ARLINGTON, Va. – AES Corp’s. fourth-quarter profit inched past analysts’ expectations, helped by its new businesses and higher volumes in Brazil, but the power provider lowered the midpoint of its 2012 adjusted profit forecast.
Arlington, Virginia-based AES now expects full-year adjusted profit of $1.22 to $1.30 a share down from its prior view of $1.27 to $1.37 per share.
Analysts, on average, expected the company to earn $1.30 per share, according to Thomson Reuters I/B/E/S.
The company is on track to initiate its previously announced $120 million annual dividend in the third quarter, with the first payment expected in the fourth quarter, AES said in a statement.
For the October-December quarter, earnings from continuing operations were 12 cents a share compared with 16 cents a share, a year ago.
On an adjusted basis, AES earned 23 cents per share.
Consolidated revenue rose slightly to $4.3 billion.
Analysts, on average, had pegged the company’s earnings at 22 cents a share on revenue of $3.46 billion.
Separately, the company sold interest in some of its units for a total of $463 million.
AES sold its interest in the 832 megawatts (MW) plant AES Red Oak LLC to Energy Capital Partners and an 80 percent interest in 705 MW plant AES Ironwood Inc to a unit of PPL Corp.
State Grid Corp of China is eyeing a controlling stake in AES Corps’ U.S. wind power business as China’s cash-flush state-owned power companies go on an overseas buying spree, sources said on Monday.