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Avangrid, Inc. (AGR) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Avangrid, Inc.

CIK: 1634997 Ticker: AGR

Exhibit 99.1

 

LOGO  

NEWS RELEASE    

April 28, 2020

AVANGRID Reports First Quarter 2020 Earnings Results and Declares Quarterly Dividend

 

   

First quarter results improve year-over-year, driven by improved Renewables production

 

   

Actively monitoring and addressing the key COVID-19 impacts, while continuing to move forward with operations, investments and regulatory filings

 

   

Affirming 2020 Earnings Outlook

 

   

Otter Creek 158 MW wind farm in Illinois reached COD in early March

 

   

Additional 908 MW of 2020 onshore wind and repowering projects progressing as expected

(Orange, CT – April 28, 2020) Today AVANGRID, Inc. (NYSE: AGR) reported consolidated U.S. GAAP net income of $240 million, or $0.78 per share, for the first quarter ended March 31, 2020, compared to $217 million, or $0.70 per share, for the same period in 2019.

On a non-U.S. GAAP adjusted basis, consolidated net income for the first quarter 2020 was $236 million, or $0.76 per share, compared to $219 million, or $0.71 per share, for the same period in 2019.

 

     U.S. GAAP Net Income (Loss)—$M  
     Three Months ended March 31,  
     2020      2019      ‘20 vs ‘19  

Networks

   $ 197      $ 201      $ (4

Renewables

     52        4        48  

Corporate

     (8      13        (21
  

 

 

    

 

 

    

 

 

 

Net Income

   $ 240      $ 217      $ 23  
  

 

 

    

 

 

    

 

 

 

 

     U.S. GAAP Earnings (Loss) Per Share  
     Three Months ended March 31,  
     2020      2019      ‘20 vs ‘19  

Networks

   $ 0.64      $ 0.65      $ (0.01

Renewables

     0.17        0.01        0.15  

Corporate

     (0.03      0.04        (0.07
  

 

 

    

 

 

    

 

 

 

Earnings Per Share

   $ 0.78      $ 0.70      $ 0.07  
  

 

 

    

 

 

    

 

 

 

Weighted-avg # of Shares (M):

     309.5        309.5     

Amounts may not add due to rounding

 

Non-U.S. GAAP adjusted earnings and adjusted earnings per share exclude mark-to-market adjustments in the Renewables segment, accelerated depreciation derived from repowering of wind farms, and restructuring charges. For additional information, see “Use of Non-U.S. GAAP Financial Measures” and “Reconciliation of Non-U.S. GAAP Financial Measures” at the end of the release.

“The year started with a solid quarter, primarily from improved wind production from our existing assets as well as from the 831 MW that were commissioned in 2019,” said James P. Torgerson, chief executive officer of AVANGRID. “During this unprecedented time, we have added measures to protect the health and safety of our employees, contractors, customers, and communities, while all of our essential utility operations continue and our Renewables’ projects currently under construction progress with expected in-service dates by year-end. Due to the critical business needs at this time, our Investor Day will be postponed until the fourth quarter of 2020. Considering this postponement and several assumptions that have changed since our current long-term guidance was introduced in early 2019, we are withdrawing our long-term guidance for the 2018-2022 period, as well as the supporting assumptions, until we provide a new long-term outlook later this year.”


