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Avangrid's (AGR) Q3 Earnings & Revenues Beat Mark, Rise Y/Y

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Avangrid, Inc. (AGR - Free Report) reported third-quarter 2021 earnings of 34 cents per share, beating the Zacks Consensus Estimate of 30 cents by 13.3%. Also, it improved from the prior-year quarter’s figure of 32 cents.

GAAP earnings for the quarter were 29 cents per share, a penny up from the prior-year quarter’s reading.

Total Revenues

Total operating revenues for the third quarter were $1,598 million, surpassing the Zacks Consensus Estimate of $1,559 million by 2.5%. The same improved from $1,470 million in the comparable period of 2020.

Avangrid, Inc. Price, Consensus and EPS Surprise Avangrid, Inc. Price, Consensus and EPS Surprise

Avangrid, Inc. price-consensus-eps-surprise-chart | Avangrid, Inc. Quote

Highlights of the Release

Total operating expenses for the quarter under review summed $1,460 million, up 11.9% from $1,305 million in the comparable period of 2020.

Operating income for the quarter was $138 million, down 16.4% from $165 million in the third quarter of 2020.

The PNM Resources (PNM - Free Report) deal of the utility is on track to be closed by the end of thisyear following its approval gain from the New Mexico regulatory commission. The company began constructing the Vineyard Wind 1 offshore wind project. The utility is advancing well on its $2.9-billion 2021 capital plan.

Guidance

The company expects its 2021 adjusted net income and earnings per share in the range of $730-$795 million and $2.04-$2.22, respectively. The Zacks Consensus Estimate of $2.14 per share is slightly above the midpoint of the guided range for earnings.

Zacks Rank

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Peer Release

NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2021 adjusted earnings of 75 cents per share, which beat the Zacks Consensus Estimate of 72 cents by 4.2%.

Upcoming Release

Xcel Energy (XEL - Free Report) is scheduled to announce third-quarter 2021 results on Oct 28. The Zacks Consensus Estimate for earnings per share is pegged at $1.19.


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Xcel Energy Inc. (XEL) - free report >>

NextEra Energy, Inc. (NEE) - free report >>

PNM Resources, Inc. (PNM) - free report >>

Avangrid, Inc. (AGR) - free report >>