The AES Corporation (NYSE:AES) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
The AES Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 29.73% to $0.26 in the quarter versus EPS of $0.37 in the year-earlier quarter.
Revenue: Decreased 10.02% to $4.27 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: The AES Corporation reported adjusted EPS income of $0.26 per share. By that measure, the company missed the mean analyst estimate of $0.28. It missed the average revenue estimate of $4.62 billion.
Quoting Management: “We continue to execute on our strategy to drive shareholder value by simplifying our portfolio and reducing overhead, while expanding from existing platforms in our most competitive businesses,” said Andrés Gluski, AES President and Chief Executive Officer. “This quarter we closed the sale of three businesses and exited two more countries while also reducing general and administrative expenses $26 million from last year’s level. In Chile, construction began this quarter on the 532 MW Cochrane project, immediately adjacent to the 545 MW Angamos power plant we commissioned last year.”
Key Stats (on next page)…