Revenue during the quarter grew 6.76 percent to $3,492 million from $3,271 million in the previous year period. Gross margin for the quarter expanded 142 basis points over the previous year period to 16.98 percent. Total expenses were 88.89 percent of quarterly revenues, down from 89.54 percent for the same period last year. This has led to an improvement of 66 basis points in operating margin to 11.11 percent.

"During the first quarter we made meaningful progress on our objectives for 2017, including restructuring our 531 MW Alto Maipo hydroelectric project in Chile, prepaying $300 million in Parent debt and reshaping our portfolio by exiting 3.7 GW of merchant coal-fired generation in Kazakhstan and Ohio," said Andrés Gluski, AES president and chief executive officer. "We also received FERC approval for our acquisition of sPower and advanced our growth pipeline. To that end, we secured final permits for our 1.4 GW Southland repowering project in California and agreed to acquire 386 MW of wind generation in Brazil. Along with our 3.4 GW currently under construction and expected to come on-line through 2019, we expect these projects to be significant contributors to our future growth."

For financial year 2017, The AES Corporation forecasts diluted earnings per share to be in the range of $1 to $1.10 on adjusted basis.

The company has spent $340 million cash to meet investing activities during the quarter as against cash outgo of $548 million in the last year period.

The company has spent $79 million cash to carry out financing activities during the quarter as against cash outgo of $180 million in the last year period.

Cash and cash equivalents stood at $1,588 million as on Mar. 31, 2017, up 34.69 percent or $409 million from $1,179 million on Mar. 31, 2016.

Working capital increases sharply
The AES Corporation has recorded an increase in the working capital over the last year. It stood at $1,158 million as at Mar. 31, 2017, up 208.80 percent or $783 million from $375 million on Mar. 31, 2016. Current ratio was at 1.22 as on Mar. 31, 2017, up from 1.06 on Mar. 31, 2016.

Cash conversion cycle (CCC) has decreased to 17 days for the quarter from 36 days for the last year period. Days sales outstanding went down to 59 days for the quarter compared with 70 days for the same period last year.

Days inventory outstanding has decreased to 10 days for the quarter compared with 22 days for the previous year period. At the same time, days payable outstanding went down to 52 days for the quarter from 57 for the same period last year.