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AES expects adjusted EPS in lower half of guidance range due to hurricanes

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According to Market Intelligence, December 2022

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AES expects adjusted EPS in lower half of guidance range due to hurricanes

AES Corp. said Oct. 10 that it expects its full-year 2017 adjusted EPS to be in the lower half of the $1.00 to $1.10 range, due to impacts from hurricanes Irma and Maria.

Following the storms, the company's 24-MW Illumina solar plant and 524-MW AES Puerto Rico coal-fired plant incurred moderate damages. Both plants are in Puerto Rico. The 5-MW USVI Solar I solar plant in the U.S. Virgin Islands sustained "material damages." AES estimated the impact on its 2017 adjusted EPS will be 3 cents to 5 cents, related to damages at the three plants, business interruption and deductibles under its captive insurance policy.

The company reaffirmed its full-year 2017 guidance for consolidated free cash flow in the range of $1.4 billion to $2.0 billion and operating cash flow at $2.0 billion to $2.8 billion.

The company aims to bring the second unit at AES Puerto Rico online "in the next couple of weeks," AES President and CEO Andrés Gluski said in a statement. The company has also been assisting in recovery efforts in Puerto Rico, providing bottled water, clearing debris and supplying diesel fuel for generators to the Salvation Army and Guayama Hospital.