AES Corp. on Aug. 8 reported second-quarter 2017 adjusted EPS of 25 cents, an increase from adjusted EPS of 17 cents in the comparable period of 2016, thanks to higher margins and lower parent interest expense.
The S&P Capital IQ normalized consensus estimate for the most recent quarter was 21 cents.
Second-quarter consolidated free cash flow was down $448 million year over year to $106 million, from $554 million a year ago, while consolidated net cash provided by operating activities also fell year over year to $251 million from $723 million. The declines were driven by the collection of receivables in Bulgaria and Brazil in 2016.
AES recorded second-quarter revenues of $3.47 billion, up from $3.23 billion in the corresponding quarter of 2016, and income from continuing operations of $150 million, compared with a loss from continuing operations of $8 million.
Net income attributable to the company was $53 million, or 8 cents per share, in the second quarter of 2017, compared with a net loss of $482 million, or a loss of 73 cents per share, in the year-ago quarter.
"Our second-quarter results reflect our efforts to improve the efficiency of our portfolio through higher availability and our capital allocation decisions that resulted in lower parent interest," said Tom O'Flynn, AES executive vice president and CFO.
The company reaffirmed full-year 2017 guidance of $1 to $1.10 for adjusted EPS, $1.4 billion to $2 billion for consolidated free cash flow and $2 billion to $2.8 billion for consolidated net cash provided by operating activities.