Q3 2024 AES Corp Earnings Call Transcript
Key Points
- The AES Corp (AES) reported adjusted EPS of $0.71 for the third quarter, up from $0.60 last year, indicating strong financial performance.
- The company has signed or been awarded 2.2 gigawatts of new contracts since the last call, showing robust growth in its renewables and US utility businesses.
- The AES Corp (AES) has completed construction of 2.8 gigawatts of new projects year-to-date, demonstrating effective execution of its construction program.
- The company has a strong supply chain management, with 100% of solar panels on site for projects coming online this year and 84% in-country for next year.
- The AES Corp (AES) is well-positioned as a leading provider of renewable energy to data center companies, with significant growth opportunities in the US and internationally.
- The AES Corp (AES) expects adjusted EBITDA to be towards the low end of the guidance range for the year due to extreme weather impacts in Colombia and lower margins in the energy infrastructure SBU.
- The company experienced a significant decline in renewables EBITDA, primarily due to record-breaking drought conditions in South America.
- Lower year-over-year Q3 EBITDA at the energy infrastructure SBU was driven by expected declines at Warrior Run and Southland legacy businesses.
- The AES Corp (AES) faced unplanned outages at its TEG and TEP thermal plants in Mexico, impacting results in the second and third quarters.
- The company is dealing with inverter failures at several solar sites, affecting availability versus plan, although these are under warranty and being remediated.
Good morning. Thank you for attending today's AES Corporation Third Quarter 2024 Financial Review Call. My name is Megan, and I'll be your moderator for today. (Operator Instructions)
I would now like to turn the call over to Susan Harcourt, Vice President of Investor Relations at AES Corporation. Susan, you may begin
Thank you, operator. Good morning, and welcome to our third 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; Stephen Coughlin, our Chief
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