National Grid Expects 2022 Earnings to Beat Prior Guidance
April 14 2022 - 2:55AM
Dow Jones News
By Joe Hoppe
National Grid PLC said Thursday that it anticipates that fiscal
2022 underlying earnings per share will be modestly higher than
previous guidance, and expects to complete the sale of its Rhode
Island unit in the first quarter.
The U.K. energy-networks company said that for the year ended
March 31, its expects underlying operating profit across its New
England, New York, and National Grid Ventures business units to
meet guidance provided on Nov. 18.
However, underlying operating profit for the U.K. Electricity
Transmission and Electricity Distribution business units are
expected to exceed prior guidance, largely due to higher
inflation.
National Grid now expects full year underlying EPS to modestly
exceed guidance set in November, when it said it would
significantly beat the top end of the previously forecast 5%-7%
growth range, though it also expects an increased underlying
effective tax rate of 25%, up from 21%.
The company said the sale of its Rhode Island business continues
to make progress, and while all regulatory approval have been
obtained, the Rhode Island Attorney General has appealed one of the
approvals and the sale is now expected to complete in the first
quarter of the new financial year.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
April 14, 2022 02:40 ET (06:40 GMT)
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