ARLINGTON, Va. (AP) — ARLINGTON, Va. (AP) — The AES Corp. (AES) on Thursday reported first-quarter net income of $432 million.
On a per-share basis, the Arlington, Virginia-based company said it had profit of 60 cents. Earnings, adjusted for one-time gains and costs, came to 50 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 32 cents per share.
The power company posted revenue of $3.09 billion in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $3.24 billion.
AES expects full-year earnings in the range of $1.87 to $1.97 per share.
AES shares have dropped roughly 2% since the beginning of the year, while the S&P’s 500 index has risen 6%. In the final minutes of trading on Thursday, shares hit $18.93, a drop of 16% in the last 12 months.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AES at https://www.zacks.com/ap/AES
Copyright © 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
