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AVANGRID's (AGR) Q4 Earnings In Line, Revenues Beat Estimates
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AVANGRID, Inc. (AGR - Free Report) reported fourth-quarter 2022 earnings of 39 cents per share, which were on par with the Zacks Consensus Estimate. The bottom line declined 11.4% from the year-ago figure of 44 cents per share.
GAAP earnings for the fourth-quarter were 38 cents per share, down 9.5% from the prior-year quarter’s 42 cents.
AGR reported full-year 2022 earnings of $2.33 per share, up 6.9% from the previous year’s $2.18.
Total Revenues
Total operating revenues for the fourth-quarter were $2,158 million, surpassing the Zacks Consensus Estimate of $1,866 million by 15.6%. Revenues also increased 11.64% from $1,933 million reported in the comparable period of 2021.
Revenues for 2022 totaled $7,923 million, up 13.6% from the previous year’s $6,974 million.
Total operating expenses for the fourth quarter were $1,941 million, up 13.3% from the year-ago quarter’s $1,713 million. This increase was due to higher purchase power costs and an increase in operating expenses.
Operating income was $217 million, down 1.4% from $220 million in the year-ago reported quarter.
Adjusted net income was $152 million, down 11.1% from $171 million in the year-ago reported quarter.
Segmental Details
Networks reported adjusted net income of $157 million in the fourth quarter, down 19.1% from $194 million in the year-ago quarter.
Renewables reported net income of $81 million, up 775% from a $12 million loss in the year-ago quarter.
Corporate and Others reported net loss of $86 million, wider than $11 million in the year-ago quarter.
Guidance
AVANGRID affirmed the 2023 adjusted net income and EPS guidance at $850-$915 million and $2.20-$2.35, respectively, taking into consideration 386.7 million average shares outstanding. The Zacks Consensus Estimate for earnings of $2.25 per share is a tad lower than the mid-point of the company’s guided range.
DTE Energy (DTE - Free Report) is scheduled to report fourth-quarter results on Feb 23, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at $1.22 per share, indicating a year-over-year increase of 16.2%.
DTE’s long-term (three to five years) earnings growth is currently pegged at 6%. The Zacks Consensus Estimate for 2023 EPS is $6.23, implying a year-over-year increase of 3.75%.
Primo Water Corporation (PRMW - Free Report) is slated to report fourth-quarter results on Feb 23, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 17 cents per share, implying a year-over-year increase of 54.6%.
The Zacks Consensus Estimate for 2023 EPS is 82 cents, implying a year-over-year increase of 19.5%. PRMW delivered an average earnings surprise of 7.98% in the last four quarters.
Essential Utilities Inc. (WTRG - Free Report) is slated to report fourth-quarter results on Feb 27, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 45 cents per share, implying a year-over-year increase of 2.3%.
WTRG’s long-term earnings growth is currently pegged at 6%. The Zacks Consensus Estimate for 2023 EPS is $1.89, implying a year-over-year increase of 6.5%.
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AVANGRID's (AGR) Q4 Earnings In Line, Revenues Beat Estimates
AVANGRID, Inc. (AGR - Free Report) reported fourth-quarter 2022 earnings of 39 cents per share, which were on par with the Zacks Consensus Estimate. The bottom line declined 11.4% from the year-ago figure of 44 cents per share.
GAAP earnings for the fourth-quarter were 38 cents per share, down 9.5% from the prior-year quarter’s 42 cents.
AGR reported full-year 2022 earnings of $2.33 per share, up 6.9% from the previous year’s $2.18.
Total Revenues
Total operating revenues for the fourth-quarter were $2,158 million, surpassing the Zacks Consensus Estimate of $1,866 million by 15.6%. Revenues also increased 11.64% from $1,933 million reported in the comparable period of 2021.
Revenues for 2022 totaled $7,923 million, up 13.6% from the previous year’s $6,974 million.
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 fourth quarter were $1,941 million, up 13.3% from the year-ago quarter’s $1,713 million. This increase was due to higher purchase power costs and an increase in operating expenses.
Operating income was $217 million, down 1.4% from $220 million in the year-ago reported quarter.
Adjusted net income was $152 million, down 11.1% from $171 million in the year-ago reported quarter.
Segmental Details
Networks reported adjusted net income of $157 million in the fourth quarter, down 19.1% from $194 million in the year-ago quarter.
Renewables reported net income of $81 million, up 775% from a $12 million loss in the year-ago quarter.
Corporate and Others reported net loss of $86 million, wider than $11 million in the year-ago quarter.
Guidance
AVANGRID affirmed the 2023 adjusted net income and EPS guidance at $850-$915 million and $2.20-$2.35, respectively, taking into consideration 386.7 million average shares outstanding. The Zacks Consensus Estimate for earnings of $2.25 per share is a tad lower than the mid-point of the company’s 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
DTE Energy (DTE - Free Report) is scheduled to report fourth-quarter results on Feb 23, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at $1.22 per share, indicating a year-over-year increase of 16.2%.
DTE’s long-term (three to five years) earnings growth is currently pegged at 6%. The Zacks Consensus Estimate for 2023 EPS is $6.23, implying a year-over-year increase of 3.75%.
Primo Water Corporation (PRMW - Free Report) is slated to report fourth-quarter results on Feb 23, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 17 cents per share, implying a year-over-year increase of 54.6%.
The Zacks Consensus Estimate for 2023 EPS is 82 cents, implying a year-over-year increase of 19.5%. PRMW delivered an average earnings surprise of 7.98% in the last four quarters.
Essential Utilities Inc. (WTRG - Free Report) is slated to report fourth-quarter results on Feb 27, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 45 cents per share, implying a year-over-year increase of 2.3%.
WTRG’s long-term earnings growth is currently pegged at 6%. The Zacks Consensus Estimate for 2023 EPS is $1.89, implying a year-over-year increase of 6.5%.