Cost-Cutting and Andes Business Unit Forecast Drive Better-Than-Expected 2018 Guidance for AES
We are reaffirming our $12 fair value estimate for AES after the company reported strong 2017 adjusted earnings per share and initiated better-than-expected 2018 EPS guidance. Reported 2017 adjusted EPS came in at $1.08, $0.06 higher than our estimate and the consensus. The variance versus our estimate was driven by lower corporate/other segment expense due in large part to a $0.06 per share reversal of reserves taken against reimbursements in 2016 that was recognized in the fourth quarter.AES ...
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