We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
AES Q4 Earnings Beat Estimates While Revenues Fall Short
Read MoreHide Full Article
AES Corporation’s (AES - Free Report) fourth-quarter 2020 adjusted earnings of 48 cents per share surpassed the Zacks Consensus Estimate of 45 cents by 6.7%. Moreover, the bottom line improved 37.1% from the year-ago quarter’s 35 cents per share.
Barring a one-time adjustment, the company posted GAAP earnings of 47 cents per share in the reported quarter against the GAAP loss of 12 cents in the prior-year period.
Highlights of the Release
AES Corp. generated total revenues of $2,560 million in the fourth quarter, up 5.3% year over year. The top line, however, lagged the Zacks Consensus Estimate of $2,841 million by 9.9%.
The AES Corporation Price, Consensus and EPS Surprise
Total cost of sales was $1,654 million in the fourth quarter, down 11.6% year over year. General and administrative expenses were $46 million, down 23.3% from the year-ago quarter’s figure.
Interest expenses were $297 million, up 13.4% from $262 million in the year-earlier period.
In 2020, the company signed PPAs worth 3-Gigawatt (GW), thus bringing the total renewable backlog to 6.9 GW.
Financial Condition
AES Corp. reported cash and cash equivalents of $1,089 million as of Dec 31, 2020 compared with $1,029 million as of Dec 31, 2019.
Non-recourse debt totaled $15,005 million as of Dec 31, 2020, up from $14,914 million as of Dec 31, 2019.
In the fourth quarter of 2020, net cash provided by operating activities was $668 million compared with the year-ago quarter’s $691 million.
Total capital expenditures during the fourth quarter amounted to $525 million, which declined from $777 million incurred in the year-ago quarter.
Guidance
For 2021, AES Corp. initiated its EPS guidance of $1.50-$1.58. The Zacks Consensus Estimate for the current-year earnings is pegged at $1.57, which is near the upper end of the guided range.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2020 operating earnings of 54 cents per share, inline with the Zacks Consensus Estimate.
WEC Energy Group (WEC - Free Report) delivered fourth-quarter 2020 earnings per share of 76 cents, which surpassed the Zacks Consensus Estimate of 74 cents by 2.7%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Image: Bigstock
AES Q4 Earnings Beat Estimates While Revenues Fall Short
AES Corporation’s (AES - Free Report) fourth-quarter 2020 adjusted earnings of 48 cents per share surpassed the Zacks Consensus Estimate of 45 cents by 6.7%. Moreover, the bottom line improved 37.1% from the year-ago quarter’s 35 cents per share.
Barring a one-time adjustment, the company posted GAAP earnings of 47 cents per share in the reported quarter against the GAAP loss of 12 cents in the prior-year period.
Highlights of the Release
AES Corp. generated total revenues of $2,560 million in the fourth quarter, up 5.3% year over year. The top line, however, lagged the Zacks Consensus Estimate of $2,841 million by 9.9%.
The AES Corporation Price, Consensus and EPS Surprise
The AES Corporation price-consensus-eps-surprise-chart | The AES Corporation Quote
Total cost of sales was $1,654 million in the fourth quarter, down 11.6% year over year. General and administrative expenses were $46 million, down 23.3% from the year-ago quarter’s figure.
Interest expenses were $297 million, up 13.4% from $262 million in the year-earlier period.
In 2020, the company signed PPAs worth 3-Gigawatt (GW), thus bringing the total renewable backlog to 6.9 GW.
Financial Condition
AES Corp. reported cash and cash equivalents of $1,089 million as of Dec 31, 2020 compared with $1,029 million as of Dec 31, 2019.
Non-recourse debt totaled $15,005 million as of Dec 31, 2020, up from $14,914 million as of Dec 31, 2019.
In the fourth quarter of 2020, net cash provided by operating activities was $668 million compared with the year-ago quarter’s $691 million.
Total capital expenditures during the fourth quarter amounted to $525 million, which declined from $777 million incurred in the year-ago quarter.
Guidance
For 2021, AES Corp. initiated its EPS guidance of $1.50-$1.58. The Zacks Consensus Estimate for the current-year earnings is pegged at $1.57, which is near the upper end of the guided range.
Zacks Rank
AES Corp. currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2020 operating earnings of 54 cents per share, inline with the Zacks Consensus Estimate.
WEC Energy Group (WEC - Free Report) delivered fourth-quarter 2020 earnings per share of 76 cents, which surpassed the Zacks Consensus Estimate of 74 cents by 2.7%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Click here for the 4 trades >>