The AES Corp. (AES) reaffirmed its full year 2013 guidance and provided preliminary adjusted earnings per share results of $0.25-$0.27 for first quarter 2013, a decline of $0.10 to $0.12 from first quarter 2012. The company said the decline was primarily driven by a one-time $0.06 arbitration settlement at Cartagena in Spain recorded in the first quarter of 2012, the impact of low hydrology in Panama and Brazil totaling $0.03, and unfavorable movements in foreign currency exchange rates, predominantly the Brazilian Real. First-quarter profit per share from continuing operations decreased to $0.13 to $0.15, a decline of $0.29 to $0.31. The decrease was also due to a $0.14 gain on the sale of Cartagena in Spain recorded in the first quarter of 2012, which was excluded from adjusted profit per share.
Analysts polled by Thomson Reuters expect the company to report profit of $0.32 per share for the quarter. Analysts' estimates typically exclude special items.
The company reaffirmed its full year 2013 guidance for adjusted profit per share in the range of $1.24-$1.32. The guidance includes the impact of the tariff reset implemented in April 2013 at AES Sul in Brazil. Analysts expect the company to report fiscal 2013 profit per share of $1.28.
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