AES Reports Record Sales with Data Center Hyperscalers

Core Insights - The AES Corporation expects to achieve the upper half of its 2024 Adjusted EPS guidance range of $1.87 to $1.97, driven by new renewable projects and growth in U.S. utilities [3][7]. Strategic Accomplishments - The company signed 2.5 GW of new agreements, including 2.2 GW directly with data center customers, and has a total backlog of signed long-term Power Purchase Agreements (PPAs) now at 12.6 GW [1][5]. - Completed the construction or acquisition of 1.6 GW year-to-date in 2024 and is on track to add 3.6 GW of new projects to operations by the end of 2024 [1][5]. Financial Highlights - For Q2 2024, the company reported a diluted EPS of $0.27, compared to a loss of $0.06 in Q2 2023, and a net income attributable to AES of $185 million, compared to a loss of $39 million in the same quarter last year [2][4]. - Adjusted EBITDA for Q2 2024 was $652 million, an increase of $83 million compared to Q2 2023, while Adjusted EBITDA with Tax Attributes was $843 million, up $236 million year-over-year [2][4]. Financial Position and Outlook - The company reaffirms its annualized Adjusted EPS growth target of 7% to 9% through 2025 and 2027, based on 2020 and 2023 guidance, respectively [3][7]. - The 2024 guidance for Adjusted EBITDA is reaffirmed at $2,600 to $2,900 million, with expectations for Adjusted EBITDA with Tax Attributes to be in the upper half of the range of $3,550 to $3,950 million [6][7].