AES Corp (NYSE: AES) reported Q2 EPS of $0.25, $0.02 better than the analyst estimate of $0.23. Revenue for the quarter came in at $2.22 billion versus the consensus estimate of $2.56 billion.

Q2 2020 Financial Highlights

• Overall market demand trends better than expected and collections remain in line with historic levels
• Maintained strong liquidity of $3.5 billion
• Diluted EPS of ($0.13), compared to $0.02 in Q2 2019
• Adjusted EPS1 of $0.25, compared to $0.26 in Q2 2019

Financial Position and Outlook

• As of June 30, 2020, the Company comfortably exceeded targeted investment grade ratios and is on track to attain a second investment grade rating by year-end 2020
• Reaffirming 2020 guidance and expectations, as well as 7% to 9% average annual growth target through 2022
• Remain committed to growing dividend by 4% to 6% annually, subject to Board approval

"Our strong quarterly results demonstrate the resiliency of our core business model of long-term contracted generation with credit-worthy offtakers," said Andrés Gluski, AES President and Chief Executive Officer. "Since our last call, we added 852 MW to our pipeline of renewable projects, increasing our backlog to 6.2 GW. At the same time, we consolidated our global lead in energy storage through Fluence, which launched its sixth-generation product. Finally, by growing renewables and signing agreements to sell 2.0 GW of coal-fired generation, we are well on our way toward reducing our total generation from coal to less than 30% by the end of this year."

"Our solid financial performance in the second quarter highlights once more the quality and resilience of our existing business model. Collections have remained stable and our assets continued to play a critical role in the markets where we operate," said Gustavo Pimenta, AES Executive Vice President and Chief Financial Officer. "Based on our year-to-date results and our outlook for the remainder of the year, we remain optimistic that we will attain a second investment grade rating before the end of this year, and we are reaffirming our 2020 guidance and expectations, as well as our 7% to 9% average annual growth through 2022."

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