National Grid plc (LON:NG) or National Grid plc (ADR) (NYSE:NGG) shares are trading higher in pre-market in NYSE after the company lifted its fiscal year 2017 forecast by five pence a share compared to its initial forecast. The company cited higher favorable timing in its businesses in the United Kingdom, as well as, the United States.
According to a Reuters report, National Grid said that over-recoveries were in respect of out-turn electricity and gas volumes, which were better than the expected level due to weather. The company added that the over-recoveries in the United States gained from mandated level of collections prescribed by State.
The company indicated that timing did not have any impact on the performance for long-term. Therefore, the company is keen to return the gains to its shareholders in the future.
While the stock is trading up 0.78 percent in London Stock Exchange, National Grid stock is trading higher by one percent in pre-market in NYSE.