The AES Corporation Matches Earnings Estimates; 2014 Looking Strong
The AES Corporation reported Q4 2013 earnings today, missing on top-line expectations but matching on the bottom.
Revenue for Q4 clocked in at $3.8 billion , significantly below analyst estimates of $5.45 billion. But on the bottom, AES pulled through with adjusted earnings per share of $0.29, exactly matching analyst expectations.
For 2013 overall, the international utility achieved or exceeded guidance on all metrics, an accomplishment that AES President and CEO Andrés Gluski says is no fluke:
In 2013, we achieved our key operational and financial goals and made significant progress on executing our strategy. We lowered our global administrative expenses by another $53 million, bought back 25 million shares for $321 million and allocated $464 million for Corporate debt reduction. At the same time, to drive long-term growth, we started construction on two new platform expansion projects totaling 1,851 MW, Alto Maipo and OPGC II, both of which will come on-line in 2018.
The two projects are based in Chile and India, and coincided with $497 million of announced or closed asset sales as the company reorients its investments toward more strategic investments.
Looking ahead, AES announced a fiscal 2014 guidance range between $1.30 and $1.38 in EPS, up from 2013's last range of $1.24 to $1.32 and its actual earnings of $1.29.
The article The AES Corporation Matches Earnings Estimates; 2014 Looking Strong originally appeared on Fool.com.Justin Loiseau and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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