New Haven energy utility Avangrid saw profits more than double in the third quarter compared with the same period a year ago, based largely on higher wind production.
Avangrid boosted its profits to $109 million for its third quarter, or 35 cents per diluted share, compared with $54 million, or 22 cents per diluted share, for the same period a year ago, the company reported Tuesday.
Revenues totaled $1.4 billion in the third quarter, up from nearly $1.05 for the same period in 2015.
“Our financial performance in 2016 to date has been significantly better than last year,” said James P. Torgerson, chief executive officer. “This reflects solid earnings in the underlying networks and renewables businesses, in part due to the results of our rate settlement in New York, and from higher wind production and the extension of the useful life of certain wind assets.”
Despite the strong performance, the company is revising its earnings outlook for 2016 to $1.95 to $2.05 per share, compared to the previously reported estimate of $2.10 to $2.20 per share, primarily because expectations assuming normal wind and weather and the timely extension of leases for its wind farms have not yet fully materialized, Torgerson said.
