2015 Achievements
- Increased quarterly dividend by 10%, to $0.11 per share, beginning in the first quarter of 2016
- Returned $757 million to shareholders through share repurchases and dividend payments
- Used $345 million to prepay or refinance Parent debt
- Brought on-line 1,484 MW of new projects, with an additional 5,620 MW currently under construction, the majority of which is expected to come on-line through 2018
- Advanced select platform expansion projects in the Philippines, Panama and California
2016 Guidance and 2017-2018 Expectations
- Revised 2016 Proportional Free Cash Flow guidance to $1,000-$1,350 million, $125 million below prior guidance; continues to expect at least 10% average annual growth in 2017 and 2018
- Revised 2016 Adjusted EPS guidance to $0.95-$1.05, $0.10 below prior guidance; now expects average annual growth in 2017 and 2018 in the higher end of the prior 12%-16% range
- Revised 2016 guidance primarily reflects the impact from continued devaluation in foreign currencies and commodities, as well as slower economic growth in Brazil
ARLINGTON, Va.–(BUSINESS WIRE)–The AES Corporation (NYSE: AES) today reported Proportional Free Cash Flow (a non-GAAP financial measure) for full year 2015 of $1,241 million, an increase of $350 million from full year 2014. Although operating results were down year-over-year, Proportional Free Cash Flow improved primarily as a result of improved collections, particularly in the Dominican Republic and in Chile. Full year 2015 Consolidated Net Cash Provided by Operating Activities increased $343 million to $2,134 million, primarily driven by the same factors as Proportional Free Cash Flow.
Full year 2015 Adjusted Earnings Per Share (Adjusted EPS, a non-GAAP financial measure) decreased $0.08 to $1.22, primarily due to the $0.11 impact from the devaluation in foreign currencies in Latin America and Europe, the impact of lower commodity prices, as well as lower demand in Brazil. These negative impacts were partially offset by a 6% reduction in share count, lower Parent interest expense, improved hydrological conditions in Panama and the contributions from new plants coming on-line, including Mong Duong in Vietnam.
Full year 2015 Diluted Earnings Per Share from Continuing Operations was $0.44, a decrease of $0.65 from full year 2014. In addition to the factors impacting Adjusted EPS described above, Diluted EPS also reflects lower gains from sales of businesses and higher impairment expense, partially offset by lower debt extinguishment expense.
“Despite facing significant macroeconomic headwinds in 2015, we delivered strong free cash flow growth, continued to de-lever the company, repurchased $500 million of our shares and advanced our platform expansion projects,” said Andrés Gluski, AES President and Chief Executive Officer. “Based on our strong Proportional Free Cash Flow growth of almost 40%, for the third consecutive year we raised our dividend by at least 10%. We also brought on-line 1,500 MW of new capacity and our additional 6 GW of largely funded, on-going construction projects will drive our expected 10% growth in free cash flow through 2018.”
“We are obviously disappointed that the adverse macroeconomic conditions, specifically declines in foreign currencies and commodities and the recession in Brazil, continue to have an impact on our financial outlook,” said Tom O’Flynn, AES Executive Vice President and Chief Financial Officer. “That said, we continue to partially offset these headwinds through our hedging activities and other steps, including a three-year cost reduction and revenue enhancement program from which we expect to realize an annual run rate benefit of $150 million. We will continue to prudently allocate our capital to maximize risk-adjusted returns for our shareholders.”
Table 1: Key Financial Results |
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$ in Millions, Except Per Share Amounts | Fourth Quarter | Full Year | Full Year 2015 Guidance | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Proportional Free Cash Flow1, 2 | $ | 293 | $ | 287 | $ | 1,241 | $ | 891 | $1,000-$1,350 million | |||||||||
Consolidated Net Cash Provided by Operating Activities | $ | 629 | $ | 575 | $ | 2,134 | $ | 1,791 | $1,900-$2,700 million | |||||||||
Adjusted EPS1 | $ | 0.34 | $ | 0.41 | $ | 1.22 | $ | 1.30 | $1.18-$1.25 | |||||||||
Diluted EPS from Continuing Operations | $ | (0.13 | ) | $ | 0.29 | $ | 0.44 | $ | 1.09 | N/A |
1 | A non-GAAP financial measure. See “Non-GAAP Financial Measures” for definitions and reconciliations to the most comparable GAAP financial measures. | |
2 |
Defined as Proportional Net Cash Provided by Operating Activities, less Maintenance Capex, which includes non-recoverable environmental capex. Beginning in Q1 2015, the definition was revised to also exclude cash flows related to service concession assets. |
|
Discussion of Drivers of Proportional Free Cash Flow (a non-GAAP financial measure), Adjusted Pre-Tax Contribution (Adjusted PTC, a non-GAAP financial measure) and Adjusted EPS (a non-GAAP financial measure)
The Company manages its portfolio in six market-oriented Strategic Business Units (SBUs): US (United States), Andes (Chile, Colombia and Argentina), Brazil, MCAC (Mexico, Central America and Caribbean), Europe, and Asia.
