October 26, 2018

Avangrid 3Q earnings climb 26%

PHOTO | Contributed
PHOTO | Contributed
A work crew installs a section pipeline that will carry natural gas from Waterbury and Wallingford.

Orange-based electric-gas utility parent Avangrid said its third-quarter earnings rose 26.2 percent thanks to growth in its renewables business.

Avangrid, which owns United Illuminating and two natural gas utilities serving Connecticut, posted net income of $125 million, or 40 cents a diluted shared, vs. $99 million, or 32 cents a diluted share, recorded in the third quarter last year.

For the quarter, revenues for Avangrid Renewables Holdings rose 33 percent to $20 million and Avangrid Networks netted $96 million, down 7.6 percent compared to $104 million in the year-ago period.

The third quarter uptick represents a major boost for Avangrid, which suffered earnings setbacks in recent quarters.

For the year, Avangrid said its consolidated net income was $476 million, or $1.54 a diluted share, up almost 4 percent compared to $458 million, or $1.48 a diluted share, it posted a year ago.

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