Skip to main content
The Markets by Proactive
Go to Proactive Australia

Archive

AES Corp edge higher after sticking to 2020 earnings growth target despite sharply wider Q4 loss

The company reiterated its annual earnings growth target of 8%-10% through 2020

AES Corp (NYSE:AES) saw its shares edge slightly higher in pre-market trading after it stuck to its 2020 earnings growth target despite posting a sharply wider fourth-quarter loss.

In a statement, the power company unveiled a loss from its continuing operations of US$683mln, or US$1.03 a share, against a loss of compared with a loss of US$232mln, or 35 US cents a share, a year earlier.

READ: AES counting the cost of hurricanes Irma and Harvey

Excluding items, AES reported an adjusted profit of 43 US cents a share for the quarter, up from 30 US cents a share recorded a year ago.

Revenue fared no better in the quarter, falling to US$2.64bn from the US$2.66bn recorded a year earlier.

AES said that for the full 2017, adjusted profit stood at US$1.08 a share, in line with the company's guidance of US$1.00 to US$1.10 a share.

The company reiterated its annual earnings growth target of 8%-10% through 2020.

For 2018, AES is guiding adjusted profit at US$1.15 to US$1.25 a share, with growth driven by new businesses, cost savings and lower parent interest.

In pre-market trade, its shares were up 0.96% at US$10.55.