Arlington, Va.-based AES reported a net loss of $1.5 billion, or $2.10 a share, for the three-month period ended Sept. 30, compared with a net loss of $131 million, or 17 cents a share, during the same period last year.
Revenues for the quarter totaled $4.5 billion, up from $4.3 billion in third quarter 2011.
Earnings from continuing operations fell to a loss of $2.10 per share primarily due to a $1.8 billion, or $2.46 per share, impairment cost on DPL, which AES acquired last year for $4.7 billion.
DPL is the parent of the Dayton Power and Light Co., which provides electricity to 500,000 customers in western Ohio.
AES revealed the charge Nov. 1, citing declining market price for energy, a significant increase in customers switching to alternative suppliers, and the uncertainty of the outcome of regulatory proceedings with the Public Utilities Commission of Ohio.
Adjusting for the DPL charge and other special items, AES said it earned 36 cents per share.
AES reaffirmed its full-year forecast for profit of $1.22 to $1.30 a share. Analysts expect $1.22 per share.
AES announced earlier this month it was restructuring its business to save money and streamline operations. The reorganization included the departure of one of its top executives.
AES shares closed Wednesday at $10.07, down 41 cents, or 3.9 percent. It was the stock’s lowest closing price since October 2011.
The Associated Press contributed to this report.
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