Table 2: Fourth Quarter Proportional Free Cash Flow1 and Adjusted PTC1 |
||||||||||||||||||||||||||
$ in Millions | Fourth Quarter | |||||||||||||||||||||||||
Proportional Free Cash Flow1 | Adjusted PTC1 | |||||||||||||||||||||||||
2015 | 2014 | Variance | 2015 | 2014 | Variance | |||||||||||||||||||||
US | $ | 114 | $ | 144 | $ | (30 | ) | $ | 97 | $ | 134 | $ | (37 | ) | ||||||||||||
Andes | $ | 93 | $ | 50 | $ | 43 | $ | 160 | $ | 144 | $ | 16 | ||||||||||||||
Brazil | $ | 7 | $ | 25 | $ | (18 | ) | $ | 6 | $ | 58 | $ | (52 | ) | ||||||||||||
MCAC | $ | 107 | $ | 151 | $ | (44 | ) | $ | 79 | $ | 68 | $ | 11 | |||||||||||||
Europe | $ | 31 | $ | 30 | $ | 1 | $ | 64 | $ | 81 | $ | (17 | ) | |||||||||||||
Asia | $ | 28 | $ | 16 | $ | 12 | $ | 30 | $ | 13 | $ | 17 | ||||||||||||||
Total SBUs | $ | 380 | $ | 416 | $ | (36 | ) | $ | 436 | $ | 498 | $ | (62 | ) | ||||||||||||
Corporate & Other | $ | (87 | ) | $ | (129 | ) | $ | 42 | $ | (111 | ) | $ | (114 | ) | $ | 3 | ||||||||||
Total | $ | 293 | $ | 287 | $ | 6 | $ | 325 | $ | 384 | $ | (59 | ) | |||||||||||||
Adjusted Effective Tax Rate | 30 | % | 25 | % | ||||||||||||||||||||||
Diluted Share Count | 674 | 714 | ||||||||||||||||||||||||
Adjusted EPS1,2 | $ | 0.34 | $ | 0.41 | $ | (0.07 | ) |
1 | A non-GAAP financial measure. See “Non-GAAP Financial Measures” for definitions and reconciliations to the most comparable GAAP financial measures. | |
2 | Includes $10 million and $17 million of after-tax adjusted equity in earnings for fourth quarter 2015 and fourth quarter 2014, respectively. | |
Fourth quarter 2015 Proportional Free Cash Flow increased $6 million to $293 million and Fourth quarter 2015 Adjusted PTC decreased $59 million to $325 million. Key drivers of this improvement included:
- US
- Proportional Free Cash Flow decreased $30 million, primarily driven by:
- Lower margins: lower availability and a greater proportion of energy sold into the wholesale versus retail market at DPL and lower wholesale margins and the impact of the partial sell-down at IPL; and
- DPL: higher capital expenditures and lower collections, partially offset by a one-time contract termination payment in 2014;
- Partially offset by lower capital expenditures and higher collections at IPL.
- Adjusted PTC decreased $37 million, primarily due to lower margins.
- Proportional Free Cash Flow decreased $30 million, primarily driven by:
- Andes
- Proportional Free Cash Flow increased $43 million, primarily driven by:
- Higher margins: higher energy prices at Chivor in Colombia and lower depreciation and lower fixed costs at Gener in Chile, offset by an approximate 29% devaluation of the Colombian Peso; and
- Lower capital expenditures and higher VAT refunds related to the construction of Cochrane and Alto Maipo in Chile.
- Adjusted PTC increased $16 million, primarily due to higher margins and lower interest income in Argentina.
