The AES Corporation (NYSE:AES) reported Q4 2013 earnings today, missing on top-line expectations but matching on the bottom.
Revenue for Q4 clocked in at $3.8 billion , significantly below analyst estimates of $5.45 billion. But on the bottom, AES pulled through with adjusted earnings per share of $0.29, exactly matching analyst expectations.
For 2013 overall, the international utility achieved or exceeded guidance on all metrics, an accomplishment that AES President and CEO Andrés Gluski says is no fluke:
In 2013, we achieved our key operational and financial goals and made significant progress on executing our strategy. We lowered our global administrative expenses by another $53 million, bought back 25 million shares for $321 million and allocated $464 million for Corporate debt reduction. At the same time, to drive long-term growth, we started construction on two new platform expansion projects totaling 1,851 MW, Alto Maipo and OPGC II, both of which will come on-line in 2018.
The two projects are based in Chile and India, and coincided with $497 million of announced or closed asset sales as the company reorients its investments toward more strategic investments.
Looking ahead, AES announced a fiscal 2014 guidance range between $1.30 and $1.38 in EPS, up from 2013's last range of $1.24 to $1.32 and its actual earnings of $1.29.