Avangrid Q3 Earnings Beat Estimates, Revenues Increase Y/Y

Core Insights - Avangrid, Inc. (AGR) reported third-quarter 2024 earnings of 55 cents per share, exceeding the Zacks Consensus Estimate of 33 cents by 66.7% and marking a 104% increase from the previous year's figure of 27 cents [1] - Total operating revenues reached $2.08 billion, surpassing the Zacks Consensus Estimate of $2.01 billion by 3.7% and reflecting a 5.5% increase from $1.97 billion in the same period of 2023 [2] Financial Performance - Operating expenses totaled $1.83 billion, down 3.1% from $1.89 billion a year ago, attributed to lower costs in purchased power, natural gas, fuel, and operation and maintenance [3] - Operating income was $254 million, up 185% from $89 million reported a year earlier [3] - Adjusted net income reached $211 million, a 101% increase from $105 million in the comparable period of 2023 [3] Project Developments - The company completed the installation of modules at the True North solar project (238 MW) in Texas and initiated work on the Camino solar farm (57 MW) in California, marking its first solar project in the state [3] - Avangrid's New England Wind 1 offshore wind project was awarded 791 MW in a multi-state regional offshore wind solicitation by the Commonwealth of Massachusetts [4] - The company secured a $425 million Federal capacity contract related to its upcoming transmission request for proposal bid in Maine, representing one of the largest Federal investments in energy development in the state's history [4] Segment Performance - Networks' adjusted net income was $161 million, up 75% from $92 million in the year-ago quarter, driven by the execution of existing rate plans in New York and Maine [5] - Renewables' adjusted net income increased to $93 million from $9 million a year ago, supported by strong balancing resource performance and increased pricing, despite higher depreciation expenses and lower production [5] - Corporate and Others segment reported a net loss of $48 million, compared to a net loss of $43 million in the previous year [5]