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AES Corp (AES) Beats on Q1 Earnings, Cost of Sales Up Y/Y

Zacks Equity Research
Updated

The AES Corporation’s AES first-quarter 2018 adjusted earnings per share of28 cents surpassed the Zacks Consensus Estimate of 25 cents by 12%. Moreover, the bottom line improved 64.7% from the year-ago period’s figure of 17 cents.

Barring one-time adjustments, the company reported earnings of $1.03 in the first quarter as against the year-ago period’s loss of 4 cents.

 

The AES Corporation Price, Consensus and EPS Surprise

 

The AES Corporation Price, Consensus and EPS Surprise | The AES Corporation Quote

 

Highlights of the Release

AES Corp generated total revenues of $2,740 million in the first quarter, up 6.2% year over year. The top line however missed the Zacks Consensus Estimate of $3,446 million by 0.5%.

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Total cost of sales was $2,084 million in the first quarter, up 3% year over year. General and administrative expenses were $56 million, 3.7% higher than the year-ago quarter’s level of $54 million.

Operating income was up 17.8% year-over-year to $656 million.

Interest expenses in the quarter were $281 million, down from $287 million in the year-ago quarter.

Financial Condition

AES Corp reported cash and cash equivalents of $1,212 million as of Mar 31, 2018 compared with $949 million as of Dec 31, 2017. Non-recourse debt totaled $13,601 million as of Mar 31, 2018,up from $13,176 million as of Dec 31, 2017.

In the first quarter, cash from operating activities was $515 million compared with the year-ago quarter’s figure of $708 million.

Total capital expenditure in first quarter was $495 million, higher than $474 million a year ago.

Guidance

For 2018, AES Corp reaffirmed its adjusted earnings per share guidance in the range of $1.15-$1.25.

Zacks Rank

AES Corp has a Zacks Rank #3 (Hold).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Utility Releases

CenterPoint Energy, Inc. CNP reported first-quarter 2018 adjusted earnings of 55 cents per share, which beat the Zacks Consensus Estimate of 44 cents by 25%.

Consolidated Edison Inc. ED reported first-quarter 2018 earnings of $1.37 per share, which surpassed the Zacks Consensus Estimate of $1.33 by 3%.

PG&E Corporation PCG reported adjusted operating earnings per share of 91 cents in first-quarter 2018, which missed the Zacks Consensus Estimate of $1.03 by 11.7%.

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CenterPoint Energy, Inc. (CNP) : Free Stock Analysis Report
 
Consolidated Edison Inc (ED) : Free Stock Analysis Report
 
The AES Corporation (AES) : Free Stock Analysis Report
 
Pacific Gas & Electric Co. (PCG) : Free Stock Analysis Report
 
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