ORANGE, Conn. (AP) — ORANGE, Conn. (AP) — Avangrid Inc. (AGR) on Tuesday reported first-quarter net income of $245 million.
On a per-share basis, the Orange, Connecticut-based company said it had net income of 63 cents. Earnings, adjusted for non-recurring costs, were 64 cents per share.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 76 cents per share.
The diversified energy and utility company posted revenue of $2.47 billion in the period, beating Street forecasts. Four analysts surveyed by Zacks expected $2.26 billion.
Avangrid shares have decreased slightly more than 4% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $41.12, a decline of 12% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AGR at https://www.zacks.com/ap/AGR
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