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Avangrid (AGR) investor relations material

Avangrid Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2024 earnings summary23 Oct, 2024

Executive summary

  • Operating revenues rose to $2,083 million for Q3 2024, up $109 million year-over-year, driven by rate increases in New York and higher merchant prices in Renewables.

  • Net income attributable to Avangrid increased to $205 million from $59 million in Q3 2023, primarily due to rate increases and lower Renewables operating expenses.

  • Adjusted net income (non-GAAP) was $211 million ($0.55 per share), up $106 million year-over-year, reflecting strong Networks performance and favorable Renewables hedging.

  • Year-to-date 2024 earnings reached $1.87 per share, up 87% year-over-year; adjusted earnings were $1.91 per share, up 71%.

  • Avangrid entered into a merger agreement with Iberdrola; the transaction awaits final regulatory approval.

Financial highlights

  • Q3 2024 operating revenues: $2,083 million (Q3 2023: $1,974 million); nine months: $6,423 million (2023: $6,027 million).

  • Q3 2024 net income attributable to Avangrid: $205 million (Q3 2023: $59 million); nine months: $725 million (2023: $389 million).

  • Q3 2024 EPS (basic/diluted): $0.53 (Q3 2023: $0.15); nine months: $1.87 (2023: $1.00).

  • Adjusted EBITDA for Q3 2024: $585 million; nine months: $1,814 million.

  • Cash flow from operations for nine months ended September 30, 2024: $940 million (2023: $757 million).

Outlook and guidance

  • Management expects sufficient liquidity and financial flexibility to meet business requirements, with $2.2 billion in available liquidity as of September 30, 2024.

  • Capital expenditures of approximately $1.3 billion are expected for the remainder of 2024.

  • Management highlights ongoing execution of multi-year rate plans in New York and Maine.

  • Plans to participate in the Maine transmission RFP, leveraging the $425 million federal capacity award.

  • The company continues to monitor regulatory, supply chain, and market risks but has not experienced material operational impacts from recent global events.

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Frequently asked questions

Avangrid, Inc., an energy services holding company, engages in the regulated energy transmission and distribution, and renewable energy generation businesses in the United States. It operates through two segments, Networks and Renewables.

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