The company said net income for Q1 2024 rose $89 million to $278 million from $189 million a year earlier. Adjusted EBITDA (non-GAAP) increased from $628 million to $635 million, and Adjusted EPS (non-GAAP) increased from $0.22 to $0.50.

10-QQuarterly reportFiled May 2, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said net income for Q1 2024 rose $89 million to $278 million from $189 million a year earlier. Adjusted EBITDA (non-GAAP) increased from $628 million to $635 million, and Adjusted EPS (non-GAAP) increased from $0.22 to $0.50.
AES said revenue for Q1 2024 fell 5% from a year earlier, to $154 million, while operating margin rose 4%, or $25 million. Operating margin at Energy Infrastructure increased $29 million. The company cited higher revenues from a PPA termination agreement and other factors as the drivers.
The company said net cash provided by operating activities for Q1 2024 decreased $338 million from the same period a year earlier. It said working capital requirements increased $615 million, mainly due to higher accounts receivable resulting from lower collections.
AES said recourse debt was $5.3 billion as of March 31, 2024 ($4.5 billion as of December 31, 2023). It also said $174 million of the non-recourse debt classified as current relates to technical defaults at 3 subsidiaries and is not related to payment defaults.

Key figures

Quarter ended March 31, 2024

Revenue: $3.1B
Net income: $432M
EPS: $0.60
Gross profit: $619M
Operating cash flow: $287M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Net Income Growth and Adjusted Measures

The company said net income for Q1 2024 rose $89 million to $278 million from $189 million a year earlier. Adjusted EBITDA (non-GAAP) increased from $628 million to $635 million, and Adjusted EPS (non-GAAP) increased from $0.22 to $0.50.

Source · Based on the MD&A text of the filing

Lower Revenue and Higher Operating Margin

AES said revenue for Q1 2024 fell 5% from a year earlier, to $154 million, while operating margin rose 4%, or $25 million. Operating margin at Energy Infrastructure increased $29 million. The company cited higher revenues from a PPA termination agreement and other factors as the drivers.

Source · Based on the MD&A text of the filing

Lower Operating Cash Flow

The company said net cash provided by operating activities for Q1 2024 decreased $338 million from the same period a year earlier. It said working capital requirements increased $615 million, mainly due to higher accounts receivable resulting from lower collections.

Source · Based on the MD&A text of the filing

Recourse Debt and Technical Defaults

AES said recourse debt was $5.3 billion as of March 31, 2024 ($4.5 billion as of December 31, 2023). It also said $174 million of the non-recourse debt classified as current relates to technical defaults at 3 subsidiaries and is not related to payment defaults.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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