Avangrid to Release Q3 Earnings: Here's What You Need to Know

Core Viewpoint - Avangrid, Inc. is set to release its third-quarter 2024 results on October 22, with expectations of a positive earnings report following an earnings surprise of 81.5% in the previous quarter [1] Factors to Consider - The upcoming earnings are expected to benefit from a new data analytics method implemented at New York State Electric & Gas and Rochester Gas and Electric, enhancing service reliability and reducing costs associated with tree removal [2] - The True North solar plant in Falls County, TX, which began generating electricity in July 2024 with a capacity of 20 megawatts (MW), is anticipated to positively impact the quarterly results [2] - The commissioning of 10 Vineyard Wind 1 turbines, producing 136 MW, at the end of Q2 2024 is likely to contribute positively to earnings for the third quarter [2] - However, power outages caused by hurricanes in New York, Connecticut, and Maine may negatively affect the quarterly results [2] Q3 Expectations - The Zacks Consensus Estimate for earnings is projected at 33 cents per share, reflecting a year-over-year increase of 22.2% [3] - The Zacks Consensus Estimate for revenues is set at $2.01 billion, indicating a year-over-year improvement of 1.7% [3] Quantitative Model Predictions - The current model does not predict a definitive earnings beat for Avangrid, as the Earnings ESP stands at 0.00% and the company holds a Zacks Rank of 3 (Hold) [4]