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AES Corporation Reports Mixed Q3 Results, Maintains 2024 Guidance
ARLINGTON, Va. – AES Corporation (NYSE:) announced its third-quarter financial results on Thursday, reflecting a mixed performance. While the company exceeded earnings expectations, its revenue fell short of forecasts. AES has reaffirmed its guidance for the full year 2024.
Following the earnings announcement, AES shares dropped by 0.5% in after-hours trading.
For the third quarter, AES reported adjusted earnings per share of $0.71, which exceeded the analysts’ consensus estimate of $0.59. Nonetheless, the company’s revenue reported at $3.29 billion was below the anticipated $3.46 billion.
The decline in revenue represents a 4.2% year-over-year decrease from $3.43 billion in the same quarter of the previous year. AES executives pointed to lower margins in its Energy Infrastructure segment and adverse drought conditions affecting the Renewables business in South America as primary factors contributing to the revenue shortfall.
Despite these challenges, the company reaffirmed its adjusted EPS guidance for the full year 2024, expecting to achieve a range between $1.87 and $1.97, aligning with the consensus estimate of $1.92. AES indicated it anticipates results to land within the upper half of this range.
“Our third quarter financial results and strategic accomplishments were very much in line with our expectations,” stated AES President and CEO Andrés Gluski. He noted that during the quarter, AES secured or was awarded 2.2 GW of new contracts for renewable energy and data center load growth at its U.S. utilities.
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