NGG - National Grid expects full-year profit to top guidance

National Grid (NYSE:NGG) said Thursday it expects its FY 2022 earnings will modestly exceed guidance issued late last year, with stronger than forecast underlying operating profit for the U.K. Electricity Transmission and Electricity Distribution business units largely due to higher inflation. The U.K.-based energy company set guidance in November, when it said it would significantly beat the top end of the previously forecast 5%-7% growth range, although it also expects a higher underlying effective tax rate of 25%, up from 21%. In the U.S., underlying operating profit across its New England, New York and National Grid Ventures business units likely will meet guidance. National Grid also said the sale of its Rhode Island business continues to make progress, with the sale expected to complete in the first quarter of the new financial year that started April 1. Last month, National Grid agreed to sell 60% of its U.K. gas transmission

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National Grid expects full-year profit to top guidance