AES shares tumble on weak 3Q
ARLINGTON, Va. (AP) — AES Corp.'s shares fell to a 52-week low Wednesday after the energy company's third-quarter loss widened.
The company lost $1.57 billion, or $2.10 per share. That's compares with a loss of $131 million, or 17 cents per share, a year ago. Adjusting for a $1.85 billion impairment charge tied to the acquisition of DPL Inc. and other special items, it earned 36 cents per share.
Revenue increased to $4.59 billion from $4.31 billion, due in part to the acquisition.
Analysts polled by FactSet expected 35 cents per share on revenue of $4.69 billion.
AES announced earlier this month that it was restructuring its business to save money and streamline operations. The reorganization included the departure of one of its top executives. The company also said at that time that it would take a big charge for DPL as lower power prices in Ohio hurt the company's profitability.
The company completed its acquisition of DPS, which owns Dayton Power and Light Co. and DPL Energy Resources Inc., in November.
AES reaffirmed its full-year forecast for 2012 for profit of $1.22 to $1.30 per share. Analysts expect $1.22 per share.
Shares fell 41 cents, or 3.9 percent, to close at $10.07. The stock hasn't closed this low since October of 2011.