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Jun 30, 2024
AES Q2 2024 Earnings Report
Reported record sales with data center hyperscalers and expects to achieve upper half of 2024 adjusted EPS guidance range.
Key Takeaways
AES reported strong Q2 2024 results, driven by increased sales to data centers and overall strategic accomplishments. The company's adjusted EPS guidance range is now expected to be in the upper half. AES signed 2.5 GW of new agreements, including 2.2 GW directly with data center customers.
Signed 2.5 GW of new agreements, including 2.2 GW directly with data center customers.
Signed agreements to support 1.2 GW of new data center load at US utilities and are in advanced negotiations for up to another 3 GW over the next 12 months.
Total backlog of signed long-term PPAs now 12.6 GW.
Completed the construction or acquisition of 1.6 GW in year-to-date 2024 and are on track to add 3.6 GW of new projects to operations in full year 2024.
Revenue by Segment
Forward Guidance
AES now expects to achieve the upper half of its 2024 Adjusted EPS guidance range of $1.87 to $1.97 and expects 2024 Adjusted EBITDA with Tax Attributes to be in the upper half of the range of $3,550 to $3,950 million.
Positive Outlook
- Driven by new renewables commissionings.
- Rate base growth at US utilities.
- Improved margins in Chile.
- Reaffirming annualized Adjusted EPS growth target of 7% to 9% through 2025, off a base of 2020.
- Reaffirming annualized Adjusted EPS growth target of 7% to 9% through 2027, off a base of 2023 guidance.
Challenges Ahead
- Impacts from significant asset sales closed in 2023 and expected to close in 2024.
- Prior year margins earned on LNG transactions.
- Asset sales
- Prior year margins on LNG transactions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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