Avangrid (NYSE: AGR) reported Q2 EPS of $0.32, $0.02 worse than the analyst estimate of $0.34. Revenue for the quarter came in at $1.39 billion versus the consensus estimate of $1.45 billion.

“I am excited and honored to join AVANGRID,” commented Dennis V. Arriola, chief executive officer of AVANGRID. “The Company has enormous potential to be a leader in this critical moment of transformational change in the energy sector and has an experienced team with strong Networks and Renewables business platforms.”

“The Company will continue to focus on improving operating results,” continued Arriola. “One of my top priorities is to take a deep dive into our financial outlook for 2020 and beyond. As a result, our previous financial projections are under review and we will provide an updated 2020 outlook by our Investor Day in November.”

“Our ability to execute during these challenging times is demonstrated by our significant business achievements during the quarter. We continue to be keenly focused on employee and customer health and safety as we reliably operate across our Networks and Renewables businesses during this global pandemic,” said Douglas Stuver, senior vice president - chief financial officer of AVANGRID. “Networks reached a Joint Proposal in New York in June, which will increase infrastructure-related capital investments and funding for vegetation management, improve outage restoration cost recovery and includes many customer benefits. During the quarter, NECEC received key regulatory approvals from the Maine Department of Environmental Protection and ISO-New England. In Renewables, in addition to our 158 MW Otter Creek wind project in service in March, 827 MW of wind and repowering projects remain on track for in-service by year-end. All three of our offshore wind projects achieved relevant milestones, and we executed a new PPA for 201 MW.”

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