Q1 2024 AES Corp Earnings Call Transcript
Key Points
- The AES Corp (AES) reported strong Q1 2024 results with adjusted EBITDA of $863 million and adjusted EPS of $0.50, demonstrating resilience to high interest rates and inflation.
- AES reaffirmed its 2024 guidance and growth rates through 2027, indicating confidence in continued strong performance.
- The company signed a significant 15-year contract with Amazon for the Bellefield project, providing 2 gigawatts of combined solar and storage, marking it as the largest solar-plus-storage project in the U.S.
- AES has nearly 6 gigawatts of long-term contracts with technology companies, positioning it as a major energy provider to data centers.
- The company's diversified and resilient supply chain has been a key differentiator, ensuring the availability of major equipment for projects in 2024 and 2025.
- Despite strong results, there are ongoing challenges with renewable resource variability in Panama and Brazil, impacting performance.
- The company faces potential risks from international tariffs, such as the antidumping compensating tariffs, which could affect future project costs and supply chain.
- AES's rapid growth in renewables requires substantial capital investment, which may pressure financial resources if not managed effectively.
- Transmission constraints and regulatory issues could potentially slow down the deployment of new projects and affect operational efficiency.
- While AES is expanding its utility investments, there is uncertainty about the sufficiency of current plans to meet potential large-scale demands from data centers and industrial growth.
Hello, and welcome to the AES Corporation Q1 2024 Financial Review Call. My name is Jordan, and I'll be coordinating your call today. (Operator Instructions)
I'm now going to hand over to Susan Harcourt, Vice President of Investor Relations. Susan, please go ahead.
Thank you, operator. Good morning, and welcome to our first quarter 2024 financial review call. Our press release, presentation and related financial information are available on our website at aes.com.
Today, we will be making forward-looking statements. There are many factors that may cause future results to differ materially from these statements, which are disclosed in our most recent 10-K and 10-Q filed with the SEC. Reconciliations between GAAP and non-GAAP financial measures can be found on our website along with the presentation.
Joining me this morning are Andres Gluski, our President and Chief Executive Officer; Steve Coughlin, our Chief Financial Officer; and other senior members of our management
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