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AES(AES) - 2024 Q1 - Quarterly Results
AESAES(AES)2024-05-02 21:19

Financial Performance - The AES Corporation reported a diluted EPS of 0.60forQ12024,anincreaseof1860.60 for Q1 2024, an increase of 186% compared to 0.21 in Q1 2023[4] - Adjusted EPS for Q1 2024 was 0.50,up1270.50, up 127% from 0.22 in Q1 2023[4] - Net Income for Q1 2024 reached 278million,a278 million, a 89 million increase from 189millioninQ12023[6]−TotalrevenueforQ12024was189 million in Q1 2023[6] - Total revenue for Q1 2024 was 3,085 million, a decrease of 4.8% from 3,239millioninQ12023[23]−NetincomeattributabletoAESCorporationincreasedto3,239 million in Q1 2023[23] - Net income attributable to AES Corporation increased to 432 million in Q1 2024, compared to 151millioninQ12023,representingagrowthof186.1151 million in Q1 2023, representing a growth of 186.1%[23] - Basic earnings per share rose to 0.62 in Q1 2024, up from 0.22inQ12023,reflectinga181.80.22 in Q1 2023, reflecting a 181.8% increase[23] - For the three months ended March 31, 2024, net income was 278 million, compared to 189millionforthesameperiodin2023,representinga47189 million for the same period in 2023, representing a 47% increase[32] - The diluted earnings per share (EPS) for Q1 2024 was 0.60, up from 0.21inQ12023,markingasubstantialincreaseof185.70.21 in Q1 2023, marking a substantial increase of 185.7%[37] Adjusted Metrics - Adjusted EBITDA for Q1 2024 was 635 million, a slight increase of 7millioncomparedto7 million compared to 628 million in Q1 2023[7] - Adjusted EBITDA for Q1 2024 was 635million,slightlyupfrom635 million, slightly up from 628 million in Q1 2023, indicating a stable performance year-over-year[32] - Adjusted EBITDA with Tax Attributes reached 863millioninQ12024,comparedto863 million in Q1 2024, compared to 641 million in Q1 2023, reflecting a significant increase of 34.6%[32] - The company reaffirmed its 2024 guidance for Adjusted EPS of 1.87to1.87 to 1.97, driven by new renewables commissionings and rate base growth[12] - Adjusted EBITDA guidance for 2024 is reaffirmed at 2,600to2,600 to 2,900 million, with expectations of annualized growth of 5% to 7% through 2027[10] Project Development - The company signed an additional 1 GW of solar-plus-storage under a long-term contract with Amazon, totaling 2 GW at Bellefield, California[1] - The total backlog of projects signed under long-term contracts reached 12.7 GW, including 5.8 GW under construction[11] Capital and Assets - Cash and cash equivalents increased to 1,994millionasofMarch31,2024,comparedto1,994 million as of March 31, 2024, compared to 1,426 million at the end of 2023, marking a growth of 39.7%[27] - Total assets grew to 47,045millionasofMarch31,2024,upfrom47,045 million as of March 31, 2024, up from 44,799 million at the end of 2023, an increase of 5.0%[27] - Capital expenditures for Q1 2024 were 2,148million,anincreasefrom2,148 million, an increase from 1,551 million in Q1 2023, representing a rise of 38.5%[29] Liabilities and Cash Flow - Total current liabilities decreased to 9,211millionasofMarch31,2024,from9,211 million as of March 31, 2024, from 9,731 million at the end of 2023, a reduction of 5.3%[27] - Net cash provided by operating activities was 287millioninQ12024,downfrom287 million in Q1 2024, down from 625 million in Q1 2023, a decrease of 54.1%[29] - Total subsidiary distributions to the Parent Company for Q1 2024 amounted to 1,577million,adecreasefrom1,577 million, a decrease from 1,602 million in Q4 2023[42] - The Parent Company liquidity at the end of Q1 2024 was 732million,downfrom732 million, down from 1,409 million at the end of Q4 2023, indicating a reduction in available cash[42] Impairments and Gains - The company reported impairment losses of 26millioninQ12024,comparedto26 million in Q1 2024, compared to 9 million in Q1 2023, highlighting an increase in asset impairments[40] - The company reported a gain on disposal and sale of business interests of 43millioninQ12024,comparedtonogaininQ12023[29]−Unrealizedderivativegainscontributed43 million in Q1 2024, compared to no gain in Q1 2023[29] - Unrealized derivative gains contributed 68 million, or 0.10pershare,tothefinancialresultsinQ12024,reflectingtheimpactofmarketfluctuations[39]−Thecompanyrecognizedalossonextinguishmentofdebtandtroubleddebtrestructuringamountingto0.10 per share, to the financial results in Q1 2024, reflecting the impact of market fluctuations[39] - The company recognized a loss on extinguishment of debt and troubled debt restructuring amounting to 34 million in Q1 2024, compared to 4millioninQ12023[40]StrategicInitiatives−Thecompanyretired276MWofcoalcapacityinChile,contributingtoatotalof13.5GWofcoalexitssince2017[4]−AESIndianareceivedapprovalforaratecasesettlement,allowingforinvestmentsinreliabilityandenhancedcustomerofferings[4]RevenueSegments−TheRenewablesStrategicBusinessUnit(SBU)revenueincreasedby25.14 million in Q1 2023[40] Strategic Initiatives - The company retired 276 MW of coal capacity in Chile, contributing to a total of 13.5 GW of coal exits since 2017[4] - AES Indiana received approval for a rate case settlement, allowing for investments in reliability and enhanced customer offerings[4] Revenue Segments - The Renewables Strategic Business Unit (SBU) revenue increased by 25.1% to 619 million in Q1 2024 from 495millioninQ12023[25]−TheadjustedPTCforQ12024was495 million in Q1 2023[25] - The adjusted PTC for Q1 2024 was 336 million, compared to $204 million in Q1 2023, representing a 64.7% increase year-over-year[40]