Current Report Filing (8-k)
April 25 2017 - 5:19PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 25, 2017
Avangrid, Inc.
(Exact
name of registrant as specified in its charter)
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New York
(State or other jurisdiction
of incorporation)
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001-37660
(Commission File No.)
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14-1798693
(IRS Employer
Identification No.)
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157 Church Street
New Haven, Connecticut
(Address of principal executive offices)
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06506
(Zip Code)
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(207) 688-6000
(Registrants telephone number, including area code)
NOT APPLICABLE
(Former
name or former address, if changed since last report)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01
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Regulation FD Disclosure
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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, AVANGRIDs 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 AVANGRIDs Long-Term Outlook was presented on a different basis, reflecting managements guidance of adjusted EBITDA consistent with the presentations provided by AVANGRIDs 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 AVANGRIDs 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 AVANGRIDs 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 AVANGRIDs Long-Term Outlook and that the effective tax rate assumption included in AVANGRIDs Long-Term Outlook remains the same at approximately 35%.
Pursuant 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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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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AVANGRID, INC.
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By:
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/s/ Richard J. Nicholas
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Name:
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Richard J. Nicholas
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Title:
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Senior Vice President Chief Financial Officer
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Dated: April 25, 2017
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