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.
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