Avangrid Inc. (AGR) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

April 26, 2023 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning or good afternoon all, and welcome to Avangrid's First Quarter 2023 Earnings Conference Call. [Operator Instructions] I'll now turn the call over to Alvaro Ortega, Vice President of Finance, Investor Relations and Treasury. Over to you.

Alvaro Ortega

Thank you, Adam, and good morning to everyone. Thank you for joining us today to discuss Avangrid's first quarter 2023 earnings results. presenting on the call today are Pedro Azagra, our Chief Executive Officer; and Patricia Cosgel, our Chief Financial Officer. Also join us today for the question-and-answer part of the call will be Catherine Stempien, President and Chief Executive Officer of Avangrid Networks; and Jose Antonio Miranda, Chief Executive Officer and President of Avangrid Renewables. Other members of the executive team are also joining us today and may be called upon to assist with the Q&A part of the call.

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 the 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 Pedro.

Pedro Azagra

Thank you, Alvaro, and good morning, everyone. Thank you for joining us today for our first quarter results presentation. Let's get started on Slide 5.

Overall, Avangrid had a solid start for the year with many important operational achievements, and our team remains highly focused on the successful delivery of our strategic initiatives. For the first quarter, our earnings per share and adjusted earnings per share were $0.63 and $0.64 per share, respectively. On a year-over-year basis, the comparison is driven by the absence of the $0.40 offshore wind restructuring gain recorded in the first quarter of last year. Most importantly, we are taking meaningful steps forward on the strategic initiatives that will drive future growth across both businesses.