- Proportional Free Cash Flow increased $43 million, primarily driven by:
- Brazil
- Proportional Free Cash Flow decreased $18 million, primarily driven by:
- Lower margins: lower demand and increased storm costs at Sul, higher fixed costs and lower demand at Eletropaulo and the 34% devaluation of the Brazilian Real, partially offset by lower spot energy purchases at lower prices at Tiete
- Adjusted PTC decreased $52 million, primarily due to lower margins and higher provisions for bad debt at Sul.
- Proportional Free Cash Flow decreased $18 million, primarily driven by:
- Mexico, Central America & the Caribbean (MCAC)
- Proportional Free Cash Flow decreased of $44 million, primarily driven by:
- Lower margins: timing of spot gas cargoes in 2015 in the Dominican Republic; and
- Higher collection of receivables in the fourth quarter of 2014 in the Dominican Republic.
- Adjusted PTC increased $11 million, primarily due to compensation related to the early termination of a PPA in Panama, where a new PPA is now in place, offset by lower margins.
- Proportional Free Cash Flow decreased of $44 million, primarily driven by:
- Europe
- Proportional Free Cash Flow increased $1 million, primarily driven by:
- Lower margins: the 40% devaluation of the Kazakhstan Tenge, the 12% devaluation of the Euro, the timing of outages at Ballylumford in the United Kingdom in 2014, the sale of Ebute in Nigeria in 2014, partially offset by the timing of outages at Kilroot in the United Kingdom;
- Offset by higher collections at Maritza in Bulgaria.
- Adjusted PTC decreased $17 million, due to lower margins, partially offset by lower depreciation at Kilroot in the United Kingdom.
- Proportional Free Cash Flow increased $1 million, primarily driven by:
- Asia
- Proportional Free Cash Flow increased $12 million, primarily driven by:
- Higher margins: the commencement of operations at Mong Duong in Vietnam.
- Adjusted PTC increased $17 million, primarily due to higher margins.
- Proportional Free Cash Flow increased $12 million, primarily driven by:
- Corp/Other
- Proportional Free Cash Flow increased $42 million, primarily driven by lower Parent interest expense in 2015 and swap termination payments in 2014.
- Adjusted PTC increased $3 million, primarily due to lower Parent interest expense.
Table 3: Full Year Proportional Free Cash Flow1 and Adjusted PTC1 |
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$ in Millions | Full Year | |||||||||||||||||||||||||
Proportional Free Cash Flow1 | Adjusted PTC1 | |||||||||||||||||||||||||
2015 | 2014 | Variance | 2015 | 2014 | Variance | |||||||||||||||||||||
US | $ | 591 | $ | 646 | $ | (55 | ) | $ | 360 | $ | 445 | $ | (85 | ) | ||||||||||||
Andes | $ | 224 | $ | 176 | $ | 48 | $ | 482 | $ | 421 | $ | 61 | ||||||||||||||
Brazil | $ | (29 | ) | $ | 13 | $ | (42 | ) | $ | 91 | $ | 242 | $ | (151 | ) | |||||||||||
MCAC | $ | 498 | $ | 281 | $ | 217 | $ | 327 | $ | 352 | $ | (25 | ) | |||||||||||||
Europe | $ | 238 | $ | 197 | $ | 41 | $ | 235 | $ | 348 | $ | (113 | ) | |||||||||||||
Asia | $ | 87 | $ | 82 | $ | 5 | $ | 96 | $ | 46 | $ | 50 | ||||||||||||||
Total SBUs | $ | 1,609 | $ | 1,395 | $ | 214 | $ | 1,591 | $ | 1,854 | $ | (263 | ) | |||||||||||||
Corporate & Other | $ | (368 | ) | $ | (504 | ) | $ | 136 | $ | (441 | ) | $ | (533 | ) | $ | 92 | ||||||||||
Total | $ | 1,241 | $ | 891 | $ | 350 | $ | 1,150 | $ | 1,321 | $ | (171 | ) | |||||||||||||
Adjusted Effective Tax Rate | 29 | % | 30 | % | ||||||||||||||||||||||
Diluted Share Count | 689 | 724 | ||||||||||||||||||||||||
Adjusted EPS1,2 | $ | 1.22 | $ | 1.30 | $ | (0.08 | ) |
1 | A non-GAAP financial measure. See “Non-GAAP Financial Measures” for definitions and reconciliations to the most comparable GAAP financial measures. | |
2 | Includes $87 million and $53 million of after-tax adjusted equity in earnings for full year 2015 and full year 2014, respectively. | |
For the year ended December 31, 3015, Proportional Free Cash Flow increased $350 million to $1,241 million and Adjusted PTC decreased $171 million to $1,150 million.
