AES Corp (AES) Reports In-Line Q1 EPS

AES Corp (NYSE: AES) reported Q1 EPS of $0.29, in-line with the analyst estimate of $0.29. Revenue for the quarter came in at $2.34 billion versus the consensus estimate of $2.66 billion.

Guidance and Expectations

The Company is reducing the mid-point of its 2020 Adjusted EPS guidance by 5%, or $0.07 per share, to a range of $1.32 to $1.42. This reduction is primarily driven by lower demand across its businesses, particularly at its US utilities, which have been negatively impacted by the COVID-19-related economic slowdown that began late in the first quarter of 2020. The Company expects this demand trend to continue through the second quarter, with some improvement in the third quarter and further recovery by year-end 2020. The Company is reaffirming its 2020 Parent Free Cash Flow expectation of $725 million to $775 million.

The Company is also reaffirming its average annual growth rate target of 7% to 9% through 2022 for both Adjusted EPS and Parent Free Cash Flow, off a base of 2018 actuals.

For earnings history and earnings-related data on AES Corp (AES) click here.

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