AES Corp. (AES) reported that its third-quarter net income attributable to the company was $185 million or $0.28 per share, compared to $145 million or $0.22 per share in the same quarter last year.
Adjusted earnings per share for the quarter declined to $0.26, from $0.31 in the prior year quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter were $3.838 billion, compared to $4.319 billion in the prior year quarter.
The company raised its 2009 adjusted earnings per share guidance to a range of $1.07 - $1.11 per share, from the prior range of $1.05 - $1.10 per share. Analysts expect the company to report earnings of $1.10 per share for fiscal 2009. The company also raised 2009 earnings per share from continuing operations to a range of $1.20 - $1.24 per share, from the prior range of $1.15-$1.20 per share.
In a separate press release, the company announced a binding stock purchase agreement with a wholly-owned investment subsidiary of China Investment Corporation or CIC to raise $1.58 billion of new equity to fund growth opportunities and extend its global leadership in the power sector. At close, CIC will acquire 125.5 million shares of AES stock for $12.60 per share for an approximate 15% stake in the company. AES also announced the signing of a letter of intent with CIC to raise an additional $571 million of equity for an approximate 35% interest in its wind generation business.
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