Avangrid, Inc. (NYSE:AGR) Q3 2018 Earnings Conference Call Transcript
Oct 24, 2018 • 10:00 am ET
Good day, ladies and gentlemen, and welcome to the Q3 2018 AVANGRID Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder, this call may be recorded.
I would now like to introduce your host for today's conference, Ms. Patricia Cosgel, VP of Investor and Shareholder Relations. You may begin.
Thank you, Catherine, and good morning to everyone. Thank you for joining us to discuss AVANGRID's third quarter 2018 earnings results. Presenting on the call today are Jim Torgerson, our CEO; and Doug Stuver, our CFO. A team of AVANGRID officers will also be participating on the call to answer your questions. If you do not have a copy of our press release or presentation for today's call, they are available on our website at www.AVANGRID.com.
(Forward-Looking Cautionary 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 Jim Torgerson.
Thanks, Patricia, and welcome, everybody. AVANGRID had a very good quarter and meeting the expectations. Now the GAAP earnings were $125 million or $0.40 a share for the quarter and $476 million or $1.54 a share for the year-to-date through the nine months. Now, for the adjusted earnings, the quarter had earnings of $139 million or $0.45 a share and adjusted net income of $511 million or $1.65.
When you look at the comparison quarter-over-quarter, earnings per share were up 27%, adjusted earnings were up 11%. And for the nine months, the earnings were up 4% and adjusted earnings, up 3%. And we also had a dividend increase in the third quarter to $0.44 a share. Now, the good thing, we're implementing our strategy, and we are on track to continue implementing the activities we've pointed out from our strategic plan.
We have 970 megawatts onshore wind under construction currently. We filed a rate case for Central Maine Power on October 15, and we also expect to file for the New York companies in the first half of 2019. The CNG rate case, we have a settlement that's pending before the commission, we would expect an answer in early December. And the Berkshire Gas case is also in the settlement discussions at this point. We expect the approval, as I said, for CNG in mid-December. New rate years for UI, Southern Connecticut Gas, the New York companies occurred during various points in 2018, and we are on track for the 8% to 10% earnings growth and adjusted earnings growth for the period from 2016 through 2020 and then on through 2022 as well.
We're continuing to advance on our large projects, and these are ones that are not in our current forecast. We're making great progress on the key approvals for Vineyard Wind, and