Friday May 9, 01:21 PM
AES posts profit on Latin America strength, higher prices
ARLINGTON, Va. (AP) - Power company AES Corp. said it swung to a first-quarter profit, mostly driven by strength in the company's generation business in Latin America as well as higher prices across all regions.
The company said late Thursday it earned $233 million, or 34 cents per share, compared with a year-ago loss of $461 million, or 68 cents per share.
Adjusted to exclude one-time items, the company earned 39 cents per share in the period.
Revenue jumped 33 percent to $4.1 billion, from $3.09 billion a year earlier. The company said sales were driven by higher prices across all regions.
Analysts were expecting a profit of 27 cents per share on revenue of $3.34 billion, according to a poll by Thomson Financial.
The company said results were boosted by the improved performance of its Latin American and European generation units, as well as benefits from the weak dollar. These factors were partially offset by a one-time customer credit charge and higher spending, AES (NYSE: AES - news) said.
Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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