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Avangrid (AGR) Q2 Earnings Beat, Revenues Miss Estimates
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Avangrid, Inc. (AGR - Free Report) reported second-quarter 2017 adjusted earnings of 46 cents per share, beating the Zacks Consensus Estimate of 37 cents. Moreover, quarterly earnings were up 21% from the year-ago quarter figure of 38 cents.
On a GAAP basis, Avangrid recorded second-quarter earnings of 39 cents per share, up from 33 cents a year ago.
Total Revenue
Avangrid’s second-quarter operating revenues of $1,331 million missed the Zacks Consensus Estimate of $1,365 million by 2.52% and the prior-year quarter level of $1,439 million by 7.5%.
Segmental Results
Avangrid Networks: Quarterly earnings came in at 31 cents per share, up 19.2% from the prior-year quarter figure. Earnings for the second quarter benefited primarily owing to the implementation of new rate plans and lower interest expense in relation to the transfer of the UIL Holdings Corporation debt to Corporate Segment.
Avangrid Renewables: Quarterly earnings amounted to 12 cents per share, up 9.1% from the prior-year quarter figure.
Corporate: Quarterly earnings came in at 3 cents per share, up 200% from the prior-year figure.
Atlantica Yield PLC is expected to report second-quarter 2017 results on Aug 4. The Zacks Consensus Estimate is pegged at 11 cents.
Alliant Energy Corporation (LNT - Free Report) is slated to report second-quarter 2017 results on Aug 3. The Zacks Consensus Estimate is pegged at 40 cents.
Pattern Energy Group Inc. is anticipated to report second-quarter 2017 results on Aug 4. The Zacks Consensus Estimate is pegged at 13 cents.
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Last year, it was generating $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for those who make the right trades early. Download Report with 3 Top Tech Stocks >>
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Avangrid (AGR) Q2 Earnings Beat, Revenues Miss Estimates
Avangrid, Inc. (AGR - Free Report) reported second-quarter 2017 adjusted earnings of 46 cents per share, beating the Zacks Consensus Estimate of 37 cents. Moreover, quarterly earnings were up 21% from the year-ago quarter figure of 38 cents.
On a GAAP basis, Avangrid recorded second-quarter earnings of 39 cents per share, up from 33 cents a year ago.
Total Revenue
Avangrid’s second-quarter operating revenues of $1,331 million missed the Zacks Consensus Estimate of $1,365 million by 2.52% and the prior-year quarter level of $1,439 million by 7.5%.
Segmental Results
Avangrid Networks: Quarterly earnings came in at 31 cents per share, up 19.2% from the prior-year quarter figure. Earnings for the second quarter benefited primarily owing to the implementation of new rate plans and lower interest expense in relation to the transfer of the UIL Holdings Corporation debt to Corporate Segment.
Avangrid Renewables: Quarterly earnings amounted to 12 cents per share, up 9.1% from the prior-year quarter figure.
Corporate: Quarterly earnings came in at 3 cents per share, up 200% from the prior-year figure.
Avangrid, Inc. Price, Consensus and EPS Surprise
Avangrid, Inc. Price, Consensus and EPS Surprise | Avangrid, Inc. Quote
Operational Update
In the reported quarter, Avangrid’s total operating expenses were down 0.8% to $1,108 million from $1,117 million a year ago.
Operating income (including other income and earnings from equity-method investments) decreased 32.2% to $232 million from $342 million a year ago.
Interest expenses in the reported quarter were $68 million in line with the year-ago quarter.
Net income in the reported quarter was $143 million, up 21.2% year over year.
Financial Update
For the six months ended Jun 30, cash flow from operating activities was $925 million compared with $906 million in the prior-year quarter.
Total non-current debt amounted to $4,773 million as of Jun 30, 2017, compared with $4,510 million as of Dec 31, 2016.
Guidance
Avangrid reiterated adjusted consolidated earnings outlook for 2017 of $2.10-$2.35 per share.
Zacks Rank
Avangrid carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Peer Releases
Atlantica Yield PLC is expected to report second-quarter 2017 results on Aug 4. The Zacks Consensus Estimate is pegged at 11 cents.
Alliant Energy Corporation (LNT - Free Report) is slated to report second-quarter 2017 results on Aug 3. The Zacks Consensus Estimate is pegged at 40 cents.
Pattern Energy Group Inc. is anticipated to report second-quarter 2017 results on Aug 4. The Zacks Consensus Estimate is pegged at 13 cents.
3 Top Picks to Ride the Hottest Tech Trend
Zacks just released a Special Report to guide you through a space that has already begun to transform our entire economy...
Last year, it was generating $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for those who make the right trades early. Download Report with 3 Top Tech Stocks >>