Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

AES Rises Most Since 2011 After Beating Estimates: Dallas Mover

Don't Miss Out —
Follow us on:

Feb. 27 (Bloomberg) --AES Corp., the power producer with operations in 25 countries, rose the most in 18 months after reporting fourth-quarter profit that beat analysts’ estimates.

AES, based in Arlington, Virginia, rose 6.3 percent to $11.64 at the close in New York, the most since Aug. 11, 2011.

Net income attributable to AES was $175 million, or 23 cents a share, compared with a loss of $209 million or 27 cents a year earlier, AES reported today in a filing. Profit was 32 cents excluding one-time items, 2 cents better than the average of seven estimates compiled by Bloomberg.

AES also today announced plans to buy back another $300 million shares, according to a statement.

Chief Executive Officer Andres Gluski has cut costs, sold assets and begun distributing dividends since assuming the post in September 2011.

The company will exit five countries this year, using the proceeds to fund $1.4 billion of plant improvements or expansions in the U.S., Chile, the Philippines and India, Gluski said on an earnings call today. The improvements are expected to generate returns of 14 percent in 2015, he said.

To contact the reporter on this story: Jim Polson in New York at jpolson@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.