Search   Advanced Search
LATEST NEWS
 
 
News
 Latest Headlines
 Quick Facts
 Breaking News
 Top Stories
 Feature Articles
 Politics
 US Policy
 General
 Commodities
 Canadian
 UK
 Indian
 Wallstreet Events
 Slide Shows
 US Economic News
 European Economic News
 Asian Economic News
 All Economic News
 FX Top Stories
 Currency Alerts
 Mkt Sensitive News
 Politics
 European Mkt Updates
 Asian Mkt Updates
 Treasury Mkt Updates
 Pop
 Rock
 Classic Rock
 Rap/Hip-Hop
 Country
 Alternative
 Oldies
 Movie Reviews
 DVD Releases
 Box Office
 Slide Shows
 Business News
Commentary/Analysis
 Daily Market Analysis
 US Market Updates
 US Commentary
 Asian Commentary
 European Commentary
 Canadian Commentary
 Indian Commentary
 Sector/Market Trends
Stock Alerts
 Stocks To Watch
 Long Term Stocks
 Before the Bell
 $5 and Under
 After the Bell
 Intraday Updates
 IPOs
 Hot Stocks
Earnings Calendars
 Upcoming Earnings
 Latest Earnings
 Pos Pre Announcements
 Neg Pre Announcements
Corporate Calendars
 Stock Splits
 Stock Buybacks
 Dividends
 Conference Calls
 FDA Calendar
 Board Meetings
 Mergers & Acquisitions
Ratings Changes
 Upgrades
 Downgrades
 Coverage Initiations
 Coverage Reiterated
 All Videos
 Market Commentary
 Top Stories
 Economic News
 Political News
 Foreign Markets
 Corporate News
 Entertainment News
 Top Stories
 Earnings
 Mergers & Acquisitions
 Market Commentary
 Economic News
 IPOs and New Issues
 Corporate News
 Forex News
 Interviews
 Private Equity
Economic Calendar
RTT DeskAlert
CES 2010 Coverage 

Follow Us
RTTNews on Twitter RTTNews on Facebook RTTNews on MySpace RTTNews on YouTube


Font Down Font Up
AES Posts Higher Profit In Q3; Lifts FY09 Earnings Outlook; To Raise $1.58 Bln In New Capital
11/6/2009 12:36 PM ET

RELATED NEWS
AES Announces Commercial Operation Of 86 MW Power Plant In Cameroon - Quick Facts
AES Corporation To Sell Its Interests In Oman And Pakistan For $200 Million

Trade AES now with
(RTTNews) - Electric utility AES Corp. (AES: News ) said Friday that its third quarter profit increased from last year, helped by higher margins at generation businesses in Chile and in the Philippines. The company also said it will raise $1.58 billion in new equity by selling 15% stake to the Chinese government's investment division, China Investment Corp. Looking ahead, the company raised its earnings outlook for fiscal 2009.

Net income attributable to AES was $185 million or $0.28 per share for the third quarter, up from $145 million or $0.22 per share in the prior year quarter.

The Arlington, Virginia-based company posted net profit of $440 million, compared to $359 million in the third quarter of 2009.

Adjusted for mark-to-market, currency transaction and disposition/acquisition changes, earnings fell 16% to $0.26 per share from $0.31 per share in the previous year quarter.

On average, 3 analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share for the third quarter. Analysts' estimates typically exclude special items.

Consolidated gross profit for the quarter grew to $1.01 billion from $962 million a year earlier. Proportional gross profit fell to $555 million from $601 million, due to the unfavorable impact of foreign exchange rates, as well as lower volumes at the company's generation business in New York and its integrated utility in Indiana, IPL.

Third quarter revenues decreased to $3.84 billion from $4.32 billion in the same quarter last year, hurt by the strengthening of the U.S. Dollar relative to foreign currencies, and lower commodity input prices.
Paul Hanrahan, AES president and chief executive officer, said, "The strong quarterly performance was driven by higher margins at our generation businesses in Chile and in the Philippines. Contributions from these businesses helped us offset weak results at our North American operations which were negatively impacted by lower volumes."

