Sign up USA
Proactive Investors - Run By Investors For Investors

AES counting the cost of hurricanes Irma and Harvey

The power firm said full-year earnings per share will be in the “lower half” of its guidance after last month’s hurricanes damaged some of its power units
hurricane
Irma and Harvey were responsible for the deaths of an estimated 209 people across the US and Caribbean

AES Corporation (NYSE:AES) dipped in early deals on Monday after the power firm lowered its full-year guidance, blaming the recent hurricanes that wreaked havoc in the Caribbean and US.

The Virginia-based group said adjusted earnings per share for 2017 will be in the “lower half” of its previous range of US$1-US$1.10, potentially reducing EPS by 3 to 5 cents.

Hurricanes Irma and Harvey – which both struck in September, killing more than 200 people – damaged two of its power generating units in Puerto Rico. One of those is now back up-and-running but the inspection of the other is ongoing.

The Fortune 200 company added that a solar plant in the US Virgin Islands was “materially damaged” by the storms as well.

“Fortunately, all AES people and their families are safe and we have now turned our attention to assessing our facilities and assisting the impacted communities,” said AES President and chief executive officer Andrés Gluski.

“We expect to have the second unit at AES Puerto Rico be available to generate much-needed electricity in the next couple of weeks. We are working closely with the communities to assist in providing humanitarian relief, as well.”

Shares were down 1.25% to US$11.05 in pre-market trade.

View full AES profile View Profile

AES Corporation Timeline

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright © Proactiveinvestors.com, 2017. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use