ORANGE, Conn. (AP) _ Avangrid Inc. (AGR) on Tuesday reported third-quarter net income of $150 million.
On a per-share basis, the Orange, Connecticut-based company said it had profit of 48 cents. Earnings, adjusted for one-time gains and costs, came to 40 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share.
The diversified energy and utility company posted revenue of $1.49 billion in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $1.55 billion.
Avangrid expects full-year earnings in the range of $2.25 to $2.35 per share.
Avangrid shares have fallen slightly since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $49.99, an increase of 5% in the last 12 months.