AES (NYSE:AES) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

AES (NYSE:AES) posted its quarterly earnings results on Thursday. The utilities provider reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02, Briefing.com reports. The firm had revenue of $2.94 billion during the quarter, compared to analysts’ expectations of $3.22 billion. AES had a net margin of 4.40% and a return on equity of 36.23%. The firm’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.21 earnings per share. AES updated its FY24 guidance to $1.87-$1.97 EPS and its FY 2024 guidance to 1.920-1.970 EPS.

AES Stock Down 4.7 %

NYSE:AES traded down $0.84 on Friday, reaching $17.07. The stock had a trading volume of 6,203,215 shares, compared to its average volume of 8,161,856. The company has a 50-day moving average of $18.84 and a 200 day moving average of $17.81. The company has a current ratio of 0.78, a quick ratio of 0.71 and a debt-to-equity ratio of 4.04. The stock has a market cap of $12.13 billion, a P/E ratio of 24.31 and a beta of 1.08. AES has a 12-month low of $11.43 and a 12-month high of $22.21.

AES Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Thursday, August 1st will be paid a dividend of $0.1725 per share. This represents a $0.69 annualized dividend and a yield of 4.04%. The ex-dividend date of this dividend is Thursday, August 1st. AES’s dividend payout ratio (DPR) is 95.83%.

Wall Street Analysts Forecast Growth

AES has been the topic of several research reports. Seaport Res Ptn lowered shares of AES from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 21st. Royal Bank of Canada reissued an “outperform” rating and issued a $22.00 price target on shares of AES in a report on Tuesday, April 9th. Mizuho increased their price objective on AES from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Finally, Barclays reduced their target price on shares of AES from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.75.

AES Company Profile

The AES Corporation, together with its subsidiaries, operates as a diversified power generation and utility company in the United States and internationally. The company owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries; owns and/or operates utilities to generate or purchase, distribute, transmit, and sell electricity to end-user customers in the residential, commercial, industrial, and governmental sectors; and generates and sells electricity on the wholesale market.