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AVANGRID's (AGR) Q2 Earnings Miss Estimates, Sales Decline Y/Y
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AVANGRID, Inc. (AGR - Free Report) reported second-quarter 2023 earnings of 21 cents per share, which missed the Zacks Consensus Estimate of 50 cents by 58%. The bottom line also declined 54.3% from the year-ago quarter’s recorded figure of 46 cents.
GAAP earnings were 22 cents per share, down 54.2% from 48 cents in the prior-year period.
Total Revenues
Total operating revenues amounted to $1,587 million, which missed the Zacks Consensus Estimate of $1,855 million by 14.4%. The top line also declined 15.6% from $1,794 million reported in the comparable period of 2022.
Operating expenses totaled $1,461 million, down 7.1% from the year-ago quarter’s recorded number of $1,573 million. This was due to 12.5% lower purchase power costs and a 8.5% decline in operations and maintenance expenses.
Operating income was $126 million, down 43% from $221 million reported in the prior-year period.
Adjusted Net income totaled $80 million, down 55.1% from $178 million recorded in the comparable period of 2022.
The merger agreement with PNM Resources has been further extended to Dec 31, 2023.
Segmental Details
Networks’ adjusted net income amounted to $76 million, down 41% from $129 million reported in the year-ago quarter.
Renewables’ net income totaled $63 million, down 4.5% from $66 million recorded in the prior-year quarter.
Corporate and Others’ net loss was $59 million compared with a loss of $17 million in the year-ago period.
Guidance
AVANGRID reaffirmed its projection for 2023 adjusted net income and earnings per share in the range of $850-$910 million and $2.20-$2.35, respectively, including 386.7 million average shares outstanding. The Zacks Consensus Estimate for earnings is pegged at $2.16 per share, which is lower than the company’s guided range.
Eversource Energy (ES - Free Report) is slated to report second-quarter results on Jul 31, after market close. The Zacks Consensus Estimate for earnings is pegged at 91 cents per share, implying a year-over-year improvement of 5.8%.
ES’ long-term (three to five years) earnings growth rate is 6.34%. It delivered an average earnings surprise of 0.5% in the last four quarters.
NiSource Inc. (NI - Free Report) is slated to report second-quarter results on Aug 2, before market open. The Zacks Consensus Estimate for earnings is pegged at 13 cents per share, implying a year-over-year increase of 8.3%.
NI’s long-term earnings growth rate is 7%. It delivered an average earnings surprise of 0.51% in the last four quarters.
Ameren Corporation (AEE - Free Report) is scheduled to report second-quarter results on Aug 2, after market close. The Zacks Consensus Estimate for earnings is pegged at 75 cents per share.
AEE’s long-term earnings growth rate is 6.43%. The company delivered an average earnings surprise of 4.7% in the last four quarters.
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AVANGRID's (AGR) Q2 Earnings Miss Estimates, Sales Decline Y/Y
AVANGRID, Inc. (AGR - Free Report) reported second-quarter 2023 earnings of 21 cents per share, which missed the Zacks Consensus Estimate of 50 cents by 58%. The bottom line also declined 54.3% from the year-ago quarter’s recorded figure of 46 cents.
GAAP earnings were 22 cents per share, down 54.2% from 48 cents in the prior-year period.
Total Revenues
Total operating revenues amounted to $1,587 million, which missed the Zacks Consensus Estimate of $1,855 million by 14.4%. The top line also declined 15.6% from $1,794 million reported in the comparable period of 2022.
Avangrid, Inc. Price, Consensus and EPS Surprise
Avangrid, Inc. price-consensus-eps-surprise-chart | Avangrid, Inc. Quote
Highlights of the Release
Operating expenses totaled $1,461 million, down 7.1% from the year-ago quarter’s recorded number of $1,573 million. This was due to 12.5% lower purchase power costs and a 8.5% decline in operations and maintenance expenses.
Operating income was $126 million, down 43% from $221 million reported in the prior-year period.
Adjusted Net income totaled $80 million, down 55.1% from $178 million recorded in the comparable period of 2022.
The merger agreement with PNM Resources has been further extended to Dec 31, 2023.
Segmental Details
Networks’ adjusted net income amounted to $76 million, down 41% from $129 million reported in the year-ago quarter.
Renewables’ net income totaled $63 million, down 4.5% from $66 million recorded in the prior-year quarter.
Corporate and Others’ net loss was $59 million compared with a loss of $17 million in the year-ago period.
Guidance
AVANGRID reaffirmed its projection for 2023 adjusted net income and earnings per share in the range of $850-$910 million and $2.20-$2.35, respectively, including 386.7 million average shares outstanding. The Zacks Consensus Estimate for earnings is pegged at $2.16 per share, which is lower than the company’s guided range.
Zacks Rank
AVANGRID currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Eversource Energy (ES - Free Report) is slated to report second-quarter results on Jul 31, after market close. The Zacks Consensus Estimate for earnings is pegged at 91 cents per share, implying a year-over-year improvement of 5.8%.
ES’ long-term (three to five years) earnings growth rate is 6.34%. It delivered an average earnings surprise of 0.5% in the last four quarters.
NiSource Inc. (NI - Free Report) is slated to report second-quarter results on Aug 2, before market open. The Zacks Consensus Estimate for earnings is pegged at 13 cents per share, implying a year-over-year increase of 8.3%.
NI’s long-term earnings growth rate is 7%. It delivered an average earnings surprise of 0.51% in the last four quarters.
Ameren Corporation (AEE - Free Report) is scheduled to report second-quarter results on Aug 2, after market close. The Zacks Consensus Estimate for earnings is pegged at 75 cents per share.
AEE’s long-term earnings growth rate is 6.43%. The company delivered an average earnings surprise of 4.7% in the last four quarters.