AES Corp (AES) Q3 Earnings Beat Estimates, Revenues Down Y/Y
Zacks Investment Research | Nov 05, 2019 10:58PM ET
AES Corporation’s (NYSE:AES) third-quarter 2019 adjusted earnings of 48 cents per share surpassed the Zacks Consensus Estimate of 40 cents by 20%. Moreover, earnings grew 37.1% from the year-ago quarter’s 35 cents per share.
Barring one-time adjustments, the company delivered GAAP earnings of 32 cents per share in the reported quarter compared with 15 cents in the prior-year period.
Highlights of the Release
AES Corp generated total revenues of $2,625 million in the third quarter, down 7.5% year over year. The top line also lagged the Zacks Consensus Estimate of $2,966 million by 11.5%.
Total cost of sales was $1,924 million in the third quarter, down 11.2% year over year. General and administrative expenses were $41 million, 4.7% lower than the year-ago quarter’s $43 million.
Operating income stood at $701 million, up 4.5% from $671 million in the year-ago period.
Interest expenses summed $250 million, down 2% from $255 million in the year-earlier period.
Highlights of the Quarter
AES Corp signed 921 MW of new PPAs during the third quarter of 2019, for a total of 1.9 GW year to date. The company formed a 10-year strategic alliance with Google (NASDAQ:GOOGL) to develop and implement solutions to enable broad adoption of clean energy. It also received approval from the government of Vietnam to develop the 2.2 GW Son My 2 CCGT.
Financial Condition
AES Corp reported cash and cash equivalents of $1,145 million as of Sep 30, 2019, compared with $1,166 million as of Dec 31, 2018.
Non-recourse debt totaled $14,323 million as of Sep 30, 2019, up from $13,986 million as of Dec 31, 2018.
In the third quarter of 2019, cash from operating activities was $761 million compared with the year-ago quarter’s $767 million.
Total capital expenditures during the third quarter amounted to $558 million, which decreased from $598 million incurred in the year-ago quarter.
The AES Corporation Price, Consensus and EPS Surprise
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