Yahoo Finance AES Q1 Revenues Surpass Estimates, Earnings Increase Y/Y
The AES Corporation’s AES first-quarter 2023 adjusted earnings of 22 cents per share missed the Zacks Consensus Estimate of 24 cents by 8.3%. However, earnings improved 4.8% from the 21 cents reported in the year-ago quarter.
The company generated GAAP earnings of 21 cents per share compared with the 16 cents incurred in the first quarter of 2022.
Total Revenues
Total revenues came in at $3,239 million in the reported quarter, which improved 13.6% year over year due to higher regulated and non-regulated revenues. Revenues also beat the Zacks Consensus Estimate of $2,846.8 million by 13.8%.
The AES Corporation Price, Consensus and EPS Surprise
The AES Corporation price-consensus-eps-surprise-chart | The AES Corporation Quote
Highlights of the Release
The total cost of sales was $2,645 million in the first quarter, up 13.9% year over year.
The operating income came in at $594 million, up 12% from $530 million in the year-ago period.
Interest expenses totaled $330 million, up 21.8% from $258 million in the year-earlier period.
The company's backlog for renewable energy projects stands at 12.2 GW as of Mar 31, 2023.
Financial Condition
AES Corp. had cash and cash equivalents of $1,441 million as of Mar 31, 2023 compared with $1,374 million on Dec 31, 2022.
Non-recourse debt totaled $18,513 million as of Mar 31, 2023, up from $17,846 million as of Dec 31, 2022.
In the first quarter, AES generated cash from operating activities worth $625 million compared with the year-ago figure of $457 million.
The total capital expenditure for the first quarter amounted to $1,551 million, which increased substantially from the $766 million incurred in the year-ago quarter.
Guidance
For 2023, AES reaffirmed earnings guidance and expects adjusted earnings per share in the range of $1.65-$1.75. The Zacks Consensus Estimate for earnings for 2023 is pegged at $1.72, which is higher than the midpoint of the company’s guided range.
AES Corp. reaffirmed the 7-9% average annual growth target through 2025.
Zacks Rank
AES Corp. currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
Consolidated Edison, Inc. ED reported first-quarter 2023 adjusted earnings of $1.83 per share, which beat the Zacks Consensus Estimate of $1.62 per share by 12.9%. The bottom line increased 24.5% from $1.47 in the prior-year quarter.
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Public Service Enterprise Group Incorporated PEG, or PSEG, reported first-quarter 2023 adjusted operating earnings of $1.39 per share, which beat the Zacks Consensus Estimate of $1.21 by 14.9%. Earnings also increased 4.5% from the prior-year reported figure.
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Entergy Corporation ETR reported first-quarter 2023 earnings of $1.14 per share, which missed the Zacks Consensus Estimate of $1.34 by 14.9%. The reported figure also declined 13.6% from $1.32 per share in the year-ago quarter.
Entergy’s reported revenues of $2,981.1 million beat the Zacks Consensus Estimate of $2,804.2 million by 6.4%. The figure also improved 3.6% from $2,877.9 million in the year-ago quarter due to higher Electric revenues.
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