Avangrid (AGR) Misses Q4 EPS by 2c

Avangrid (NYSE: AGR) reported Q4 EPS of $0.74, $0.02 worse than the analyst estimate of $0.76.

“We are disappointed with our financial results for what was ultimately a challenging year,” said James P. Torgerson, chief executive officer of AVANGRID. “As in recent years, continued low wind production impacted the results in our Renewables business. In our Networks business, outage restoration and staging costs and a penalty from a review of our 2018 storm response in New York negatively impacted our results. However, our accomplishments in 2019 position us well for the future. We reached significant milestones in rate cases, achieved key approvals for the New England Clean Energy Connect transmission project, commissioned 831 MW of Renewables’ projects, and our Park City Wind project was selected in Connecticut’s Offshore RFP.

“In 2020, we will continue executing on our long-term strategy, focusing on delivering growth in our Networks and Renewables businesses, developing strategic projects and continuous improvement efforts to drive innovation and efficiencies,” added Torgerson.

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

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