Avangrid Inc's (AGR) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

April 27, 2022 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello, and welcome to Avangrid's First Quarter 2022 Earnings Conference Call.

I would now like to turn the call over to Alvaro Ortega, Vice President of Finance, Investor and Shareholder Relations and Risk. Please go ahead.

Alvaro Ortega

Thank you, Emily, and good morning to everyone. Thank you for joining us today to discuss Avangrid's first quarter 2022 earnings results. Presenting on the call today are Dennis Arriola, our Chief Executive Officer; and Patricia Cosgel, our Interim Chief Financial Officer. Also joining us today for the question-and-answer part of the call will be Bob Kump, Deputy Chief Executive Officer and President of Avangrid; Catherine Stempien, President and Chief Executive Officer of Avangrid Networks; Jose Antonio Miranda, Co-CEO and President Onshore; and Bill White, Co-CEO and President, Offshore. If you do not have a copy of our press release or presentation for today's call, they are available on our website at avangrid.com.

During today's call, we will make various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 based on current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect or because of other factors discussed in Avangrid's earnings news release in the comments made during this conference call in the Risk Factors section of the accompanying presentation or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our website, avangrid.com. We do not undertake any duty to update any forward-looking statements.

Today's presentation also includes references to non-GAAP financial measures. You should refer to information contained in the slides accompanying today's presentation for definitional information and reconciliations of non-GAAP financial measures to the closest GAAP financial measures.

I will now turn the call over to Dennis.

Dennis Arriola

Well, thanks, Alvaro, and good morning, everyone. We appreciate you joining us for our first quarter earnings call. Let's get started with an overview of the quarter beginning on Slide 5. Now there's obviously a lot of things going on in the world right now that are impacting the energy markets, including the Russian invasion of Ukraine. We're seeing a number of factors such as record inflation, rising commodity prices, supply constraints, a tight labor market and an ongoing pandemic. They're all intersecting to create a challenging environment for businesses and customers alike. And while we can't control most of these factors, we have been proactively taking steps to mitigate their impacts to the extent we can. And our focus on operational excellence, cost and cash management and risk mitigation has never been stronger or more important.