AES Corporation Reports $698M Net Income for 2024

By Bobby Samwell • Friday, February 28 10:06 • Permanent Link

The AES Corporation (NYSE: AES) has reported its financial results for the year ended December 31, 2024. The company achieved significant strategic and financial milestones, including signing or being awarded 6.8 GW of new contracts, completing the construction or acquisition of 3.0 GW of renewables primarily in the United States and Chile, and receiving approval from the Indiana Utility Regulatory Commission to implement new base rates and an ROE of 9.9% at AES Indiana.

In terms of financial highlights, AES reported a net income of $698 million for the full year 2024, compared to a net loss of $182 million in 2023. Additionally, the company's net income attributable to the AES Corporation was $1,686 million, compared to $242 million in 2023. Diluted EPS stood at $2.37, compared to $0.34 in 2023.

When considering non-GAAP adjusted financial metrics, AES reported adjusted EBITDA of $2,639 million, compared to $2,828 million in 2023. Adjusted EBITDA with tax attributes was $3,952 million, compared to $3,439 million in 2023. Adjusted EPS was $2.14, compared to $1.76 in 2023.

Looking ahead, AES is on track to achieve its target of signing 14 to 17 GW of PPAs in 2023 to 2025, and the company expects to complete construction of 3.2 GW of new renewables in 2025. AES has also initiated 2025 guidance for adjusted EBITDA of $2,650 to $2,850 million and expects to achieve an annualized growth target of 5% to 7% through 2027.

In 2024, the company retired 481 MW of coal generation in Chile and the United States, and AES maintained its commitment to delivering greener, smarter energy solutions. The company's financial results reflect its continued focus on operational excellence and efficiency as it scales its business.

AES's 2025 guidance is based on foreign currency and commodity forward curves as of December 31, 2024, and the company expects to maintain its current quarterly dividend payment of $0.17595 going forward.

For more detailed information about AES's financial performance, including non-GAAP financial measures, interested parties can access the full press release and financial statements on the AES website.

The company will host a conference call on Friday, February 28, 2025, at 10:00 a.m. Eastern Time (ET) for further discussion of its financial results and strategic outlook. Following these announcements, the company's shares moved 7.6%, and are now trading at a price of $11.16. Check out the company's full 8-K submission here.

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