Avangrid Inc (AGR, Financial), a leading sustainable energy company, announced its Q3 2023 financial results on October 25, 2023. The company reported a consolidated U.S. GAAP net income of $59 million, or $0.15 per share, compared to $105 million, or $0.27 per share, for the third quarter ended September 30, 2022. For the first nine months of 2023, consolidated net income was $389 million, or $1.00 per share, compared to $734 million, or $1.90 per share, for the same period in 2022.
Financial Performance
On a non-U.S. GAAP adjusted basis, consolidated net income for the third quarter ended September 30, 2023, was $105 million, or $0.27 per share, compared to $122 million, or $0.31 per share, for the same period in 2022. For the first nine months of 2023, non-U.S. GAAP adjusted net income was $434 million, or $1.12 per share, compared to $749 million, or $1.94 per share, for the same period in 2022.
Segment Performance
Avangrid's Networks segment reported earnings of $92 million, or $0.24 per share for the third quarter and $364 million, or $0.94 per share for the first nine months of 2023. The Renewables segment reported earnings of $9 million, or $0.02 per share for the third quarter and $127 million, or $0.33 per share for the first nine months of 2023.
CEO Commentary
Avangrid's CEO, Pedro Azagra, commented on the results, stating,
Year-to-date results primarily reflect the timing impacts of regulatory approvals, which were resolved this month with the important approval of our joint rate settlement proposal for our New York utilities, which comprise over half of our rate base. We have had many other successes so far in 2023 which are setting the stage for 2024 and beyond."
Financial Tables
The company's operating revenues for Q3 2023 were $1,974 million, compared to $1,838 million for Q3 2022. For the first nine months of 2023, operating revenues were $6,027 million, compared to $5,765 million for the same period in 2022. Total operating expenses for Q3 2023 were $1,885 million, compared to $1,726 million for Q3 2022. For the first nine months of 2023, total operating expenses were $5,547 million, compared to $5,130 million for the same period in 2022.
Outlook
Despite the decline in net income, Avangrid Inc (AGR, Financial) remains optimistic about its future performance, citing recent successes and regulatory approvals as positive indicators for 2024 and beyond.
Explore the complete 8-K earnings release (here) from Avangrid Inc for further details.
