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AVANGRID, Inc. (AGR - Free Report) 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.
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.
PNM Resources (PNM - Free Report) 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 - Free Report) 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 - Free Report) 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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AVANGRID's (AGR) Q1 Earnings & Revenues Surpass Estimates
AVANGRID, Inc. (AGR - Free Report) 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-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 - Free Report) 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 - Free Report) 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 - Free Report) 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%.