Orange-based utility parent Avangrid said it’s third-quarter profits dipped 9 percent, partly due to weaker results in its renewables business.
Avangrid, which assumed its name when Iberdrola acquired UIL Holdings in 2015, reported net income of $99 million, or 32 cents per share, down from $109 million, or 35 cents, for the same quarter last year.
Operating revenue declined more than 5 percent, from $1.42 billion to $1.34 billion. Operating expenses declined by $49 million, or 4.7 percent.
