AES Corporation’s (AES - Free Report) second-quarter 2018 adjusted earnings per share of 25 cents missed the Zacks Consensus Estimate of 28 cents by 10.7%. However, the bottom line remained flat with the year-ago period’s figure.
Barring one-time adjustments, the company delivered GAAP earnings of 15 cents in the reported quarter compared with 8 cents in the prior-year.
Highlights of the Release
AES Corp generated total revenues of $2,537 million in the second quarter, down 2.9% year over year. The top line also lagged the Zacks Consensus Estimate of $3,406 million by 25.5%.
Total cost of sales was $1,937 million in the second quarter, down 2.7% year over year. General and administrative expenses were $35 million, 28.6% lower than the year-ago quarter’s level of $49 million.
Operating income fell 3.7% year over year to $600 million.
Interest expenses in the quarter under review were $263 million, lower than $276 million in the year-earlier period.
The AES Corporation Price, Consensus and EPS Surprise
AES Corp reported cash and cash equivalents of $1,140 million as of Jun 30, 2018 compared with $949 million as of Dec 31, 2017.
Non-recourse debt totaled $14,230 million as of Jun 30, 2018, up from $13,176 million as of Dec 31, 2017.
In the second quarter, cash from operating activities was $399 million compared with the year-ago quarter’s $254 million.
Total capital expenditure in the second quarter was $499 million, which came in below $649 million recorded a year ago.
For 2018, AES Corp reaffirmed its adjusted earnings per share outlook in the range of $1.15-$1.25.
AES Corp has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
Xcel Energy (XEL - Free Report) recorded second-quarter 2018 operating earnings of 52 cents per share, beating the Zacks Consensus Estimate of 47 cents by 10.6%. Also, the bottom line was 15.6% higher than the year-ago quarter’s tally.
DTE Energy (DTE - Free Report) reported second-quarter 2018 operating earnings per share of $1.36, which outpaced the Zacks Consensus Estimate of $1.11 by 22.5%.
American Electric Power (AEP - Free Report) reported second-quarter 2018 adjusted earnings per share of $1.01, beating the Zacks Consensus Estimate of 88 cents by 14.8%.
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