This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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

Stocks in this article: AES

Discussion of Diluted Earnings per Share from Continuing Operations

Second quarter diluted earnings per share from continuing operations increased $0.13, or 144%, to $0.22 principally due to higher gross margin, lower foreign currency losses, a lower effective tax rate, and lower interest expense, partially offset by the loss on extinguishment of debt at the Parent Company.

For the six months ended June 30, 2013, diluted earnings per share from continuing operations decreased $0.18, or 33%, principally due to the loss on the early extinguishment of debt at the Parent Company and Masinloc, a lower gain on sale of investments in 2013 from the sale of the Company's remaining 20% interest in Cartagena compared to the prior gain from the sale of 80% of its interest in Cartagena in first quarter 2012 and lower gross margin, partially offset by lower tax expense, and lower interest expense.

Discussion of Cash Flow

Second quarter 2013 Proportional Free Cash Flow (a non-GAAP financial measure) was $148 million, a decrease of $65 million from second quarter 2012. This performance was driven by lower operating cash flow in Chile, due to a value-added tax refund in second quarter 2012, and an increase in environmental capital expenditures in the United States and Chile, as anticipated.

Second quarter 2013 Consolidated Net Cash Provided by Operating Activities was $567 million, a decrease of $13 million from second quarter 2012, driven by lower operating cash flow in Chile, as described above, partially offset by higher operating cash flow in Brazil, as a result of lower working capital requirements.

For the six months ended June 30, 2013, Proportional Free Cash Flow was $500 million, an increase of $52 million from the six months ended June 30, 2012, driven by higher operating cash flow in the United States, as a result of the Beaver Valley PPA termination payment, and in the Dominican Republic, as a result of lower working capital requirements. These positive trends were partially offset by lower operating cash flow in Chile and Colombia due to higher working capital requirements.

3 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs