AES » Topics » Third Quarter Operating Highlights

This excerpt taken from the AES 10-Q filed Nov 6, 2007.

Third Quarter Operating Highlights

        The following table provides operating highlights for the three and nine months ended September 30, 2007 and 2006, respectively.

 
  Three Months Ended
September 30,

  Nine Months Ended
September 30,

 
 
  2007
  2006
  % Change
  2007
  2006
  % Change
 
 
   
  (Restated)

   
   
  (Restated)

   
 
 
  (in millions, except per share amounts)

  (in millions, except per share amounts)

 
Revenue   $ 3,471   $ 2,947   18 % $ 9,924   $ 8,615   15 %
Gross margin   $ 840   $ 826   2 % $ 2,584   $ 2,598   (1 )%
Net cash provided by operating activities   $ 741   $ 928   (20 )% $ 1,848   $ 1,879   (2 )%
Diluted earnings (loss) per share from continuing operations   $ 0.14   $ (0.56 ) 125 % $ 0.71   $ 0.22   223 %
    Revenue increased 18% to $3.5 billion for the three months ended September 30, 2007 when compared with the same period in 2006 primarily due to higher rates and volume, foreign currency translation and the acquisition of TEG/TEP. During the same period, gross margin increased slightly as foreign currency translation, favorable rates and volume in North America and contributions from new businesses were offset by increased cost and lower volume related to gas supply curtailment and hydrology issues in Latin America and lower emission allowance sales. Net cash provided by operating activities decreased 20% or $187 million from the quarter a year ago primarily due to the sale of EDC in May 2007. Excluding any contribution from EDC, net cash from operating activities would have decreased by approximately $19 million driven by an overall decrease in net working capital as a result of an decrease in accrued expenses and other liabilities. Diluted earnings per share from continuing operations increased $0.70 or 125%, primarily due to a restructuring of certain of the Company's Brazilian subsidiaries in third quarter 2006. This restructuring resulted in a non-cash, after-tax charge of $500 million, or $0.76 per diluted share. Excluding the impact of this restructuring, the increase in diluted earnings per share from continuing operations was primarily driven by the increased cost and lower volume related to gas supply curtailment and hydrology issues in Latin America, impairments in our North America businesses and higher expenses associated with the strengthening of our finance organization and spending on business development to support new business initiatives. Partially offsetting these factors was favorable rates and volumes in North America and contributions from new businesses.

    Revenue increased 15% to $9.9 billion for the nine months ended September 30, 2007 compared with the same period in 2006 primarily due to higher rates and volume, foreign currency translation and the acquisition of TEG/TEP and a controlling interest in Itabo. During the same

44


      period, gross margin decreased slightly as increased cost and lower volume related to gas supply curtailment and hydrology issues in Latin America and lower emission allowance sales offset the impact of favorable foreign currency translation, higher rates and volume in North America and contributions from new businesses. Net cash provided by operating activities decreased 2% or $31 million primarily due to the sale of EDC in May 2007. Excluding the impacts from EDC, net cash from operating activities would have increased by approximately $162 million driven by an overall increase in net working capital resulting from an increase in accounts payable and other accrued liabilities offset by increased accounts receivable. Diluted earnings per share from continuing operations increased $0.49 or 223%, primarily due to a restructuring of certain of the Company's Brazilian subsidiaries in third quarter 2006. This restructuring resulted in a non-cash, after-tax charge of $500 million, or $0.76 per diluted share. Additionally, first quarter 2006 results included an $87 million gain, or $0.13 per diluted share, associated with the sale of Kingston in Ontario. Excluding the impacts of these transactions, the increase in earnings per diluted share from continuing operations was primarily driven by the increased cost and lower volume related to gas supply curtailments and hydrology issues in Latin America, lower sales of excess emission allowances and increased spending to strengthen our financial organization and support new business development initiatives and, partially offset by favorable foreign currency trends, higher rates and volume in North America and contributions from new businesses.

This excerpt taken from the AES 10-Q filed Aug 17, 2007.

First Quarter Operating Highlights

The following table provides operating highlights for the first quarter of 2007 relative to the first quarter of 2006 (in millions, except per share data).

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2007

 

2006

 

% Change

 

Revenue (restated)

 

$

3,109

 

$

2,806

 

 

11

%

 

Gross margin (restated)

 

$

856

 

$

905

 

 

-5

%

 

Net cash provided by operating activities

 

$

581

 

$

509

 

 

14

%

 

Diluted earnings per share from continuing operations (restated)

 

$

0.17

 

$

0.48

 

 

-65

%

 

 

·       Revenue increased 11% primarily due to higher rate/volume, new businesses and favorable foreign currency.

·       Gross margin declined 5% due to lower emission allowance sales and higher fixed costs.

·       Net cash provided by operating activities increased $72 million due to decreases in net working capital, decreases in cash taxes paid, and operating cash from new businesses, offset partially by higher interest payments.

·       Diluted earnings per share from continuing operations fell $0.31 due primarily the $87 million gain of the sale of Kingston recognized in 2006, the $35 million dollar impairment of the AgCert investment recognized in 2007, lower emission allowance sales in 2007 and the $22 million charge related to a court ruling at our subsidiary in Kazahkstan.

This excerpt taken from the AES 10-Q filed Jun 21, 2007.

First Quarter Operating Highlights

The following table provides operating highlights for the first quarter of 2007 relative to the first quarter of 2006.

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2007

 

2006

 

% Change

 

Revenue

 

$

3,121

 

$

2,817

 

 

11

%

 

Gross Margin

 

$

868

 

$

917

 

 

-5

%

 

Net Cash Provided by Operating Activities

 

$

581

 

$

509

 

 

14

%

 

Diluted Earnings Per Share from Continuing
Operations

 

$

0.18

 

$

0.49

 

 

-63

%

 

 

·       Revenue increased 11% primarily due to higher rate/volume, new businesses and favorable foreign currency.

·       Gross margin declined 5% due to lower emission allowance sales and higher fixed costs.

33




·       Net cash provided by operating activities increased $72 million due to decreases in net working capital, decreases in cash taxes paid, and operating cash from new businesses, offset partially by higher interest payments.

·       Diluted earnings per share from continuing operations fell $0.28 due primarily the $87 million gain of the sale of Kingston recognized in 2006, the $35 million dollar impairment of the AgCert investment recognized in 2007, lower emission allowance sales in 2007 and the $22 million charge related to a court ruling at our subsidiary in Kazahkstan.

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki