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AES Reports Adjusted Earnings Per Share Of $0.32 For Second Quarter 2013 And Reaffirms Full Year 2013 Guidance

The AES Corporation (NYSE: AES) today reported Adjusted Earnings Per Share (Adjusted EPS, a non-GAAP financial measure) of $0.32 for second quarter 2013, an increase of $0.14 from second quarter 2012. In addition, second quarter 2013 Diluted Earnings Per Share from Continuing Operations increased $0.13 to $0.22 from second quarter 2012. Results for the quarter were driven by a lower effective tax rate, the addition of new capacity and higher availability in Chile, cost reductions and capital allocation decisions, including share repurchases. The unfavorable impact of dry hydrological conditions in Latin America partially offset these positive trends.

"We had a solid second quarter, despite facing significant headwinds in Latin America as a result of some of the driest hydrological conditions in many decades. We remain on track to hit our 2013 guidance metrics," said Andrés Gluski, AES President and Chief Executive Officer. "Since the first quarter, we continued to make progress on asset sales, overhead reduction and capital allocation. We closed asset sales for $56 million in proceeds to AES and exited Trinidad, reducing the number of countries in our portfolio to 21 from 28 in 2011. We invested $63 million in share repurchases, prepaid $300 million of recourse debt and reduced general and administrative expense by $15 million relative to second quarter 2012."

"We are pleased to have successfully completed $1.8 billion in parent debt refinancing and de-levering since the first quarter," said Tom O'Flynn, AES Executive Vice President and Chief Financial Officer. "We are reaffirming our guidance for 2013 on all metrics. We are offsetting the challenge of dry hydrological conditions with favorability on our effective tax rate, accelerated cost reductions, and share repurchases."

Table 1: Key Financial Results

$ in Millions, Except Per Share Amounts
    Second Quarter    


June 30,

Full Year 2013

2013   2012 2013  

Adjusted EPS 1 $ 0.32 $ 0.18 $ 0.58 $ 0.55 $ 1.24-$1.32
Diluted EPS from Continuing Operations $ 0.22 $ 0.09 $ 0.36 $ 0.54 N/A
Proportional Free Cash Flow 1 $ 148 $ 213 $ 500 $ 448 $750-$1,050
Consolidated Net Cash Provided by Operating Activities     $ 567     $ 580       $ 1,185     $ 1,114       $ 2,500-$3,100
1   A non-GAAP financial measure. See “Non-GAAP Financial Measures” for definitions and reconciliations to the most comparable GAAP financial measures.

Discussion of Operating Drivers of Adjusted Pre-Tax Contribution (Adjusted PTC, a non-GAAP financial measure) and Adjusted EPS

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 the Caribbean), EMEA (Europe, Middle East and Africa), and Asia.

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