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Avangrid Q2 earnings miss estimate by wide margin

's second-quarter 2016adjusted net income of $100 million, or 32 cents per share, missed the S&PCapital IQ normalized EPS consensus estimate of 46 cents, results released July18 showed.

Second-quarteradjusted net income was up, however, from $31 million, or 10 cents per share,in the comparable quarter of 2015. Avangrid was after Iberdrola USA Inc. acquiredUIL Holdings Corp.

On a GAAP basis,Avangrid's second-quarter 2016 net income of $102 million, or 33 cents pershare, compared to $11 million, or 4 cents per share, in the same quarter of2015.

The company'srenewables segment contributed $41 million, or 13 cents per share, toward theresult while the networks business segment contributed $79 million, or 25 centsper share.

Avangrid booked $322 million in second-quarter operatingincome on revenues of $1.44 billion. This would compare to an operating incomeof $73 million on revenues of $939 million during the second quarter of 2015.

The company continues to target 2016 consolidated EPS of $2.10 to $2.20. Avangridwill discuss its second-quarter results in a webcast scheduled for 10 a.m. ETon July 19.

Former Mexicanpresident joins Avangrid board

In separate news, Avangrid said it had elected formerMexican President Felipe de Jesús Calderón Hinojosa to its board. Calderón is joinedwith Elizabeth Timm, who was also elected as an independent director after thecompany increased its board size by two to 14.

Calderón served as Mexico's 56th president from 2006 to 2012and currently serves as the chair of The Global Commission on the Economy andClimate. "President Calderón was selected to serve on the Board because ofhis extensive leadership, governmental relations and economic developmentexperience," Avangrid said in a Form 8-K filed July 19.