AES Unveils Mixed Q3 Results, Confirms 2024 Guidance

ARLINGTON, Va. - AES Company (NYSE:AES) announced mixed third-quarter results on Thursday; earnings exceeded expectations while revenue fell short of targets. The company confirmed its full-year 2024 guidance.

AES shares fell 0.5% in after-hours trading following the earnings announcement.

AES reported a third-quarter adjusted earnings per share of $0.71, surpassing the analyst estimate of $0.59. However, the revenue of $3.29 billion fell below the forecasts of $3.46 billion.

The company's third-quarter revenue declined by 4.2% year-over-year from $3.43 billion in the same period last year. AES attributed the revenue miss primarily to low margins in the Energy Infrastructure segment and severe drought conditions affecting its Renewable business in South America.

Despite the revenue decline, AES confirmed its full-year 2024 adjusted earnings per share guidance range of $1.87 to $1.97, which is consistent with the consensus of $1.92. The company now expects results to be in the upper half of that range.

AES President and CEO Andrés Gluski stated, "Our third-quarter financial results and strategic successes were closely aligned with our expectations." Gluski highlighted that AES signed or won 2.2 GW of new contracts in the quarter for renewable energy or data center load growth in U.S. utilities.