AES Corp., parent company of Dayton Power & Light, on Thursday reported adjusted earnings that far exceeded analysts’ estimates.
For the April-June period the global power company said it earned 32 cents per share, up 14 cents per share from the same period in 2012. The company said its results were driven by a lower effective tax rate, the addition of new capacity and higher electric availability in Chile, cost reductions and other items, such as share repurchases.
The average adjusted earnings per share estimate by analysts who follow the company was 26 cents per share.
AES said it had repurchased 5.3 million shares at an average price of $11.81 per share, for a total investment of $63 million.
“We had a solid second quarter, despite facing significant headwinds in Latin America as a result of some of
the driest hydrological conditions in many decades,” Andrés Gluski, AES President and Chief Executive Officer, said.
He said the company is on track to meet earnings projections for the rest of the year.
For its U.S. operations, AES said it experienced an overall decrease of $9 million “driven primarily” by modest declines at utilities as customers switched to competitive suppliers and lower prices at the Dayton Power & Light and the impact of milder weather that affected the Indianapolis Power and Light operation.
AES shares (NYSE: AES) closed Thursday at $13.14, up 27 cents, or 2.1 percent.