Published on 3 May 2024 on Zacks via Yahoo Finance
AES' Q1 Earnings Outpace Estimate, Revenues Decline Y/Y
The AES Corporation’s AES first-quarter 2024 adjusted earnings of 50 cents per share beat the Zacks Consensus Estimate of 32 cents by 56.3%. The bottom line also improved 127.3% from 22 cents reported in the year-ago quarter.The year-over-year improvement can be attributed to a lower adjusted tax rate and higher contributions from renewables projects placed in service in 2024.
The company generated a GAAP earnings of 60 cents per share compared with 21 cents in the first quarter of 2023. This improvement was driven by lower income tax expense, higher contributions from renewables projects placed in service in 2024, and a gain on dilution of the company’s interest in Uplight.
The AES Corporation Price, Consensus and EPS Surprise