AES Corp (NYSE: AES) reported Q1 EPS of $0.50, $0.18 better than the analyst estimate of $0.32. Revenue for the quarter came in at $3.09 billion versus the consensus estimate of $3.15 billion.

GUIDANCE:

AES Corp sees FY2024 EPS of $1.87-$1.97, versus the consensus of $1.91.

The Company is reaffirming its expectation for annualized growth in Adjusted EBITDA7 of 5% to 7% through 2027, from a base of its 2023 guidance of $2,600 to $2,900 million.

The Company is reaffirming its 2024 guidance for Adjusted EBITDA7 of $2,600 to $2,900 million. Results are expected to be driven by the impacts from significant asset sales closed in 2023 and expected to close in 2024, as well as prior year margins earned on LNG transactions, partially offset by contributions from new renewables projects, improved margins in Chile, rate base growth at US utilities.

The Company is reaffirming its expectation for 2024 Adjusted EBITDA with Tax Attributes7,8 of $3,550 to $3,950 million, driven by new renewables.

The Company is reaffirming its annualized growth target for Adjusted EPS6 of 7% to 9% through 2025, from a base year of 2020. The Company is also reaffirming its annualized growth target for Adjusted EPS6 of 7% to 9% through 2027, from a base of its 2023 guidance of $1.65 to $1.75.

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