renewable portfolio, investing in large wind farms and solar projects across the United States. This segment stands as a testament to Avangrid's strategic foresight, embracing clean, renewable sources that capitalize on the growing global demand for green energy solutions. Income streams from the Renewables segment come from power purchase agreements and government incentives geared towards green energy. Together, Avangrid's diverse dual-segment strategy not only underscores its role as a utility provider but also as a leader in promoting and making substantial investments in the clean energy transition.

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Earnings Calls

2023 Q4
Feb 22, 2024
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Improved Earnings and Growth Outlook for 2024
2023 Q4
Feb 22, 2024

The company reported a strong financial performance, with a notable earnings per share (EPS) increase from $0.38 in Q4 2022 to $1.03 in Q4 2023, and an adjusted EPS rise from $0.39 to $0.97 over the same period. Yearly, it achieved $2.03 EPS and $2.09 adjusted EPS, delivering a 19% adjusted earnings growth year-over-year, and paid a dividend of $1.76 per share. New rate plans contributed significantly to revenues, anticipating an after-tax impact of $136 million. The company successfully enhanced its financial structures, including a $1.2 billion tax equity transaction for Vineyard Wind, signifying its funding strategy for growth. With a stable credit outlook and no need for equity issuance in 2024, the company introduced an encouraging earnings outlook for 2024, predicting an 8% growth in adjusted EPS, forecasting the range to be $2.17 to $2.32 per share. Future plans involve capitalizing on incremental revenues from rate plans, leveraging 311 megawatts of new wind and solar projects, and expecting over $600 million in additional capital expenditures in 2024. The company also celebrates achieving over 35% women in executive roles, exemplifying its commitment to diversity, equity, and inclusion goals.

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Management

Mr. Pedro Azagra Blazquez
CEO & Director
No Bio Available
Mr. Justin B. Lagasse
CFO, Senior VP & Controller
No Bio Available
Mr. R. Scott Mahoney J.D.
Senior VP, General Counsel & Company Secretary
No Bio Available
Mr. Jose Antonio Miranda Soto
President & CEO of Avangrid Renewables, LLC
No Bio Available
Ms. Nelly Jefferson
Chief Information Officer
No Bio Available
Ms. Charlotte Ancel
Vice President of Investor Relations
No Bio Available
German Gonzalez Avecilla
VP & Chief Compliance Officer
No Bio Available
Ms. Kimberly A. Harriman
Senior Vice President of State Government Affairs & Corporate Communications
No Bio Available
Mr. John O'Neil
Senior Vice President of People & Organization
No Bio Available
Mr. Ignacio Estella
Senior Vice President of DEI, Talent & Innovation
No Bio Available

Contacts

Address
CONNECTICUT
Orange
180 Marsh Hill Rd
Contacts
+12076291128.0
www.avangrid.com