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AVANGRID Backs FY22 Earnings View

AVANGRID, Inc. (AGR), a U.S. arm of Spanish utility Iberdrola S.A. (IBDSF.PK) , said on Thursday that it has reaffirmed its earnings guidance for the full-year. In addition, it added that the company is investing around $15 billion through 2025.

For the fiscal 2022, the company continues to expect EPS and adjusted EPS of $2.20 to $2.38. Analysts, on average, expect the firm to post EPS of $2.34.

Pedro Azagra, CEO of AVANGRID, said: "In the next several years, we plan to strengthen our position with a disciplined investment plan of approximately $15 billion through 2025, $8.1 billion without PNM Resources. Through our Networks business, we are working to modernize the grid and further integrate clean energy into the system…These investments in both the regulated and contracted renewables will generate predictable earnings and cash flow through and beyond our 2022 to 2025 long-term outlook."

AVANGRID has also provided a financial outlook of 6 percent to7 percent income per share and adjusted EPS compound annual growth rate for 2022-2025 including PNM Resources.

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