ORANGE, Conn. (AP) _ Avangrid Inc. (AGR) on Tuesday reported second-quarter profit of $88 million.
The Orange, Connecticut-based company said it had net income of 28 cents per share. Earnings, adjusted for one-time gains and costs, were 32 cents per share.
The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share.
The diversified energy and utility company posted revenue of $1.39 billion in the period, which also missed Street forecasts. Three analysts surveyed by Zacks expected $1.45 billion.
Avangrid shares have fallen 7.5% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $47.34, a drop of 3% in the last 12 months.