posteriori\/E+ via Getty Images<\/p>\n
National Grid (NYSE:NGG) -1.4% in Thursday's trading after the U.K. electricity and gas utility company reported better than forecast full-year operating profit but warned that rising inflation and a cost of living crisis poses a \"significant' challenge.<\/p>\n
The U.K. electricity and gas utility company said FY 2022 underlying operating profit rose to 3.99B ($4.93B) from 2.69B in the prior year, driven by the acquisition of Western Power Distribution, and beating the market consensus of 3.85B provided by the company.<\/p>\n
FY 2022 pre-tax profit from continuing operations more than doubled to 3.44B ($4.25B) from 1.66B a year earlier.<\/p>\n
National Grid (NGG) reiterated its financial outlook for the five-year period through FY 2026, and forecast broadly flat earnings for FY 2023.<\/p>\n
The company delivered \"another strong set of results,\" Jefferies analysts said, according to Bloomberg, driven by higher revenues in British electricity transmission and reduced impact from COVID-19 compared to the previous year.<\/p>\n
National Grid's (NGG) price return shows a 4% YTD gain and a 14% increase during the past year.<\/p>\n
<\/p>\n
More here:<\/p>\n
National Grid warns on cost-of-living challenges after strong profit (NYSE:NGG) - Seeking Alpha<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" posteriori\/E+ via Getty Images National Grid (NYSE:NGG) -1.4% in Thursday's trading after the U.K. electricity and gas utility company reported better than forecast full-year operating profit but warned that rising inflation and a cost of living crisis poses a \"significant' challenge. Continue reading