Avangrid(US:AGR)2024-10-22 20:50Financial Performance - Year-to-date 2024 earnings reached $1.87 per share, with adjusted earnings at $1.91 per share, reflecting increases of 87% and 71% year-over-year, respectively[1] - Consolidated net income for Q3 2024 was $205 million, or $0.53 per share, compared to $59 million, or $0.15 per share in Q3 2023[1] - Operating revenues for the three months ended September 30, 2024, increased to $2,083 million, up 5.5% from $1,974 million in the same period of 2023[11] - Net income attributable to Avangrid, Inc. for the three months ended September 30, 2024, was $205 million, compared to $59 million in the same period of 2023, representing a significant increase of 247.5%[11] - Adjusted net income for the three months ended September 30, 2024, was $211 million, up from $105 million in the same period of 2023, reflecting a 100% increase[13] - Earnings per share (EPS) for the three months ended September 30, 2024, was $0.53, compared to $0.15 in the same period of 2023, marking a 253.3% increase[15] - Total operating expenses for the three months ended September 30, 2024, were $1,829 million, a decrease from $1,885 million in the same period of 2023[11] - Interest expense for the three months ended September 30, 2024, was $132 million, compared to $107 million in the same period of 2023, indicating an increase of 23.4%[11] Segment Performance - Networks segment earnings for the first nine months of 2024 were $581 million, or $1.50 per share, driven by existing rate plans in New York and Maine[3] - Renewables segment earnings for the first nine months of 2024 were $258 million, or $0.67 per share, impacted by strong resource performance and increased pricing[4] - The Networks segment reported adjusted net income of $161 million for the three months ended September 30, 2024, compared to $92 million in the same period of 2023, a growth of 75%[13] - The Renewables segment achieved adjusted net income of $93 million for the three months ended September 30, 2024, up from $9 million in the same period of 2023, a remarkable increase of 933.3%[13] Investments and Projects - Capital expenditures totaled $2.9 billion in the first nine months of 2024[1] - The New England Wind 1 offshore wind project was awarded 791 MW in a multi-state regional solicitation[2] - A $425 million capacity contract was awarded by the U.S. Department of Energy, potentially one of the largest federal investments in energy development in Maine's history[2] - The company is executing multi-year rate plans in New York and Maine, with over $9 billion authorized for cost recovery in New York[1] Company Recognition and Operations - Avangrid operates approximately $47 billion in assets across 24 U.S. states, serving over 3.3 million customers[4] - The company has been recognized as a Top Employer 2024 in the U.S. and among the World's Most Ethical Companies for six consecutive years[1] - The company anticipates continued growth in both the Networks and Renewables segments, supported by ongoing investments and strategic initiatives[11]