AES Reports Adjusted Earnings Per Share of $0.18 for Second Quarter 2012 and
AES Reports Adjusted Earnings Per Share of $0.18 for Second Quarter 2012 and $0.55 for First Half 2012; Reaffirms 2012 Earnings Per Share Guidance Range; Declares First Cash Dividend Since 1993 PDF Version
Second Quarter & First Half 2012 Results
First Half 2012 Adjusted Earnings Per Share up 4% over First Half 2011; reaffirmed full year 2012 guidance range for Earnings Per Share Second Quarter Adjusted Earnings Per Share decreased $0.11 to $0.18, driven by lower operating income in Chile and Brazil, partially offset by contributions of new businesses Second Quarter Diluted Earnings Per Share from Continuing Operations decreased $0.15 to $0.09, due to lower operating income and unrealized foreign currency and derivative losses Other Significant Announcements
Declared a quarterly cash dividend of $0.04 per share Repurchased more than 20 million shares for a total investment of $252 million since May 4, 2012 Completed the sale of its interests in wind assets in France for proceeds of $42 million Announced the sales of its interests in hydro, coal and wind assets in China for proceeds of approximately $134 million ARLINGTON, Va.--(BUSINESS WIRE)--Aug. 6, 2012-- The AES Corporation (NYSE: AES) today reported Adjusted Earnings Per Share (Adjusted EPS, a non-GAAP financial measure) of $0.18 for the second quarter of 2012 and $0.55 for the first half of 2012, in line with the Company’s expectations. The second quarter results were driven by lower plant availability in Chile and the final impact of the July 2011 tariff reset at Eletropaulo in Brazil, partially offset by the contributions of new businesses in the United States, Bulgaria, and Latin America. In addition, unfavorable movements in foreign exchange rates and a higher effective tax rate reduced results for the quarter.
“Despite facing some commodity and foreign exchange headwinds, we are taking all steps to meet our commitments and execute on our plan to unlock shareholder value,” said Andrés Gluski, AES President and Chief Executive Officer. “We have repurchased more than 20 million shares since May 2012 and the Board declared a quarterly dividend of $0.04 per share, the Company’s first cash dividend since 1993. We are exceeding our $50 million cost cutting target in 2012, with an expected savings of $65 million this year. In addition, we have announced or closed nine asset sales since September 2011, representing more than $930 million in proceeds at attractive valuations for shareholders.”
“Our second quarter results, although below last year’s levels, are broadly in line with our expectations. Our year-to-date results are on track, and accordingly, we are reaffirming our Adjusted EPS and Proportional Free Cash Flow guidance. During the second half of this year, our new businesses in the United States, Bulgaria and Latin America, cost cutting initiatives and results of our capital allocation strategy should result in earnings growth to meet our objectives for the year,” said Mary Wood, AES Interim Chief Financial Officer.
The AES Board of Directors declared the first quarterly cash dividend since 1993. The payment of