- US
- Proportional Free Cash Flow decreased $55 million, primarily driven by:
- Lower margins: lower wind generation, lower contributions from IPL due to wholesale margins and the partial sell-down, as well as a greater proportion of energy sold into the wholesale versus retail market at DPL;
- Partially offset by higher collections, lower inventory and a one-time contract termination payment at DPL in 2014.
- Adjusted PTC decreased $85 million, primarily driven by lower margins.
- Proportional Free Cash Flow decreased $55 million, primarily driven by:
- Andes
- Proportional Free Cash Flow increased $48 million, primarily driven by:
- Higher margins: improved availability in Chile and higher energy prices at Chivor in Colombia, offset by the 27% devaluation of the Colombian Peso; and
- Increased VAT refunds related to the construction of Cochrane and Alto Maipo in Chile, partially offset by lower collections and higher taxes at Chivor.
- Adjusted PTC increased $61 million, primarily due to higher margins, as well as the gain on the restructuring at Guacolda in Chile.
- Proportional Free Cash Flow increased $48 million, primarily driven by:
- Brazil
- Proportional Free Cash Flow decreased $42 million, primarily driven by:
- Lower margins: lower demand and the 29% devaluation of the Brazilian Real; and
- Higher interest expense, as well as the timing of energy purchases, lower tax payments and a reduction in maintenance capital expenditures at Sul.
- Adjusted PTC decreased $151 million, primarily due to lower margins, the net unfavorable reversal of liabilities at Eletropaulo and Sul and regulatory charges at Sul.
- Proportional Free Cash Flow decreased $42 million, primarily driven by:
- Mexico, Central America & the Caribbean (MCAC)
- Proportional Free Cash Flow increased $217 million, primarily driven by:
- Lower margins: lower LNG sales demand, ancillary service revenue and availability in the Dominican Republic, partially offset by improved hydrology in Panama;
- Offset by the collection of outstanding receivables in the Dominican Republic and the favorable timing of collections in Puerto Rico and Panama.
- Adjusted PTC decreased $25 million, primarily driven by lower margins.
- Proportional Free Cash Flow increased $217 million, primarily driven by:
- Europe
- Proportional Free Cash Flow increased $41 million, primarily driven by:
- Lower margins: the 16% devaluation of the Euro, 20% devaluation of the Kazakhstan Tenge and the sales of the Company’s business in Nigeria and wind businesses in the United Kingdom in 2014;
- Offset by higher collections in Bulgaria and Jordan.
- Adjusted PTC decreased $113 million, primarily due to lower margins and the reversal of a liability in Kazakhstan that was favorable in 2014.
- Asia
- Proportional Free Cash Flow increased $5 million, primarily due to:
- Higher margins: commencement of operations at Mong Duong in Vietnam and improved availability, offset by the partial sell-down at Masinloc in the Philippines;
- Partially offset by higher tax payments and the timing of collections and fuel payments at Masinloc.
- Adjusted PTC increased $50 million, primarily due to higher margins.
- Proportional Free Cash Flow increased $5 million, primarily due to:
- Corp/Other
- Proportional Free Cash Flow increased $136 million, primarily driven by lower Parent interest expense, a swap termination payment in 2014 and realized gains on foreign currencies as a result of the Company’s hedging program.
- Adjusted PTC increased $92 million, primarily due to lower Parent interest expense.
Table 4: Guidance & Expectations |
||||||||
$ in Millions, Except Per Share Amounts | Full Year 2016 Guidance | 2017-2018 Expectations | ||||||
Prior as of |
Current as of |
Prior as of |
Current as of |
|||||
Proportional Free Cash Flow1 | $1,125-$1,475 | $1,000-$1,350 |
At least 10% average annual |
No change in |
||||
Consolidated Net Cash Provided by Operating Activities | $2,200-$3,000 | $2,000-$2,900 | N/A | N/A | ||||
Adjusted EPS1 | $1.05-$1.15 | $0.95-$1.05 |
12%-16% |
Now expect |
1 | A non-GAAP financial measure. See “Non-GAAP Financial Measures” for definitions and reconciliations to the most comparable GAAP financial measures. | |
2016 Guidance and 2017-2018 Expectations
- Outlook primarily reflects the negative impact of bringing forward foreign currency and commodity curves from October 15, 2015 to January 31, 2016, as well as the continued economic slowdown in Brazil.
