AES reports mixed Q3 results, reaffirms 2024 guidance

ARLINGTON, Va. - AES Corporation (NYSE:AES ) reported mixed third quarter results on Thursday, with earnings beating expectations but revenue falling short. The company reaffirmed its full-year 2024 guidance.

AES shares edged down 0.5% in after-hours trading following the earnings release.

AES posted adjusted earnings per share of $0.71 for Q3, surpassing the analyst consensus of $0.59. However, revenue came in at $3.29 billion, below estimates of $3.46 billion.

The company's Q3 revenue declined 4.2% YoY from $3.43 billion in the same quarter last year. AES attributed the revenue miss primarily to lower margins at its Energy Infrastructure segment and severe drought conditions impacting its Renewables business in South America.

Despite the revenue shortfall, AES reaffirmed its full-year 2024 adjusted EPS guidance range of $1.87 to $1.97, in line with the $1.92 consensus. The company now expects results to be in the upper half of that range.

"Our third quarter financial results and strategic accomplishments were very much in line with our expectations," said AES President and CEO Andrés Gluski. He highlighted that AES signed or was awarded 2.2 GW of new contracts for renewables or data center load growth at its US utilities during the quarter.

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Source: Investing.com