AES posts Q3 net loss of US$131M, versus net income of US$114M a year ago, on foreign currency losses, DPL acquisition costs, other expenses; revenue up nearly 10% to US$4.38B
November 4, 2011
– The AES Corp., an international power company, reported a $131 million loss for the third-quarter due to foreign currency losses, costs tied to its acquisition of DPL Inc. and other expenses.
The Arlington, Va., company said Friday that its net loss amounted to 17 cents per share for the three months that ended Sept. 30. That compares to net income of $114 million, or 14 cents per share, a year ago.
Adjusted earnings were 27 cents per share. Analysts surveyed by FactSet expected, on average, earnings of 26 cents per share.
Revenue climbed nearly 10 percent to $4.38 billion from $3.99 billion a year ago.
AES said it recorded $92 million in foreign currency transaction losses on a net basis in the quarter compared to a $103 million gain in last year's quarter. Its interest expense rose to $432 million from $381 million.
AES announced in April it would buy DPL, an Ohio utility owner, for $3.5 billion.
The company's cost of sales also climbed 11 percent to $3.4 billion in the quarter.
Revenue was helped by a favorable impact from foreign currency and new businesses in Northern Ireland, Chile and Bulgaria, and higher prices in Chile and Argentina.
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