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AVANGRID (AGR) to Report Q3 Earnings: Here's What to Expect
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AVANGRID, Inc. (AGR - Free Report) is scheduled to release third-quarter 2023 results on Oct 25, after market close. The company delivered a negative earnings surprise of 58% in the last reported quarter.
Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.
Factors to Consider
During the third quarter, AVANGRID reached a milestone of 8.6-gigawatt wind and solar capacity, which is enough to power more than 2.8 million homes. This achievement is expected to have benefited the company’s earnings.
AGR’s bottom line is likely to benefit from its 162 MWac Pachwáywit Fields solar farm in Gilliam County, OR, the state’s largest photovoltaic plant, which started operations during the second quarter.
The first multi-year electric rate case in Maine in 15 years was granted by the Maine Public Utilities Commission in June 2023 and went into effect on Jul 1, 2023. As a result, the company's financial performance is likely to have improved in the to-be-reported quarter.
Q3 Expectations
The Zacks Consensus Estimate for earnings is pegged at 43 cents per share, indicating a year-over-year increase of 38.7%.
The consensus mark for revenues is pinned at $1.97 billion, implying a year-over-year improvement of 7.3%.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for AVANGRID this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is not the case here as you will see below.
Earnings ESP: The company’s Earnings ESP is -34.12%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Here are a few players from the same industry that have the right combination of elements to come up with an earnings beat this reporting cycle.
Fortis (FTS - Free Report) is likely to come up with an earnings beat when it reports third-quarter results on Oct 27, after market close. It has an Earnings ESP of +1.4% and a Zacks Rank #2 at present.
FTS’s long-term (three to five years) earnings growth rate is 5.01%. It delivered an average earnings surprise of 4.5% in the last four quarters.
Entergy (ETR - Free Report) is expected to come up with an earnings beat when it reports third-quarter results on Nov 1, before market open. It has an Earnings ESP of +3.03% and a Zacks Rank #3 at present.
ETR’s long-term earnings growth rate is 5.83%. It delivered an average earnings surprise of 3.4% in the last four quarters.
Pinnacle West Capital Corp. (PNW - Free Report) is likely to report an earnings beat when it announces third-quarter results on Nov 2, before market open. It has an Earnings ESP of +3.12% and a Zacks Rank #2 at present.
PNW’s long-term earnings growth rate is 5.55%. The Zacks Consensus Estimate for earnings is pegged at $3.12 per share, indicating a year-over-year increase of 8.3%.
Image: Bigstock
AVANGRID (AGR) to Report Q3 Earnings: Here's What to Expect
AVANGRID, Inc. (AGR - Free Report) is scheduled to release third-quarter 2023 results on Oct 25, after market close. The company delivered a negative earnings surprise of 58% in the last reported quarter.
Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.
Factors to Consider
During the third quarter, AVANGRID reached a milestone of 8.6-gigawatt wind and solar capacity, which is enough to power more than 2.8 million homes. This achievement is expected to have benefited the company’s earnings.
AGR’s bottom line is likely to benefit from its 162 MWac Pachwáywit Fields solar farm in Gilliam County, OR, the state’s largest photovoltaic plant, which started operations during the second quarter.
The first multi-year electric rate case in Maine in 15 years was granted by the Maine Public Utilities Commission in June 2023 and went into effect on Jul 1, 2023. As a result, the company's financial performance is likely to have improved in the to-be-reported quarter.
Q3 Expectations
The Zacks Consensus Estimate for earnings is pegged at 43 cents per share, indicating a year-over-year increase of 38.7%.
The consensus mark for revenues is pinned at $1.97 billion, implying a year-over-year improvement of 7.3%.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for AVANGRID this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is not the case here as you will see below.
Avangrid, Inc. Price and EPS Surprise
Avangrid, Inc. price-eps-surprise | Avangrid, Inc. Quote
Earnings ESP: The company’s Earnings ESP is -34.12%.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, AVANGRID carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Stocks to Consider
Here are a few players from the same industry that have the right combination of elements to come up with an earnings beat this reporting cycle.
Fortis (FTS - Free Report) is likely to come up with an earnings beat when it reports third-quarter results on Oct 27, after market close. It has an Earnings ESP of +1.4% and a Zacks Rank #2 at present.
FTS’s long-term (three to five years) earnings growth rate is 5.01%. It delivered an average earnings surprise of 4.5% in the last four quarters.
Entergy (ETR - Free Report) is expected to come up with an earnings beat when it reports third-quarter results on Nov 1, before market open. It has an Earnings ESP of +3.03% and a Zacks Rank #3 at present.
ETR’s long-term earnings growth rate is 5.83%. It delivered an average earnings surprise of 3.4% in the last four quarters.
Pinnacle West Capital Corp. (PNW - Free Report) is likely to report an earnings beat when it announces third-quarter results on Nov 2, before market open. It has an Earnings ESP of +3.12% and a Zacks Rank #2 at present.
PNW’s long-term earnings growth rate is 5.55%. The Zacks Consensus Estimate for earnings is pegged at $3.12 per share, indicating a year-over-year increase of 8.3%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.