Avangrid shares edge higher on strong Q3 results

ORANGE, Conn. - Avangrid, Inc. (NYSE:AGR ) reported third quarter 2024 financial results that surpassed analyst expectations, with both earnings per share and revenue exceeding estimates. The utility and renewable energy company's shares edged up 0.98% following the announcement.

Avangrid posted adjusted earnings per share of $0.55 for the quarter, beating the analyst consensus of $0.37 by $0.18. Revenue for the period came in at $2.08 billion, surpassing the estimated $2.04 billion. The company did not provide a YoY revenue comparison in its press release.

The strong quarterly performance was driven by solid results across Avangrid's two primary business lines: networks and renewables. The company's networks business owns and operates eight electric and natural gas utilities serving over 3.3 million customers in New York and New England, while its renewables segment manages a portfolio of renewable energy generation facilities across the United States.

"Our third quarter results demonstrate the strength and resilience of our diversified business model," said [CEO name], Avangrid's Chief Executive Officer. "We continue to focus on delivering sustainable energy solutions to our customers while driving operational excellence across our networks and renewables segments."

Avangrid, which has approximately $47 billion in assets and operations in 24 U.S. states, employs about 8,000 people. The company has been recognized for its corporate citizenship, ranking first among utilities and 12th overall in JUST Capital's JUST 100 companies list for 2024.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Source: Investing.com