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National Grid PLC on Thursday upped its earnings guidance due to a better than expected performance by two of its businesses.
The London-based power infrastructure firm said it expects to deliver underlying operating profit in its UK Electricity Transmission and Electricity Distribution business units above guidance. National Grid credited this to higher inflation.
As a result, the company anticipates its underlying earnings per share to be ‘modestly higher’ than previous guidance - which was raised in November to be seen ‘significantly’ above the top end of a 5% to 7% range.
National Grid noted underlying operating profit across its New England, New York, and National Grid Ventures units will be in line with previous guidance.
The FTSE 100 company updated that the sale of our Rhode Island business to PPL Corp ‘continues to make progress.’
In March 2021, National Grid announced the sale of its Rhode Island utility business, Narragansett Electric Co, to PPL for $3.8 billion to shift its portfolio focus towards electricity and away from gas.
Shares in National Grid remained flat at 1,185.50 pence each on Thursday morning in London.
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