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AES Corp (AES) Q3 Earnings Beat Estimates, Revenues Miss
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AES Corporation’s (AES - Free Report) third-quarter 2018 adjusted earnings per share of 35 cents surpassed the Zacks Consensus Estimate of 29 cents by 20.7%. Moreover, the bottom line soared 52.2% from the year-ago period’s figure.
Barring one-time adjustments, the company delivered GAAP earnings of 15 cents in the reported quarter compared with 22 cents in the prior-year period.
Highlights of the Release
AES Corp generated total revenues of $2,837 million in the third quarter, up 5.3% year over year. However, the top line lagged the Zacks Consensus Estimate of $3,559 million by 20.3%.
Total cost of sales was $2,166 million in the third quarter, up 5.5% year over year. General and administrative expenses were $43 million, 17.3% lower than the year-ago quarter’s level of $52 million.
Operating income grew 4.8% year over year to $671 million.
Interest expenses in the quarter under review were $255 million, lower than $297 million in the year-earlier period.
The AES Corporation Price, Consensus and EPS Surprise
DTE Energy Company (DTE - Free Report) reported third-quarter 2018 operating earnings per share of $2.13, which outpaced the Zacks Consensus Estimate of $1.74 by 22.4%.
NextEra Energy (NEE - Free Report) posted third-quarter 2018 adjusted earnings of $2.18 per share, beating the Zacks Consensus Estimate of $2.17 by 0.46%.
American Electric Power (AEP - Free Report) released third-quarter 2018 operating earnings per share of $1.26, surpassing the Zacks Consensus Estimate of $1.23 by 2.4%.
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AES Corp (AES) Q3 Earnings Beat Estimates, Revenues Miss
AES Corporation’s (AES - Free Report) third-quarter 2018 adjusted earnings per share of 35 cents surpassed the Zacks Consensus Estimate of 29 cents by 20.7%. Moreover, the bottom line soared 52.2% from the year-ago period’s figure.
Barring one-time adjustments, the company delivered GAAP earnings of 15 cents in the reported quarter compared with 22 cents in the prior-year period.
Highlights of the Release
AES Corp generated total revenues of $2,837 million in the third quarter, up 5.3% year over year. However, the top line lagged the Zacks Consensus Estimate of $3,559 million by 20.3%.
Total cost of sales was $2,166 million in the third quarter, up 5.5% year over year. General and administrative expenses were $43 million, 17.3% lower than the year-ago quarter’s level of $52 million.
Operating income grew 4.8% year over year to $671 million.
Interest expenses in the quarter under review were $255 million, lower than $297 million in the year-earlier period.
The AES Corporation Price, Consensus and EPS Surprise
The AES Corporation Price, Consensus and EPS Surprise | The AES Corporation Quote
Financial Condition
AES Corp reported cash and cash equivalents of $1,187 million as of Sep 30, 2018 compared with $949 million as of Dec 31, 2017.
Non-recourse debt totaled $14,273 million as of Sep 30, 2018, up from $13,176 million as of Dec 31, 2017.
In the third quarter, cash from operating activities was $767 million compared with the year-ago period’s $739 million.
Total capital expenditure in the third quarter was $598 million, which came in above $464 million that the company incurred a year ago.
Guidance
For 2018, AES Corp reaffirmed its adjusted earnings per share outlook in the range of $1.15-$1.25.
Zacks Rank
AES Corp has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
DTE Energy Company (DTE - Free Report) reported third-quarter 2018 operating earnings per share of $2.13, which outpaced the Zacks Consensus Estimate of $1.74 by 22.4%.
NextEra Energy (NEE - Free Report) posted third-quarter 2018 adjusted earnings of $2.18 per share, beating the Zacks Consensus Estimate of $2.17 by 0.46%.
American Electric Power (AEP - Free Report) released third-quarter 2018 operating earnings per share of $1.26, surpassing the Zacks Consensus Estimate of $1.23 by 2.4%.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>