The AES Corporation’s (NYSE:AES) first-quarter 2018 adjusted earnings per share of28 cents surpassed the Zacks Consensus Estimate of 25 cents by 12%. Moreover, the bottom line improved 64.7% from the year-ago period’s figure of 17 cents.
Barring one-time adjustments, the company reported earnings of $1.03 in the first quarter as against the year-ago period’s loss of 4 cents.
Highlights of the Release
AES Corp generated total revenues of $2,740 million in the first quarter, up 6.2% year over year. The top line however missed the Zacks Consensus Estimate of $3,446 million by 0.5%.
Total cost of sales was $2,084 million in the first quarter, up 3% year over year. General and administrative expenses were $56 million, 3.7% higher than the year-ago quarter’s level of $54 million.
Operating income was up 17.8% year-over-year to $656 million.
Interest expenses in the quarter were $281 million, down from $287 million in the year-ago quarter.
Financial Condition
AES Corp reported cash and cash equivalents of $1,212 million as of Mar 31, 2018 compared with $949 million as of Dec 31, 2017. Non-recourse debt totaled $13,601 million as of Mar 31, 2018,up from $13,176 million as of Dec 31, 2017.
In the first quarter, cash from operating activities was $515 million compared with the year-ago quarter’s figure of $708 million.
Total capital expenditure in first quarter was $495 million, higher than $474 million a year ago.
Guidance
For 2018, AES Corp reaffirmed its adjusted earnings per share guidance in the range of $1.15-$1.25.
Zacks Rank
AES Corp has a Zacks Rank #3 (Hold).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
CenterPoint Energy, Inc. (NYSE:CNP) reported first-quarter 2018 adjusted earnings of 55 cents per share, which beat the Zacks Consensus Estimate of 44 cents by 25%.
Consolidated Edison Inc. (NYSE:ED) reported first-quarter 2018 earnings of $1.37 per share, which surpassed the Zacks Consensus Estimate of $1.33 by 3%.
PG&E Corporation (NYSE:PCG) reported adjusted operating earnings per share of 91 cents in first-quarter 2018, which missed the Zacks Consensus Estimate of $1.03 by 11.7%.
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CenterPoint Energy, Inc. (CNP): Free Stock Analysis Report
Consolidated Edison Inc (ED): Free Stock Analysis Report
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