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AES Slips To Loss In Q4; Sees 2020 Adj. EPS In Line With View

AES Corp.(AES) reported that its fourth-quarter loss attributable to the company was $78 million or $0.12 per share compared to net income of $128 million or $0.19 per share in the previous year.

Adjusted earnings per share were $302 million or $0.35 per share, compared to $315 million or $0.36 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.33 per share. Analysts' estimates typically exclude special items.

Total revenue for the quarter was $2.43 billion down from $2.62 billion in the prior year. Analysts expected revenues of $2.86 billion.

The company said it is accelerating its decarbonization goals for the company and will aim to reduce its coal-fired generation to below 30% of total MWh by year-end 2020 and to less than 10% by 2030.

The company said that it will participate in the proposed $500 million equity raise at AES Gener, by investing $335 million.

The company has initiated 2020 guidance for adjusted earnings per share of $1.40 to $1.48, compared to 2019 adjusted earnings per share of $1.36. Analysts expect annual earnings of $1.44 per share.

The company reaffirmed its average annual growth rate target of 7% to 9% through 2022 for both adjusted earnings per share and Parent Free Cash Flow, from a 2018 base.

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