AES Revises Profit Forecast Downward
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AES Corp., a power producer with operations in 27 countries, said per-share profit this year will be 50 cents below previous estimates because of lower earnings from business in Brazil and a decline in Britain’s electricity prices.
AES expects to earn $1.25 to $1.45 a share this year, the company said. It may earn 25 cents to 30 cents a share this quarter, Chief Executive Dennis Bakke said.
The purchase of a stake in a Nevada power plant also was delayed, trimming profit, AES said.
AES had been projected to earn 47 cents this quarter and $1.78 this year, according to Thomson Financial/First Call.
Shares of Arlington, Va.-based AES fell 85 cents to $24.25 on the NYSE, before the announcement.
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