The following information was filed by Avangrid, Inc. (AGR) on Tuesday, April 28, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Avangrid, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Changes In Equity (Unaudited)
Condensed Consolidated Statements Of Changes In Equity (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Income (Unaudited)
Background And Nature Of Operations
Background And Nature Of Operations (Detail)
Basis Of Presentation
Contingencies
Contingencies (Detail)
Derivative Instruments And Hedging
Derivative Instruments And Hedging (Tables)
Derivative Instruments And Hedging - Additional Information (Detail)
Derivative Instruments And Hedging - Derivative Liabilities (Details)
Derivative Instruments And Hedging - Effect Of Derivatives In Cash Flow Hedging (Detail)
Derivative Instruments And Hedging - Effect Of Trading And Non-Trading Derivatives (Detail)
Derivative Instruments And Hedging - Fair Value Of Derivative Contract (Detail)
Derivative Instruments And Hedging - Net Notional Volume (Detail)
Derivative Instruments And Hedging - Offsetting Of Derivatives, Locations In Condensed Consolidated Balance Sheet And Amounts Of Derivatives (Detail)
Derivative Instruments And Hedging - Summary Of Unrealized Gains And Losses From Fair Value Adjustments (Detail)
Earnings Per Share
Earnings Per Share (Detail)
Earnings Per Share (Tables)
Environmental Liabilities
Environmental Liabilities (Detail)
Equity
Equity (Tables)
Equity - Accumulated Other Comprehensive Gain (Loss) (Detail)
Equity - Additional Information (Detail)
Fair Value Of Financial Instruments And Fair Value Measurements
Fair Value Of Financial Instruments And Fair Value Measurements (Tables)
Fair Value Of Financial Instruments And Fair Value Measurements - Additional Information (Detail)
Fair Value Of Financial Instruments And Fair Value Measurements - Fair Value Of Assets And Liabilities (Detail)
Fair Value Of Financial Instruments And Fair Value Measurements - Reconciliation Of Changes In Fair Value Of Financial Instruments (Detail)
Fair Value Of Financial Instruments And Fair Value Measurements - Schedule Of Fair Value Measurement (Detail)
Fair Value Of Financial Instruments And Fair Value Measurements - Valuation Of Instruments (Detail)
Income Tax Expense
Income Tax Expense (Details)
Other Financial Statement Items
Other Financial Statement Items (Tables)
Other Financial Statement Items - Accounts Receivable And Unbilled Revenue (Details)
Other Financial Statement Items - Additional Information (Detail)
Other Financial Statement Items - Allowance For Credit Losses (Details)
Other Financial Statement Items - Schedule Of Accumulated Depreciation And Amortization (Details)
Post-Retirement And Similar Obligations
Post-Retirement And Similar Obligations (Tables)
Post-Retirement And Similar Obligations - Additional Information (Detail)
Post-Retirement And Similar Obligations - Periodic Benefit Costs Net (Detail)
Regulatory Assets And Liabilities
Regulatory Assets And Liabilities (Tables)
Regulatory Assets And Liabilities - Additional Information (Detail)
Regulatory Assets And Liabilities - Current And Non-Current Assets (Detail)
Regulatory Assets And Liabilities - Current And Non-Current Liabilities (Detail)
Regulatory Assets And Liabilities Regulatory Assets And Liabilities - Rate Increases (Details)
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Additional Information (Details)
Related Party Transactions - Schedule Of Related Party Balances (Details)
Related Party Transactions - Schedule Of Related Party Transactions (Detail)
Restructuring And Severance Related Expenses
Restructuring And Severance Related Expenses (Tables)
Restructuring And Severance Related Expenses - Additional Information (Detail)
Revenue
Revenue (Tables)
Revenue - Narrative (Detail)
Revenue - Narrative Revenue Term (Details)
Revenue - Schedule Of Aggregate Transaction Price Allocated To Unsatisfied Performance Obligations And Expected Time To Recognize Revenue (Detail)
Revenue - Schedule Of Revenues Disaggregated By Major Source For Reportable Segments (Detail)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Segment Information - Adjusted Net Income (Detail)
Segment Information - Reconciliation Of Adjusted Net Income To Net Income (Detail)
Significant Accounting Policies And New Accounting Pronouncements
Significant Accounting Policies And New Accounting Pronouncements (Policies)
Significant Accounting Policies And New Accounting Pronouncements - Narrative (Details)
Stock-Based Compensation Expense
Stock-Based Compensation Expense (Detail)
Subsequent Event
Subsequent Event Narrative (Details)
Variable Interest Entities
Variable Interest Entities (Detail)

Material Contracts, Statements, Certifications & more

Avangrid, Inc. provided additional information to their SEC Filing as exhibits

Ticker: AGR
CIK: 1634997
Form Type: 10-Q Quarterly Report
Accession Number: 0001634997-20-000035
Submitted to the SEC: Tue May 05 2020 4:03:53 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Electric Services

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