ARLINGTON, Va. (AP) — ARLINGTON, Va. (AP) — The AES Corp. (AES) on Thursday reported first-quarter profit of $46 million.
The Arlington, Virginia-based company said it had profit of 7 cents per share. Earnings, adjusted for one-time gains and costs, came to 27 cents per share.
The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.
The power company posted revenue of $2.93 billion in the period, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $3.2 billion.
AES expects full-year earnings in the range of $2.10 to $2.26 per share.
AES shares have fallen 23% since the beginning of the year, while the S&P’s 500 index has dropped almost 5%. In the final minutes of trading on Thursday, shares hit $9.95, a drop of 45% in the last 12 months.
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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
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