April 23, 2018

Avangrid posts 4Q red ink

Avangrid, which owns United Illuminating and two natural gas utilities serving Connecticut, said Monday that its net income fell into the red in the fourth quarter, largely because of higher expenses.

The Orange-based utility parent reported a net loss of $77 million, or a loss of 25 cents per diluted share, during the three months ended Dec. 31. That was down from a profit of $209 million, or 67 cents per share, in the fourth quarter of 2016.

Revenue for the recent quarter totaled $1.53 billion, up from $1.49 billion a year ago.

The largest increase in operating expense for the quarter was a $642 million asset impairment charge, which was partially offset by a $438 million income tax benefit.

For the full year, Avangrid profited $381 million, or $1.23 per share, on revenue of $5.96 billion. That was down from a profit of $632 million, or $2.04 per share, in 2016.

The company also issued its 2018 outlook on Monday, projecting a net income range of $2.16 to $2.46 per share.

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