AES Reaffirms 2017 Guidance And Long-Term Expectations

(RTTNews) - AES Corp. (AES) reaffirmed 2017 guidance and average annual growth of 8% to 10% in Adjusted earnings per share and Consolidated Free Cash Flow through 2020.

"We are upsizing our asset sales target in order to accelerate our strategy and now expect to realize $2 billion of proceeds from 2018 to 2020. Further, while we are on track to achieve $400 million in annual cost savings and revenue enhancements by 2020 is on track, we are aggressively reviewing our cost structure and see potential for additional improvement," said Andrés Gluski, AES President and Chief Executive Officer.

On a full year 2017 basis, the Company continues to expect a $0.03 to $0.05 impact of recent hurricanes in the Caribbean and a full year 2017 adjusted effective tax rate of 31% to 33%.

For 2017, the company expects adjusted earnings per share to be in the range of $1.00-$1.10. Analysts polled by Thomson Reuters expect the company to report earnings of $1.03 per share for 2017. Analysts' estimates typically exclude special items.