- The Company is lowering its 2016 Proportional Free Cash Flow guidance range from $1,125-$1,475 million to $1,000-$1,350 million.
- The Company continues to expect average annual growth in 2017 and 2018 of at least 10% in Proportional Free Cash Flow, but off the lower 2016 base.
- The Company is lowering its 2016 Parent Free Cash Flow range from $575-$675 million to $525-$625 million.
- The Company continues to expect average annual growth in 2017 and 2018 of at least 10% in Parent Free Cash Flow, but off the lower 2016 base.
- The Company is lowering its 2016 Consolidated Net Cash Provided by Operating Activities guidance range from $2,200-$3,000 million to $2,000-$2,900 million.
- The Company is lowering its 2016 Adjusted EPS guidance range from $1.05-$1.15 to $0.95-$1.05.
- The Company expects average annual growth in Adjusted EPS in 2017 and 2018 to be in the high end of the prior 12% to 16% range, but off the lower 2016 base.
Highlights
- In 2015, the Company announced that its Board of Directors approved a 10% increase in its quarterly dividend, to $0.11 per share, beginning in the first quarter of 2016.
- In 2015, the Company repurchased 40 million shares, or 6% of shares outstanding, for $481 million at an average price of $12.11 per share.
- Since the Company’s third quarter earnings call on November 5, 2015, the Company has repurchased 15 million shares for $136 million, at an average price of $9.22. This includes 9 million shares repurchased in 2016 for $79 million.
- Since September 2011, the Company has repurchased 126 million shares, or 15% of shares outstanding, for $1,543 million at an average price of $12.26.
- In 2015, the Company utilized $345 million to prepay and refinance Parent debt.
- Since the Company’s third quarter earnings call on November 5, 2015, the Company has used $116 million to prepay Parent debt.
- Since September 2011, the Company has reduced Parent debt by $1.5 billion, or 23%.
- In 2015, the Company announced or closed seven asset sale transactions for $787 million in equity proceeds to AES upon closing.
- Since September 2011, the Company has announced or closed 41 asset sales representing approximately $3.4 billion in equity proceeds to AES and the exit from operations in 11 countries.
- In 2015, the Company brought on-line five new construction projects totaling 1,484 MW.
- The Company currently has an additional 5,620 MW of capacity under construction, the majority of which is expected to come on-line through 2018.
Non-GAAP Financial Measures
See Non-GAAP Financial Measures for definitions of Adjusted Earnings Per Share, Adjusted Pre-Tax Contribution, Proportional Free Cash Flow, as well as reconciliations to the most comparable GAAP financial measures.
Attachments
Consolidated Statements of Operations, Consolidated Balance Sheets, Segment Information, Consolidated Statements of Cash Flows, Non-GAAP Financial Measures, Parent Financial Information, 2015 Financial Guidance Elements and 2016 Financial Guidance Elements.
Conference Call Information
AES will host a conference call on Wednesday, February 24, 2016 at 9:00 a.m. Eastern Standard Time (EST). Interested parties may listen to the teleconference by dialing 1-888-317-6003 at least ten minutes before the start of the call. International callers should dial +1-412-317-6061. The conference ID for this call is 8324667. Internet access to the conference call and presentation materials will be available on the AES website at www.aes.com by selecting “Investors” and then “Presentations and Webcasts.”
A webcast replay, as well as a replay in downloadable MP3 format, will be accessible at www.aes.com beginning shortly after the completion of the call.
About AES
The AES Corporation (NYSE: AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 17 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce of 21,000 people is committed to operational excellence and meeting the world’s changing power needs. Our 2015 revenues were $15 billion and we own and manage $37 billion in total assets. To learn more, please visit www.aes.com. Follow AES on Twitter @TheAESCorp.
Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, those related to future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES’ current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, our accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at our distribution companies and operational performance at our generation businesses consistent with historical levels, as well as achievements of planned productivity improvements and incremental growth investments at normalized investment levels and rates of return consistent with prior experience.
Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES’ filings with the Securities and Exchange Commission (the “SEC”), including, but not limited to, the risks discussed under Item 1A “Risk Factors” and Item 7: “Management’s Discussion & Analysis” in AES’ 2015 Annual Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read AES’ filings to learn more about the risk factors associated with AES’ business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Any Stockholder who desires a copy of the Company’s 2015 Annual Report on Form 10-K dated on or about February 23, 2016 with the SEC may obtain a copy (excluding Exhibits) without charge by addressing a request to the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. A copy of the Form 10-K may be obtained by visiting the Company’s website at www.aes.com.
