Avangrid, Inc. (NYSE:AGR) Files An 8-K Regulation FD DisclosureItem 7.01
During Avangrid, Inc.’s (“AVANGRID”) first quarter 2017 earnings call on April 25, 2017, management correctly stated that as of the first quarter of 2017, AVANGRID’s effective tax rate estimate for 2017 was approximately 30%. This reflects an improvement compared to the comparable figure for the first quarter of 2016, which was 32.9%. During the call, there was reference to a previous effective tax rate estimate for 2017 of approximately 35% provided by AVANGRID as part of its Long-Term Outlook. This effective tax rate estimate provided in AVANGRID’s Long-Term Outlook was presented on a different basis, reflecting management’s guidance of adjusted EBITDA consistent with the presentations provided by AVANGRID’s industry peers, which included production tax credits (PTCs) reclassified to revenue. This presentation is different in certain key respects from the presentation of the effective tax rate provided in AVANGRID’s quarterly reports on Form 10-Q and annual reports on Form 10-K filed with the Securities and Exchange Commission, and in the results reported in AVANGRID’s earnings release, in each case which reflect PTCs as an adjustment to tax expense. AVANGRID currently anticipates that the estimated effective tax rate for 2017 will be slightly less than 35% when presented on the same basis as used in AVANGRID’s Long-Term Outlook and that the effective tax rate assumption included in AVANGRID’s Long-Term Outlook remains the same at approximately 35%.
to General Instruction B.2 of Form 8-K and SEC Release No. 33-8176, the information contained in Item 7.01 of this Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
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About Avangrid, Inc. (NYSE:AGR)
Avangrid, Inc. is a diversified energy and utility company with more than $30 billion in assets and operations in 25 states. The company operates regulated utilities and electricity generation through two primary lines of business. Avangrid Networks includes eight electric and natural gas utilities, serving approximately 3.1 million customers in New York and New England. Avangrid Renewables operates 6.3 gigawatts of electricity capacity, primarily through wind power, in states across the United States. Iberdrola S.A. (Madrid: IBE), a worldwide leader in the energy industry, owns 81.5% of AVANGRID. Avangrid, Inc. (NYSE:AGR) Recent Trading Information
Avangrid, Inc. (NYSE:AGR) closed its last trading session up +0.37 at 43.90 with 577,225 shares trading hands.