AES Corp (AES) Misses Q1 EPS by 2c, Revenues Beat; Reaffirms FY21 EPS Outlook

AES Corp (NYSE: AES) reported Q1 EPS of $0.28, $0.02 worse than the analyst estimate of $0.30. Revenue for the quarter came in at $2.64 billion versus the consensus estimate of $2.37 billion.

"We continue to see an incredible opportunity for growth, spurred by the transformation of the electricity sector and we have taken decisive action to position ourselves as a leader in this transition. This week, we announced a 10-year agreement with Google to provide 24/7 carbon-free energy, designed to match the load of their data centers in Virginia. This unique product sets a new standard in renewable procurement for commercial and industrial customers, who signed 23 GW of contracts for renewables in 2020," said Andrés Gluski, AES President and Chief Executive Officer. "We are also well on our way to achieving our annual goal of signing 4 GW of new renewables under long-term contracts, with 1,088 MW already secured year-to-date. Additionally, we secured a 20-year tolling agreement for more than 40% of our excess LNG terminal capacity in Central America."

"With our first quarter results we are well on our way toward achieving our full year 2021 guidance. Accordingly, we are also reaffirming our 7% to 9% average annual growth target through 2025," said Gustavo Pimenta, AES Executive Vice President and Chief Financial Officer. "We successfully raised $1 billion in equity units, which will fund our attractive growth opportunities, while maintaining strong credit metrics."

GUIDANCE:

AES Corp sees FY2021 EPS of $1.50-$1.58, versus the consensus of $1.55.

• Reaffirming 2021 Adjusted EPS1 guidance range of $1.50 to $1.58
• Reaffirming 7% to 9% average annual growth target through 2025

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

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