Geographically, Latin America-Generation revenues dropped 16% to $1.01 billion, while revenue at the utility segment grew 4% to $1.67 billion.

North America-Generation generated $486 million in revenues, down 21% over a year ago, while Utilities brought in $266 million in the region, a 7.6% drop from the previous year.

Europe-Generation revenues declined 40% to $157 million. Revenue from Asia-Generation slipped 22% to $291 million.

In a separate development, AES said it has entered into a binding stock purchase agreement with a wholly-owned investment subsidiary of China Investment Corp. or CIC to raise $1.58 billion of new equity.

To receive FREE breaking news email alerts for The AES Corporation and others in your portfolio


 1   2   Next Page 


Share Article:   Del.icio.us    Digg    Y! My Web    Facebook    My Space

Email        Print           Follow Us RTTNews on Facebook RTTNews on MySpace RTTNews on YouTube

     
Top Stories
UDR Q4 FFO Declines; Guides FY10

Baidu Q4 Profit Up 48.2%; Guides Q1 Revenue Above Estimates

IMS Health Q4 Profit Declines 27%

CareFusion Q2 Profit Declines; Revises Up FY10 View - Update

Cerner Q4 Profit Declines, Yet Tops View - Update

Earnings
HNI Slips To Loss In Q4 - Update

Axia NetMedia Q2 Profit Declines - Quick Facts

RenaissanceRe Holdings Swings To Profit In Q4 - Update

Aspen Insurance Holdings Q4 Profit Surges, Tops View - Update

Gildan Activewear Q1 Profit Surges; Backs FY10 Outlook - Update

US Market Commentary
Stocks Post Strong Gains Amid Prospective Greece Bailout - U.S. Commentary

Stocks Hovering Near Highs In Mid-Afternoon Trading - U.S. Commentary

TSX Jumps On Greece Rescue Rumors

Stocks Building On Strong Gains In Early Afternoon Trading - U.S. Commentary

Stocks Give Back Ground But Remain Mostly Higher - U.S. Commentary

US Economic News
Reports: Germany Yet To Decide On Possible Aid Package To Greece

Bernanke Hearing Postponed Due To Weather

Wholesale Inventories Show Unexpected Decrease In December

Wholesale Inventories Fell 0.8% In December

Small Business Optimism Shows Slight Improvement In January

Political News
Obama: International Community Moving Quickly Towards Iran Sanctions

Obama Calls For Give And Take With GOP

EU Parliament Approves New European Commission

Rubio Endorsed By Conservative Leader In Florida Senate Primary

Washington Snowstorm Forces House To Cancel Votes For Rest Of Week




 
President Urges Congressional Leaders To Negotiate
02/09/10 05:23
Wall Street Bounces Back Tuesday
02/09/10 05:11
Stocks Sharply Higher In Mid-Day Trading
02/09/10 02:44
 

Today's Stocks to Watch
PSOF - Pansoft Company Limited
RBCN - RUBICON TECHNOLOGY,
NTUR.OB - Natural Blue Resources, Inc.
SNSS - Sunesis Pharmaceuticals Inc.
SITO.OB - Single Touch Systems Inc.
MKTX - MARKETAXESS HOLDINGS INC


Hopes of Diffusion of European Debt Crisis May Lead to Some Bargain Hunting
The major U.S. index futures are pointing to a higher opening on Tuesday, with European debt concerns receding following indications from European Commission officials that they may step in to save Greece from getting mired in the debt crisis. Commodity prices are extending their gains and this coupled with the oversold levels of the markets may support a bounce back. Given the fact that the wholesale inventories report to be released after the markets close is not market moving, the markets may derive support from hopes that the economic revival may not lose steam despite the surrounding uncertainty.
The Week In Washington  Lawmakers spent a busy week in Washington discussing the recently unveiled Fiscal Year 2011 budget, and the Democrats new jobs agenda

 

Copyright © 2010 RTTNews. All rights reserved. By using this site, you agree to the Terms of Service.

Feedback| Terms of Service| How To Use RTTNews.com| Advertise| Privacy| Buy Content | RSS