AES Corp. reports Q3 EPS 60c, consensus 55c

Reports Q3 revenue $3.43B, consensus $3.5B. “We had a strong Q3 across the board and are on track to deliver on all of our financial and strategic objectives,” said CEO Andres Gluski. “We fully expect to complete construction of 3.5 GW of new renewables this year, which is more than double compared to last year. Demand for renewables with long-term contracts remains exceptionally strong across the sector, and particularly from our primary customers, large technology companies and data centers. As a result of this demand, we have signed a total of 3.7 GW of contracts for new renewables so far this year and expect to sign at least 5 GW before the end of the year.” “We expect to be in the top half of our Adjusted EPS guidance range for 2023 and we are reaffirming all of our short- and long-term financial guidance metrics. Our hedging programs and low-risk commercial structure ensure that we continue to have limited exposure to interest rates,” said Stephen Coughlin, CFO. “We have already secured our asset sale proceeds target and external financing needs for the year, further strengthening our balance sheet. Additionally, we are accelerating and increasing our asset sale program to eliminate any need for new equity until at least 2026.”