Orange-based electric-gas utility Avangrid Inc. late Tuesday said its second-quarter profits climbed 2.8 percent, but it missed its revenue target due to a lack of wind energy storage creating uncertainty in terms of price and supply.
For the April-June period, Avangrid, parent of United Illuminating and Connecticut Natural Gas, posted net income of $110 million, or 36 cents a diluted, up from $107 million, or 35 cents, recorded in the second quarter of 2018.
Operating revenue, meantime, fell slightly to $1.4 billion, while operating expenses rose narrowly to $1.1 billion.
Avangrid’s second-quarter earnings missed Wall Street estimates of 40 cents a share, according to average forecasts from Zacks Investment Research.
“Earnings for the quarter and first half of 2019 were below our expectations due to the lower wind, and higher non-deferrable minor storms and staging costs,” said Avangrid CEO James P. Torgerson. “We are implementing our Forward 2020+ Mid Period initiatives to help mitigate the impact of these items.”
Avangrid again revised downward its 2019 earnings outlook to a range of $2.25 to $2.35 per share.
The energy company says it has approximately $33 billion in assets and operations in 24 U.S. states. It serves more than 3.2 million customers in New York and New England.
