ORANGE, Conn. - Avangrid, Inc. (NYSE:AGR) reported its financial results for the first quarter of 2024, revealing mixed outcomes. In aftermarket trading, the stock was down 0.08%.
The sustainable energy company announced an adjusted earnings per share (EPS) of $0.88, surpassing the analyst estimate of $0.69. However, revenue fell short of expectations, coming in at $2.42 billion against the consensus estimate of $2.54 billion.
The company's performance in terms of EPS represents a notable improvement from analyst projections, with a $0.19 advantage per share. Despite the revenue shortfall, the reported figure still marks a significant milestone for Avangrid, although the comparison to the same quarter last year was not provided in the press release.
Looking ahead, Avangrid provided guidance for the full fiscal year 2024, projecting an EPS range of $2.17 to $2.32. The midpoint of this guidance, $2.245, is slightly below the analyst consensus of $2.25, suggesting a cautious outlook from the company.
Avangrid's CEO commented on the results, highlighting the company's commitment to delivering sustainable energy solutions and the strategic steps being taken to achieve long-term growth. The CEO's statement reflects the company's focus on maintaining its position as a leading sustainable energy company in the United States.
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