The AES Corporation’s AES first-quarter 2016 adjusted earnings per share of 13 cents missed the Zacks Consensus Estimate of 19 cents by a wide 31.6%. Quarterly earnings also plunged 48% from the year-ago level of 25 cents.The company’s earnings declined primarily due to an increase of 4 cents in tax expenses, and devaluation of foreign currencies in Latin America and Europe.First-quarter diluted earnings from continuing operations (including lower unrealized foreign currency transaction losses, unrealized derivative losses and losses on retirement of debt) came in at 19 cents per share, a penny lower than 20 cents earned in the year-ago quarter.Highlights of the ReleaseAES Corp. generated total revenue of $3,471 million in the first quarter, down 12.9% year over year, due to lower contribution from both the regulated and non-regulated businesses.In the reported quarter, total cost of sales was $2,967 million, down 9.1% year over year. General and administrative expenses were $48 million, lower than the year-ago level of $55 million. Operating income was down 30.1% to $504 million.Interest expenses in the quarter were $364 million, up from $363 million in the year-ago period.Financial ConditionAES Corp. reported cash and cash equivalents of $1,185 million as of Mar 31, 2016, compared with $1,262 million as of Dec 31, 2015. Non-recourse debt was $13,413 million as of Mar 31, 2016, up from $12,956 million as of Dec 31, 2015.In the first quarter of 2016, cash from operating activities was $640 million, compared with $437 million a year ago. Total capital expenditure in the quarter was $650 million, lower than $661 million a year ago.Proportional free cash flow, a non-GAAP measure, was $253 million in the first quarter, down from $265 million in the year-ago period.GuidanceAES Corp. reaffirmed its adjusted earnings per share guidance for 2016 in the range of 95 cents to $1.05.The company also reiterated its 2016 proportional free cash flow guidance in the range of $1,000 million to $1,350 million.Peer ReleasesCMS Energy Corp. CMS reported first-quarter 2016 adjusted earnings per share of 59 cents, missing the Zacks Consensus Estimate of 68 cents by 13.2%. Quarterly earnings also tanked 19.2% from the year-ago figure of 73 cents.DTE Energy Company DTE reported first-quarter 2016 operating earnings per share of $1.52, in line with the Zacks Consensus Estimate. Reported earnings, however, dropped 7.9% from the year-ago figure of $1.65.Hawaiian Electric Industries Inc. HE reported adjusted earnings of 31 cents per share in the first quarter of 2016, missing the Zacks Consensus Estimate of 37 cents by 16.2%. Earnings also dropped 11.4% from the year-ago adjusted number of 35 cents.Zacks RankAES Corp. currently has a Zacks Rank #4 (Sell).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CMS ENERGY (CMS): Free Stock Analysis Report HAWAIIAN ELEC (HE): Free Stock Analysis Report AES CORP (AES): Free Stock Analysis Report DTE ENERGY CO (DTE): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research