Avangrid (AGR) Misses Q1 EPS by 2c, Beats on Revenues; Affirms FY18 EPS Mid-Point Outlook Below Consensus

Avangrid (NYSE: AGR) reported Q1 EPS of $0.78, $0.02 worse than the analyst estimate of $0.80. Revenue for the quarter came in at $1.87 billion versus the consensus estimate of $1.74 billion.

• 1Q ’18 consolidated U.S. GAAP net income of $244 million, or $0.79 per share; consolidated non-U.S. GAAP adjusted net income of $243 million, or $0.78 per share
• Affirms 2018 earnings outlook of $2.16-$2.46 on a U.S. GAAP basis and $2.22-$2.50 on a non-U.S. GAAP adjusted basis
• Additional renewables mega-watts (MW) operating in 1Q ’18; 534 MW of wind, 56 MW of solar
• Completed the sale of the Gas Trading business; sale of Gas Storage business expected to be completed in May ’18
• New England Clean Energy Connect (NECEC) transmission project selected in the Massachusetts 83D clean energy request for proposal (RFP)

GUIDANCE:

Avangrid sees FY2018 EPS of $2.22-$2.50, versus the consensus of $2.39.

For earnings history and earnings-related data on Avangrid (AGR) click here.

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