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Avangrid (AGR) Q2 Earnings Lag Estimates, Keeps '16 View
Avangrid, Inc. (AGR - Free Report) reported second-quarter 2016 adjusted earnings of 32 cents per share, missing the Zacks Consensus Estimate of 50 cents by 36%.Earnings were, however, significantly higher than the year-ago figure of 10 cents per share.
The year-over-year improvement in earnings was driven by higher contribution from Avangrid Networks.
Total Revenue
Total revenue in the quarter came in at $1,439 million, up 53.2% year over year. Reported revenues also beat the Zacks Consensus Estimate of $1,350 million by 6.6%.
Operational Highlights
Total operating expenses were $1,117 million in the reported quarter, up nearly 29% from $866 million in the year-ago period.
Operating income was $322 million, marking a significant increase from $73 million reported in the prior-year quarter.
Interest expenses slightly increased to $68 million from $66 million a year ago.
AVANGRID INC Price
AVANGRID INC Price | AVANGRID INC Quote
Financial Update
Current assets stood at $2,234 million as of Jun 30, 2016, down from $2,474 million as of Dec 31, 2015.
Long-term debt (excluding current portion) was $4,507 million on Jun 30, 2016, down slightly from $4,530 million as of Dec 31, 2015.
Cash flow from operating activities was $908 million in the first six months of 2016, up from $782 million in the year-ago comparable period.
Guidance
Avangrid has reiterated its 2016 consolidated earnings guidance in the range of $2.10–$2.20 per share.
The company expects the Networks segment to post earnings of $1.56–$1.62, compared to its prior expectations of $1.62–$1.68.
The Other segment is now anticipated to record breakeven results to earnings of a penny. It was previously expected to incur a loss of 5–6 cents.
However, Renewables is still projected to report earnings in the range of 53 cents to 58 cents.
Upcoming Peer Releases
DTE Energy Company (DTE - Free Report) is scheduled to report second-quarter 2016 earnings on Jul 26.The Zacks Consensus Estimate stands at 85 cents.
NiSource Inc. (NI - Free Report) is slated to report second-quarter 2016 earnings on Aug 2.The Zacks Consensus Estimate stands at 7 cents.
PG&E Corporation (PCG - Free Report) scheduled to report second-quarter 2016 earnings on Jul 28.The Zacks Consensus Estimate stands at 98 cents.
Zacks Rank
Avangrid carries a Zacks Rank#3(Hold).
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