We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
AVANGRID's (AGR) Q2 Earnings and Revenues Beat Estimates
Read MoreHide Full Article
AVANGRID, Inc. (AGR - Free Report) reported second-quarter 2024 earnings of 49 cents per share, which surpassed the Zacks Consensus Estimate of 27 cents by 81.5%. The bottom line also increased 133.3% from the year-ago quarter’s figure of 21 cents.
Total Revenues
Operating revenues amounted to $1.92 billion, which beat the Zacks Consensus Estimate of $1.72 billion by 11.9%. The top line also increased 21.2% from $1.59 billion reported in the comparable period of 2023.
Operating expenses totaled $1.72 billion, up 17.9% from the year-ago quarter’s recorded number of $1.46 billion. This was due to an 11.4% increase in purchased power, natural gas and fuel used.
The operating income amounted to $201 million, up 59.5% from $126 million reported in the prior-year period.
The adjusted net income was $189 million, up 136.3% from $80 million recorded in the comparable period of 2023.
During the second quarter, AGR executed 578-megawatt (MW) onshore wind and solar power purchase agreements (PPA) and signed PPA for an existing 300 MW wind farm. Additionally, the company started to construct the Camino 57 MW solar farm, which is the first in California. The True North 321 MW solar farm is half completed, and Powell Creek 202 MW has its first set of solar panels installed.
AVANGRID also announced a deal to sell the offshore wind leasing area in Kitty Hawk North and received full Federal permission for the building of the New England Wind offshore wind projects.
Segmental Details
Networks’ adjusted net income was $152 million, up 100% from $76 million reported in the year-ago quarter.
Renewables’ net income was $70 million, up 1.5% from $69 million reported in the year-ago quarter.
Corporate and Others’ net loss was $54 million compared with a reported net loss of $60 million in the year-ago period.
PG&E Corporation (PCG - Free Report) is scheduled to report second-quarter results on Jul 25 before market open. The Zacks Consensus Estimate for second-quarter earnings is pegged at 30 cents per share, which suggests a year-over-year improvement of 30.4%.
The Zacks Consensus Estimate for PCG’s 2024 earnings stands at $1.35 per share, which implies a year-over-year improvement of 9.8%.
CMS Energy Corporation (CMS - Free Report) is scheduled to report second-quarter results on Jul 25 before market open. The Zacks Consensus Estimate for second-quarter earnings is pegged at 64 cents per share.
CMS’ long-term (three to five years) earnings growth rate is 7.6%. The Zacks Consensus Estimate for 2024 earnings is pegged at $3.33 per share, which calls for a year-over-year improvement of 7.1%.
DTE Energy Company (DTE - Free Report) is scheduled to report second-quarter results on Jul 25 before market open. The Zacks Consensus Estimate for second-quarter earnings is pegged at $1.19 per share, which suggests a year-over-year increase of 20.2%.
The Zacks Consensus Estimate for DTE’s 2024 earnings stands at $6.69 per share, which implies a year-over-year improvement of 16.8%.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
AVANGRID's (AGR) Q2 Earnings and Revenues Beat Estimates
AVANGRID, Inc. (AGR - Free Report) reported second-quarter 2024 earnings of 49 cents per share, which surpassed the Zacks Consensus Estimate of 27 cents by 81.5%. The bottom line also increased 133.3% from the year-ago quarter’s figure of 21 cents.
Total Revenues
Operating revenues amounted to $1.92 billion, which beat the Zacks Consensus Estimate of $1.72 billion by 11.9%. The top line also increased 21.2% from $1.59 billion reported in the comparable period of 2023.
Avangrid, Inc. Price, Consensus and EPS Surprise
Avangrid, Inc. price-consensus-eps-surprise-chart | Avangrid, Inc. Quote
Highlights of the Release
Operating expenses totaled $1.72 billion, up 17.9% from the year-ago quarter’s recorded number of $1.46 billion. This was due to an 11.4% increase in purchased power, natural gas and fuel used.
The operating income amounted to $201 million, up 59.5% from $126 million reported in the prior-year period.
The adjusted net income was $189 million, up 136.3% from $80 million recorded in the comparable period of 2023.
During the second quarter, AGR executed 578-megawatt (MW) onshore wind and solar power purchase agreements (PPA) and signed PPA for an existing 300 MW wind farm. Additionally, the company started to construct the Camino 57 MW solar farm, which is the first in California. The True North 321 MW solar farm is half completed, and Powell Creek 202 MW has its first set of solar panels installed.
AVANGRID also announced a deal to sell the offshore wind leasing area in Kitty Hawk North and received full Federal permission for the building of the New England Wind offshore wind projects.
Segmental Details
Networks’ adjusted net income was $152 million, up 100% from $76 million reported in the year-ago quarter.
Renewables’ net income was $70 million, up 1.5% from $69 million reported in the year-ago quarter.
Corporate and Others’ net loss was $54 million compared with a reported net loss of $60 million in the year-ago period.
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
PG&E Corporation (PCG - Free Report) is scheduled to report second-quarter results on Jul 25 before market open. The Zacks Consensus Estimate for second-quarter earnings is pegged at 30 cents per share, which suggests a year-over-year improvement of 30.4%.
The Zacks Consensus Estimate for PCG’s 2024 earnings stands at $1.35 per share, which implies a year-over-year improvement of 9.8%.
CMS Energy Corporation (CMS - Free Report) is scheduled to report second-quarter results on Jul 25 before market open. The Zacks Consensus Estimate for second-quarter earnings is pegged at 64 cents per share.
CMS’ long-term (three to five years) earnings growth rate is 7.6%. The Zacks Consensus Estimate for 2024 earnings is pegged at $3.33 per share, which calls for a year-over-year improvement of 7.1%.
DTE Energy Company (DTE - Free Report) is scheduled to report second-quarter results on Jul 25 before market open. The Zacks Consensus Estimate for second-quarter earnings is pegged at $1.19 per share, which suggests a year-over-year increase of 20.2%.
The Zacks Consensus Estimate for DTE’s 2024 earnings stands at $6.69 per share, which implies a year-over-year improvement of 16.8%.