National Grid Expects 2022 Earnings to Beat Prior Guidance

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 [e-mail]

(END) Dow Jones Newswires

April 14, 2022 02:40 ET (06:40 GMT)

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