AES Corp. reports Q2 adjusted EPS 21c, consensus 25c

Reports Q2 revenue $3.03B, consensus $2.95B. “We are making excellent progress on our strategic priorities: tripling our installed renewables capacity by 2027; growing our US utilities’ rate base by more than 10% annually; and exiting coal by year-end 2025,” said Andres Gluski, CEO. “So far this year, we have signed long-term contracts for 2.2 GW of new renewables and increased our backlog of signed PPAs to a record level of 13.2 GW. At the same time, our construction program is going very well, with 786 MW of renewable projects completed year-to-date. We remain on track to commission a total of 3.4 GW this year, including 2.1 GW in the US. We are pleased with our financial results to-date, and see ourselves as well-positioned to execute on all of our priorities in the second half of the year,” said Stephen Coughlin, AES Executive Vice President and Chief Financial Officer. “Our quarterly results are fully in line with our expectations, including the seasonality in our earnings that we outlined earlier this year, and today we are reaffirming our 2023 guidance and long-term annualized growth rate targets for all metrics.”