AES Corp. reports Q1 adjusted EPS 50c, consensus 34c

Reports Q1 revenue $3.09N, consensus $3.2B. “We had a strong Q1, financially and strategically, in line with our expectations. During the quarter, we signed 1 GW of long-term contracts for renewables with Amazon, for a total of 3.1 GW since 2021, making AES one of the largest renewables developers in Amazon’s portfolio,” said CEO Andres Gluski. “To-date, we have signed nearly 6 GW of renewables PPAs with technology customers, and with our unique project structuring capabilities and resilient supply chain and construction programs, we continue to be best positioned to meet the needs of this and other rapidly growing market segments”. “With our Q1 results and our future outlook, I am pleased to reaffirm our full year 2024 guidance and long-term growth rates through 2027,” said CFO Stephen Coughlin. “We continue to maintain balance sheet discipline by using highly capital-efficient structures to finance our growth, including the use of long-term, fixed rate debt that is non-recourse to the AES Parent. In addition, our strategy of pre-hedging future debt issuances means we have minimal exposure to interest rates.”