AES(AES)2024-05-02 21:19Financial Performance - The AES Corporation reported a diluted EPS of $0.60 for Q1 2024, an increase of 186% compared to $0.21 in Q1 2023[4] - Adjusted EPS for Q1 2024 was $0.50, up 127% from $0.22 in Q1 2023[4] - Net Income for Q1 2024 reached $278 million, a $89 million increase from $189 million in Q1 2023[6] - Total revenue for Q1 2024 was $3,085 million, a decrease of 4.8% from $3,239 million in Q1 2023[23] - Net income attributable to AES Corporation increased to $432 million in Q1 2024, compared to $151 million in Q1 2023, representing a growth of 186.1%[23] - Basic earnings per share rose to $0.62 in Q1 2024, up from $0.22 in Q1 2023, reflecting a 181.8% increase[23] - For the three months ended March 31, 2024, net income was $278 million, compared to $189 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 $0.21 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 $7 million compared to $628 million in Q1 2023[7] - Adjusted EBITDA for Q1 2024 was $635 million, slightly up from $628 million in Q1 2023, indicating a stable performance year-over-year[32] - Adjusted EBITDA with Tax Attributes reached $863 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 $1.87 to $1.97, driven by new renewables commissionings and rate base growth[12] - Adjusted EBITDA guidance for 2024 is reaffirmed at $2,600 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 $1,994 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 $47,045 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 $2,148 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 $9,211 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 $287 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 $1,577 million, a decrease from $1,602 million in Q4 2023[42] - The Parent Company liquidity at the end of Q1 2024 was $732 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 $26 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 $43 million in Q1 2024, compared to no gain in Q1 2023[29] - Unrealized derivative gains contributed $68 million, or $0.10 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 $4 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 $495 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]