AES Corp (AES) Tops Q4 EPS by 4c, Revenues Miss

AES Corp (NYSE: AES) reported Q4 EPS of $0.48, $0.04 better than the analyst estimate of $0.44. Revenue for the quarter came in at $2.56 billion versus the consensus estimate of $2.78 billion.

"We had a strong year in 2020, meeting or exceeding all of our strategic and financial objectives," said Andrés Gluski, AES President and Chief Executive Officer. "We made great progress in our transition toward a low-carbon future and consolidated our position as market leader in new and innovative technologies, renewables, and cloud-based customer and efficiency solutions. That we were able to accelerate our growth, and deliver on our original financial guidance in the midst of a global pandemic, is a testament to the quality and dedication of our people and the resilience of our business model."

"We are very pleased with our performance during 2020, including attaining a second investment grade rating and reducing our generation from coal to 25% on a proforma basis. We signed 3 GW of renewables under long-term contracts, bringing our backlog to 6.9 GW expected to come on-line through 2023. We also significantly outperformed the S&P Utilities Index and the S&P 500 Index, with a total shareholder return of 22%," said Gustavo Pimenta, AES Executive Vice President and Chief Financial Officer. "In 2021, we expect to deliver Adjusted EPS of $1.50 to $1.58, in line with our expectation of 7% to 9% average annual growth. We look forward to discussing our longer-term outlook with you at our Virtual Investor Day next week."

For earnings history and earnings-related data on AES Corp (AES) click here.

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