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Sep 30, 2021
AES Q3 2021 Earnings Report
Reported financial results for the quarter ended September 30, 2021.
Key Takeaways
AES Corporation reported an increase in diluted EPS to $0.48 and adjusted EPS to $0.50 for Q3 2021, driven by renewables growth and the Southland portfolio. The company reaffirms its 2021 adjusted EPS guidance and 7% to 9% annualized growth target through 2025.
Signed 4 GW of new PPAs for renewable energy projects in year-to-date 2021, increasing the backlog to 9.2 GW.
Increased full year 2021 target to sign renewables under long-term PPAs to 5 GW, from 4 GW.
Received approval for a two-year extension through 2023 for the operation of the 876 MW Southland Redondo Beach facility.
Fluence completed its Initial Public Offering and began trading on October 28, 2021.
Forward Guidance
The company is reaffirming its 2021 Adjusted EPS1 guidance of $1.50 to $1.58, but now expects to be at the low end of the range reflecting a $0.07 per share non-cash adjustment.
Positive Outlook
- Reaffirming 2021 Adjusted EPS1 guidance range of $1.50 to $1.58.
- Reaffirming 7% to 9% annualized growth target through 2025, off a base year of 2020.
- Increasing full year 2021 target to sign renewables under long-term PPAs to 5 GW, from 4 GW.
- Backlog is now the highest in our history at 9.2 GW, with 60% in the United States.
- Remain on track to achieve our 2021 cash flow and credit goals
Challenges Ahead
- Expecting low end of the range due to a non-cash adjustment related to equity units issued in March 2021.
- Adjustment follows an updated interpretation of the accounting for the equity units.
- Prior guidance assumed these additional shares would be included only upon settlement of the equity units in 2024
Historical Earnings Impact
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Avg. Return Before/After Earnings
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