Avangrid Q3 Earnings Beat Estimates, Revenues Increase Y/Y

Avangrid, Inc. AGR reported third-quarter 2024 earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 33 cents by 66.7%. The bottom line also increased 104% from the year-ago figure of 27 cents.Total RevenuesOperating revenues amounted to $2.08 billion, which beat the Zacks Consensus Estimate of $2.01 billion by 3.7%. The top line also increased 5.5% from $1.97 billion reported in the comparable period of 2023. Avangrid, Inc. Price, Consensus and EPS Surprise Avangrid, Inc. price-consensus-eps-surprise-chart | Avangrid, Inc. QuoteHighlights of the ReleaseOperating expenses totaled $1.83 billion, down 3.1% from the year-ago recorded number of $1.89 billion. This was due to a decrease in purchased power, natural gas and fuel used and lower operation and maintenance expenses.The operating income amounted to $254 million, up 185% from $89 million reported a year ago.The adjusted net income was $211 million, up 101% from $105 million recorded in the comparable period of 2023.In the third quarter, the business completed installing modules at the True North, a 238 MW clean energy solar project in Texas and started work on the Camino, a 57 MW solar farm, which is the company's first solar farm in California.The Commonwealth of Massachusetts awarded Avangrid’s New England Wind 1 offshore wind project 791 MW in the multi-state regional offshore wind solicitation.  AGR was awarded a $425 million Federal capacity contract in connection with its upcoming transmission request for proposal bid in Maine, one of the largest Federal investments in energy development in the state’s history.Segmental DetailsNetworks’ adjusted net income was $161 million, up 75% from $92 million reported in the year-ago quarter. This was due to the execution of existing rate plans in New York and Maine.Renewables’ adjusted net income was $93 million compared with $9 million a year ago. This was due to strong balancing resource performance and increased pricing, partially offset by increased depreciation expense and lower production.Corporate and Others’ net loss was $48 million compared with a reported net loss of $43 million in the year-ago quarter.AGR’s Zacks RankThe company currently carries a Zacks Rank #3 (Hold).  You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Upcoming ReleasesExelon Corporation EXC is scheduled to report third-quarter results on Oct. 30, before market open. The Zacks Consensus Estimate for earnings is pegged at 68 cents per share, which suggests a year-over-year improvement of 1.5%.EXC’s long-term (three to five years) earnings growth rate is 5.66%. The Zacks Consensus Estimate for 2024 earnings is pegged at $2.45 per share, which calls for a year-over-year improvement of 2.9%.NiSource NI is scheduled to report third-quarter results on Oct. 30, before market open. The Zacks Consensus Estimate for earnings is pegged at 15 cents per share.NI’s long-term earnings growth rate is 6.95%. The Zacks Consensus Estimate for 2024 earnings is pegged at $1.72 per share, which calls for a year-over-year improvement of 7.5%.Xcel Energy XEL is scheduled to report third-quarter results on Oct. 31, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.31 per share, which suggests a year-over-year increase of 6.5%.XEL’s long-term earnings growth rate is 6.39%. The Zacks Consensus Estimate for 2024 earnings is pinned at $3.55 per share, which implies a year-over-year improvement of 6%. Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Exelon Corporation (EXC): Free Stock Analysis Report Xcel Energy Inc. (XEL): Free Stock Analysis Report NiSource, Inc (NI): Free Stock Analysis Report Avangrid, Inc. (AGR): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks