National Grid misses profit target on US storm costs

NATIONAL GRID PLC missed annual profit expectations as higher repair costs for storm damage in the United States weighed on results. The British utility reported adjusted operating profit of 5.68 billion pounds ($7.68 billion) for the year ended March 31, below consensus. The miss reflects timing under-recoveries across regulated businesses, though management reaffirmed growth targets and cited limited exposure to trade tensions.

### U.S. Storm Costs and Revenue Timing National Grid's 5.68 billion pound profit fell short of the 5.75 billion pound consensus estimate compiled by the company. Results included 636 million pounds in timing under-recoveries, representing the gap between allowed and collected revenues across regulated businesses.