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Mar 31, 2024
AES Q1 2024 Earnings Report
Reported strong first quarter results and reaffirmed 2024 guidance and long-term growth rates.
Key Takeaways
AES reported a strong first quarter with a net income of $278 million and adjusted EPS of $0.50. The company reaffirmed its 2024 guidance for adjusted EPS and adjusted EBITDA, as well as its long-term growth rates through 2027.
Signed 1.2 GW of renewables and energy storage under long-term contracts, bringing total backlog of projects signed under long-term contracts to 12.7 GW.
Completed the construction or acquisition of 593 MW of renewables; on track to add 3.6 GW of new projects to operations in full year 2024.
AES Indiana received approval for its rate case settlement, allowing investment in reliability, resiliency and enhanced customer offerings.
Retired 276 MW Norgener coal plant in Chile, for a total of 13.5 GW of coal exits announced or closed since 2017.
AES
AES
AES Revenue by Segment
Revenue by Segment
Renewables Revenue
CapyFin.comUtilities Revenue
CapyFin.comEnergy Infrastructure Revenue
CapyFin.comCorporate and Other Revenue
CapyFin.com Forward Guidance
The Company is reaffirming its 2024 guidance for Adjusted EBITDA of $2,600 to $2,900 million and Adjusted EPS of $1.87 to $1.97.
Positive Outlook
- New renewables commissionings
- Rate base growth at US utilities
- Improved margins in Chile
- Annualized growth in Adjusted EBITDA of 5% to 7% through 2027, from a base of its 2023 guidance of $2,600 to $2,900 million.
- Annualized growth target for Adjusted EPS of 7% to 9% through 2027, from a base of its 2023 guidance of $1.65 to $1.75.
Challenges Ahead
- Impacts from significant asset sales closed in 2023 and expected to close in 2024
- Prior year margins earned on LNG transactions
- Foreign currency and commodity forward curves as of March 31, 2024
- Asset sales
- Prior year margins on LNG transactions
Revenue & Expenses
Visualization of income flow from segment revenue to net income