AES Corp. (AES) third-quarter earnings
THE TAKE: Arlington-based AES Corp. reported adjusted earnings per share of 36 cents for the third quarter of 2012 and 91 cents for the first nine months of 2012, in line with the company’s expectations. The company said third-quarter results were driven by the contributions of new businesses in the U.S. and Latin America, reduced expenses and a lower share count. These positive drivers, however, were partially offset by unfavorable movements in foreign exchange rates.
Revenue: Increased by $280 million to $4.6 billion in the third quarter.
Consolidated cash flow from operating activities: Decreased by $121 million to $1 billion.
Diluted EPS from continuing operations: Decreased by $2.01 per share to a loss of $2.10 per share.
Adjusted EPS: Increased by 8 cents to 36 cents per share.
THE COMPANY’S TAKE: “We continue to take important steps to better align the organization with our strategic goals. We recently announced a reorganization of the company that will streamline how we work and decrease our company-wide overhead. As a result, we have increased our overhead cost savings target by $45 million to $145 million annually by 2014 from our starting point in 2011,” said Andrés Gluski, AES President and Chief Executive Officer. “
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