Avangrid Inc (NYSE:AGR) saw the first-quarter (Q1) net profit of its renewables division drop to USD 50 million (EUR 41m) from USD 70 million a year back, but affirmed its EPS forecast for the full year.
The company, part of Spain’s Iberdrola (BME:IBE), said on Monday the drop was due to unfavourable mark-to-market adjustments and the lack of positive discrete tax adjustments. Its results, however, were positively impacted by increased wind generation thanks to the commissioning of 534 MW of new wind farms last year and the addition of 56 MW of solar parks in the closing quarter of 2017.
Earnings per share (EPS) in January-March declined to USD 0.16 from USD 0.23 a year back, while on an adjusted basis they decreased to USD 0.15 from USD 0.19. Avangrid’s adjusted net profit for Renewables came at USD 47 million, down from USD 59 million in the first quarter of 2017.
The table below contains details about Avangrid’s profits across its divisions.
|GAAP Net profit (loss) in USD million
|Total NON-GAAP /adjusted/
“Our first quarter 2018 financial results were on track to meet our earnings outlook for the full year,” commented James P Torgerson, Avangrid’s CEO.
Avangrid, in which Iberdrola has a 81.5% stake, affirmed its consolidated earnings outlook for the full year, expecting EPS of USD 2.16-2.46 and USD 2.22-2.50 on an adjusted basis. For the renewables business, EPS are seen at between USD 0.55 and USD 0.70, while the adjusted result is projected to be in the USD 0.55-0.70 range.
(USD 1.0 = EUR 0.820)
Choose your newsletter by Renewables Now. Join for free!