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AES records improvement in Q2 adjusted earnings, but misses estimates

AES Corp. on Aug. 6 announced adjusted earnings of 26 cents per share in the 2019 second quarter, improving from 25 cents per share the previous year. The results missed the S&P Global Market Intelligence consensus normalized EPS estimate for the quarter of 28 cents.

AES also reported net cash provided by operating activities of $324.0 million, a drop from $399.0 million in the year-ago quarter.

Net income attributable to the company was $17.0 million, or 2 cents per share, a drop from $290.0 million, or 44 cents per share, in the same quarter a year earlier.

Revenue came in at $2.48 billion, a decrease from $2.54 billion a year earlier.

Looking ahead, AES reaffirmed its 2019 adjusted EPS guidance midpoint of $1.34 and narrowed the range to $1.30 to $1.38 from $1.28 to $1.40. The company also reaffirmed its average annual growth rate target of 7% to 9% through 2022.