The AES Corporation Post Mixed Results (NYSE: AES)
The AES Corporation (NYSE: AES) released financial results on Thursday morning that missed Wall Street earnings estimates, while beating revenue expectations.
The AES Corporation announced that its 3rd quarter net income fell to $397 million, or 14 cents per share, down from $440 million, or 28 cents per share, a year earlier.
Excluding special items, the company reported earnings of 20 cents per share.
Revenue rose to $4.15 billion, up from $3.65 billion a year earlier.
According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 26 cents per share, on revenue of $3.65 billion.
President and chief executive officer Paul Hanrahan said, “Operating performance improvements at our Asia generation businesses and at our Latin America utilities this quarter enabled us to deliver on the stronger demand in both markets. These favorable trends were partially offset, however, by lower margins at our U.S. merchant generation facilities, where we continue to see the impact of lower gas prices.”
The AES Corporation (AES) finished the previous trading day at $11.90 per share. The consensus price target of analysts covering the company's stock is $15.00 per share.
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