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Avangrid (AGR) to Report Q1 Earnings: What's in Store?

Avangrid, Inc. AGR is scheduled to release first-quarter 2024 results on Apr 23, after market close. The company delivered an earnings surprise of 3.19% in the last reported quarter.

Let’s discuss the factors likely to be reflected in the upcoming quarterly results.

Factors to Consider

Avangrid’s first-quarter earnings are likely to have benefited from new rates approved in its service territories in New York and Maine. The new onshore renewable installed capacity is also expected to have contributed to first-quarter bottom line.

However, still-high interest rates and higher depreciation expenses are likely to have a negative impact on the company’s first-quarter earnings.

Q1 Expectations

The Zacks Consensus Estimate for earnings is pegged at 70 cents per share, reflecting an increase of 7.7% in the past 30 days.

The Zacks Consensus Estimate for revenues is pinned at $2.51 billion, implying an improvement of 1.84% from the year-ago levels.

What Our Quantitative Model Predicts

Our proven model does not conclusively predict an earnings beat for Avangrid this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is not the case here, as you will see below.

Avangrid, Inc. Price and EPS Surprise

Avangrid, Inc. Price and EPS Surprise
Avangrid, Inc. Price and EPS Surprise

Avangrid, Inc. price-eps-surprise | Avangrid, Inc. Quote

ADVERTISEMENT

Earnings ESP: The company’s Earnings ESP is -8.13%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: Currently, the company carries a Zacks Rank #3.

Stocks to Consider

Investors can consider the following players from the same industry, as our model shows that these have the right combination of elements to beat on earnings this reporting cycle.

NextEra Energy NEE is likely to come up with an earnings beat when it reports first-quarter earnings on Apr 23. It has an Earnings ESP of +2.60% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

NEE’s long-term (three-to-five years) earnings growth rate is 8.18%. The Zacks Consensus Estimate for first-quarter 2024 earnings per share has moved up by 2.7% in the past 60 days.

Entergy Corporation ETR is likely to come up with an earnings beat when it reports first-quarter earnings on Apr 24. It has an Earnings ESP of +5.71% and a Zacks Rank #3 at present.

ETR’s long-term earnings growth rate is 7.01%. The Zacks Consensus Estimate for first-quarter 2024 earnings per share has moved up by 5.3% in the past 60 days.

PPL Corporation PPL is likely to pull off an earnings beat when it reports first-quarter 2024 earnings on May 1. It has an Earnings ESP of +0.98% and a Zacks Rank #3 at present.

PPL’ s long-term earnings growth rate is 6.5%. The Zacks Consensus Estimate for first-quarter 2024 earnings per share has moved up by 2% in the past 60 days.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

PPL Corporation (PPL) : Free Stock Analysis Report

NextEra Energy, Inc. (NEE) : Free Stock Analysis Report

Entergy Corporation (ETR) : Free Stock Analysis Report

Avangrid, Inc. (AGR) : Free Stock Analysis Report

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Zacks Investment Research