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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.

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