Avangrid Inc. on March 16 said it will defer filing its 2017 annual report on a Form 10-K with the U.S. Securities and Exchange Commission. The company is seeking more time to prepare accounting records, schedules, internal controls over financial reporting and to review income tax issues, which include the impact of the tax reform.
The company said its Form 10-K will not materially differ from the preliminary results it published on Feb. 20. Avangrid reported fourth-quarter 2017 adjusted net income of $188 million, or 61 cents per share, compared to fourth-quarter 2016 adjusted net income of $207 million, or 67 cents per share.
The company also notified the NYSE of its noncompliance with the continued listing requirement due to the delayed annual report. Under the rules of the exchange, Avangrid has six months from March 16 to regain compliance by filing its annual report with the SEC.
Avangrid said it intends to file its Form 10-K as soon as possible.
