AES(US:AES) Prnewswireยท2024-05-02 21:18Strategic Accomplishments - The company signed an additional 1 GW of solar-plus-storage under a long-term contract with Amazon, totaling 2 GW at Bellefield, California, which is the largest single solar-plus-storage facility in the US [1] - The total backlog of projects signed under long-term contracts reached 12.7 GW, including 1.2 GW of renewables and energy storage [1][4] - The company completed the construction or acquisition of 593 MW of renewables and is on track to add 3.6 GW of new projects to operations by the end of 2024 [1][4] - AES Indiana received approval for its rate case settlement, allowing for investments in reliability and enhanced customer offerings [1] Q1 2024 Financial Highlights - The company reported a diluted EPS of $0.60 for Q1 2024, compared to $0.21 in Q1 2023, and an adjusted EPS of $0.50, up from $0.22 in the same period [2][3] - Net income for Q1 2024 was $278 million, an increase of $89 million compared to Q1 2023 [3] - Adjusted EBITDA for Q1 2024 was $635 million, slightly up from $628 million in Q1 2023, while adjusted EBITDA with tax attributes was $863 million, an increase of $222 million year-over-year [2][3] Financial Position and Outlook - The company reaffirmed its 2024 guidance for adjusted EPS of $1.87 to $1.97 and adjusted EBITDA of $2,600 to $2,900 million [2][5] - The annualized adjusted EPS growth target is set at 7% to 9% through 2025 and 2027, based on 2020 and 2023 guidance respectively [2][5] - The expectation for adjusted EBITDA with tax attributes in 2024 is reaffirmed at $3,550 to $3,950 million, driven by new renewables projects [5]