Power generation and distribution firm AES Corp. (AES) reported a plunge in first-quarter net income attributable to the company to $82 million, or $0.11 a share, from $341 million, or $0.44 a share in the year-ago quarter.
On a non-GAAP basis, earnings per share stood at $0.26 for the recent quarter, down compared with the prior year's $0.37, driven mainly by a $0.06 one-time arbitration settlement at Cartagena in Spain recorded in first quarter 2012, the $0.03 impact of low hydrology in Latin America and unfavorable movements in foreign currency exchange rates. On average, 5 analysts polled by Thomson Reuters expected earnings per share of $0.28 for the quarter. Analysts' estimates typically exclude one-time items.
The firm clocked total revenue of $4.27 billion in the period, versus $4.59 billion a year earlier. Analysts estimated revenues of $4.62 billion for the quarter.
In addition, the company confirmed its 2013 guidance, still expecting adjusted earnings per share in the range of $1.24 to $1.32, while 10 analysts project annual earnings of $1.28 a share.
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