THE AES CORPORATION | ||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||
(Unaudited) | ||||||||||||
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(in millions, except per share amounts) | ||||||||||||
Revenue: | ||||||||||||
Regulated | $ | 7,660 | $ | 8,874 | $ | 8,056 | ||||||
Non-regulated | 7,303 | 8,272 | 7,835 | |||||||||
Total revenue | 14,963 | 17,146 | 15,891 | |||||||||
Cost of sales: | ||||||||||||
Regulated | (6,564 | ) | (7,530 | ) | (6,837 | ) | ||||||
Non-regulated | (5,533 | ) | (6,528 | ) | (5,807 | ) | ||||||
Total cost of sales | (12,097 | ) | (14,058 | ) | (12,644 | ) | ||||||
Operating margin | 2,866 | 3,088 | 3,247 | |||||||||
General and administrative expenses | (196 | ) | (187 | ) | (220 | ) | ||||||
Interest expense | (1,436 | ) | (1,471 | ) | (1,482 | ) | ||||||
Interest income | 524 | 365 | 275 | |||||||||
Loss on extinguishment of debt | (186 | ) | (261 | ) | (229 | ) | ||||||
Other expense | (65 | ) | (68 | ) | (76 | ) | ||||||
Other income | 83 | 124 | 125 | |||||||||
Gain on sale of businesses | 29 | 358 | 26 | |||||||||
Goodwill impairment expense | (317 | ) | (164 | ) | (372 | ) | ||||||
Asset impairment expense | (285 | ) | (91 | ) | (95 | ) | ||||||
Foreign currency transaction gains (losses) | 105 | 11 | (22 | ) | ||||||||
Other non-operating expense | — | (128 | ) | (129 | ) | |||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | 1,122 | 1,576 | 1,048 | |||||||||
Income tax expense | (465 | ) | (419 | ) | (343 | ) | ||||||
Net equity in earnings of affiliates | 105 | 19 | 25 | |||||||||
INCOME FROM CONTINUING OPERATIONS | 762 | 1,176 | 730 | |||||||||
Income (loss) from operations of discontinued businesses, net of income tax expense of $0, $23, and $24, respectively | — | 27 | (27 | ) | ||||||||
Net loss from disposal and impairments of discontinued operations, net of income tax expense (benefit) of $0, $4, and $(15), respectively | — | (56 | ) | (152 | ) | |||||||
NET INCOME | 762 | 1,147 | 551 | |||||||||
Noncontrolling interests: | ||||||||||||
Less: (Income) from continuing operations attributable to noncontrolling interests | (456 | ) | (387 | ) | (446 | ) | ||||||
Plus: Loss from discontinued operations attributable to noncontrolling interests | — | 9 | 9 | |||||||||
Total net income attributable to noncontrolling interests | (456 | ) | (378 | ) | (437 | ) | ||||||
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION | $ | 306 | $ | 769 | $ | 114 | ||||||
AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS: | ||||||||||||
Income from continuing operations, net of tax | $ | 306 | $ | 789 | $ | 284 | ||||||
Loss from discontinued operations, net of tax | — | (20 | ) | (170 | ) | |||||||
Net income | $ | 306 | $ | 769 | $ | 114 | ||||||
BASIC EARNINGS PER SHARE: | ||||||||||||
Income from continuing operations attributable to The AES Corporation common stockholders, net of tax | $ | 0.45 | $ | 1.10 | $ | 0.38 | ||||||
Loss from discontinued operations attributable to The AES Corporation common stockholders, net of tax | — | (0.03 | ) | (0.23 | ) | |||||||
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $ | 0.45 | $ | 1.07 | $ | 0.15 | ||||||
DILUTED EARNINGS PER SHARE: | ||||||||||||
Income from continuing operations attributable to The AES Corporation common stockholders, net of tax | $ | 0.44 | $ | 1.09 | $ | 0.38 | ||||||
Loss from discontinued operations attributable to The AES Corporation common stockholders, net of tax | — | (0.03 | ) | (0.23 | ) | |||||||
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $ | 0.44 | $ | 1.06 | $ | 0.15 | ||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.41 | $ | 0.25 | $ | 0.17 | ||||||
Contacts
The AES Corporation
Investor Contact:
Ahmed Pasha, 703-682-6451
or
Media Contact:
Amy Ackerman, 703-682-6399