ORANGE, Conn. (AP) _ Avangrid Inc. (AGR) on Tuesday reported first-quarter net income of $240 million.
The Orange, Connecticut-based company said it had net income of 78 cents per share. Earnings, adjusted for non-recurring gains, were 76 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 75 cents per share.
The diversified energy and utility company posted revenue of $1.79 billion in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $1.91 billion.
Avangrid expects full-year earnings in the range of $2.17 to $2.37 per share.
Avangrid shares have dropped 12% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $44.99, a decline of 12% in the last 12 months.