National Grid PLC (NGG) (H1 2025) Earnings Call Highlights: Strong Growth and Strategic Investments

GuruFocus.com11-08

Operating Profit: GBP2 billion, a 15% increase year-over-year. Underlying Earnings Per Share (EPS): 28.1p, an 8% increase from the prior year. Capital Investment: GBP4.6 billion, a 19% increase year-...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNational Grid PLC (NGG) (H1 2025) Earnings Call Highlights: Strong Growth and Strategic Investments\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-08 15:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/national-grid-plc-ngg-h1-070422800.html><strong>GuruFocus.com</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Operating Profit: GBP2 billion, a 15% increase year-over-year.\nUnderlying Earnings Per Share (EPS): 28.1p, an 8% increase from the prior year.\nCapital Investment: GBP4.6 billion, a 19% increase year-...</p>\n\n<a href=\"https://finance.yahoo.com/news/national-grid-plc-ngg-h1-070422800.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"NGG","symbol_name":"英国国家电网公司","start_time":0,"source_url":"https://finance.yahoo.com/news/national-grid-plc-ngg-h1-070422800.html","article_id":"2481480351","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/EW47YnvATznZpgSZ6eyL.w--~B/aD0zMjA7dz0zMjA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/us.finance.gurufocus/193daab3c1bfb8f468366cf0bd25a3d5"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481480351","pubTimestamp":1731049462,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Operating Profit: GBP2 billion, a 15% increase year-over-year.Underlying Earnings Per Share : 28.1p, an 8% increase from the prior year.Capital Investment: GBP4.6 billion, a 19% increase year-over-year.UK Electricity Distribution Capital Investment: GBP647 million, a 6% increase.UK Electricity Transmission CapEx: GBP1.3 billion, a 43% increase.New York CapEx: GBP1.6 billion, a 29% increase.New England CapEx: GBP814 million, a 7% increase.Net Debt: Decreased by GBP5.1 billion to GBP38.5 billion.Net Finance Costs: GBP670 million, a 4% decrease.GuruFocus has detected 11 Warning Signs with NGG.National Grid PLC  has announced a significant capital investment plan of around GBP60 billion over the next five years, indicating strong growth potential.National Grid PLC  declared an interim dividend of 15.84p per share, in line with its policy, reflecting confidence in its financial stability.A: We are due to submit the business plan in December this year. The plan is separated into two halves: ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"NGG":"英国国家电网公司"},"translate_title":"国家电网公司(NGG)(2025年上半年)收益看涨期权亮点：强劲增长和战略投资","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NGG":1},"content_text":"Operating Profit: GBP2 billion, a 15% increase year-over-year.\nUnderlying Earnings Per Share (EPS): 28.1p, an 8% increase from the prior year.\nCapital Investment: GBP4.6 billion, a 19% increase year-over-year.\nInterim Dividend: 15.84p per share.\nUK Electricity Distribution Capital Investment: GBP647 million, a 6% increase.\nUK Electricity Transmission CapEx: GBP1.3 billion, a 43% increase.\nNew York CapEx: GBP1.6 billion, a 29% increase.\nNew England CapEx: GBP814 million, a 7% increase.\nNet Debt: Decreased by GBP5.1 billion to GBP38.5 billion.\nNet Finance Costs: GBP670 million, a 4% decrease.\nUnderlying Effective Tax Rate: 11.9%.\n\n\nWarning! GuruFocus has detected 11 Warning Signs with NGG.\n\nRelease Date: November 07, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nNational Grid PLC (NYSE:NGG) has announced a significant capital investment plan of around GBP60 billion over the next five years, indicating strong growth potential.\nThe company successfully completed a GBP7 billion Rights Issue, strengthening its balance sheet to support the upcoming growth phase.\nOperating profit from continuing operations increased by 15% to GBP2 billion, driven by strong performance across regulated businesses.\nNational Grid PLC (NYSE:NGG) declared an interim dividend of 15.84p per share, in line with its policy, reflecting confidence in its financial stability.\nThe company has made substantial progress in its strategic infrastructure projects, with construction underway on several key projects in both the UK and US.\n\n Negative Points \n\nThere are concerns about potential supply chain constraints, particularly regarding the procurement of transformers, which could impact project timelines.\nThe regulatory environment remains challenging, with ongoing discussions about allowed returns and incentives, which could affect future profitability.\nNational Grid PLC (NYSE:NGG) faces uncertainties related to the US elections and potential changes in energy policy, which could impact its investment plans.\nThe company is dealing with increased costs due to inflation and higher financing costs, which could pressure margins.\nThere is a risk of delays in planning and consenting processes for major projects, which could affect the timely delivery of infrastructure.\n\n Q & A Highlights \nQ: Can you remind us when you will be submitting your business plan for the RIIO-T3 period? And is there any early flavor you can give on what we should be expecting, especially when it comes to the mix of CapEx, how you're thinking about baseline versus uncertainty and how that ties into your five-year frame? A: We are due to submit the business plan in December this year. The plan is separated into two halves: a baseline with projects we have full confidence in moving forward, and a pipeline aligned with the Future Energy Scenarios. We don't anticipate significant changes to our 23 billion investment plan to 2029, despite some variations due to connection reforms.\nQ: You mentioned you want the ROE to be at the upper end of the range. Do you have any expectations on how much operational incentive the package might deliver? A: We are in discussions with Ofgem about incentives that would benefit both consumers and shareholders, such as delivering projects early and constraint management. These incentives could create value for customers and align with our strategic goals.\nQ: How much of your capital spend in the US is from imported goods, and what impact could there be if there was a material increase in import tariffs? A: The vast majority of our capital investment in the US is sourced domestically, with a relatively small proportion imported, such as steel. Therefore, changes to trade tariffs would not significantly impact us.\nQ: Could you give us some perspective on the consenting and planning visibility you have for the key projects? A: We've made excellent progress on Phase One projects, with planning consents in place for most. We expect planning reform legislation next year, which should streamline processes and support our strategic infrastructure projects.\nQ: How satisfied are you with the outcome of the Massachusetts Electric rate case, and how confident are you in achieving the allowed return? A: The Massachusetts rate case was a landmark, providing revenue adjustments for increasing capital investment and a performance-based mechanism for operational costs. This framework aligns more closely with New York's, increasing our confidence in achieving closer to the allowed return.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481480351"}