AES Q2 adjusted EPS beats analyst expectations by 1 cent

AES Corp. on Aug. 6 posted adjusted earnings of 25 cents per share in the 2020 second quarter, a drop from 26 cents per share in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 24 cents.

Net cash provided by operating activities totaled $447.0 million, an increase from $324.0 million in the corresponding quarter the previous year.

The company reported net loss attributable to the company of $83.0 million, or 12 cents per share, compared to net income attributable to the company of $17.0 million, or 2 cents per share, in the second quarter of 2019.

Second-quarter revenue was $2.22 billion, a drop from $2.48 billion a year prior.

"Based on our year-to-date results and our outlook for the remainder of the year, we remain optimistic that we will attain a second investment grade rating before the end of this year, and we are reaffirming our 2020 guidance and expectations, as well as our 7% to 9% average annual growth through 2022," AES Executive Vice President and CFO Gustavo Pimenta said.