The AES Corporation’s (AES - Free Report) second-quarter 2021 adjusted earnings of 31 cents per share beat the Zacks Consensus Estimate of 29 cents by 6.9%. Earnings also improved 24% from the year-ago quarter’s 25 cents per share.
Including one-time adjustment, the company incurred GAAP earnings of 3 cents per share for the reported quarter against a loss of 13 cents in the prior-year period.
Total Revenues
AES Corp. generated total revenues of $2,700 million in the second quarter, up 21.8% year over year. The top line also surpassed the Zacks Consensus Estimate of $2,417 million by 11.7%.
Highlights of the Release
Total cost of sales was $1,972 million for the second quarter, up 16.5% year over year.
Operating income came in at $728 million, up 38.9% from $524 million in the year-ago period.
Interest expenses totaled $237 million, up 8.7% from $218 million in the year-earlier period.
Year to date, the company has agreed to acquire 2,912 megawatt (MW) of renewables and energy storage under long-term power purchase agreements, bringing its backlog to 8,471 MW.
Financial Condition
It reported cash and cash equivalents of $1,213 million as of Jun 30, 2021 compared with $1,089 million on Dec 31, 2020.
Non-recourse debt totaled $15,290 million as of Jun 30, up from $15,005 million on Dec 31, 2020.
For second-quarter 2021, cash from operating activities was $351 million compared with the year-ago period’s $447 million.
Total capital expenditure for the second quarter amounted to $567 million, which increased from $386 million incurred in the year-ago period.
Guidance
For 2021, the company reaffirmed its EPS guidance in the range of $1.50-$1.58. The Zacks Consensus Estimate for earnings for the current year is pegged at $1.54, which is on par with the mid-point of the guided range. The company reaffirmed 7-9% average annual growth target through 2025.
Zacks Rank
AES Corp. currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
DTE Energy Company (DTE - Free Report) reported second-quarter 2021 operating earnings per share of $1.70, which beat the Zacks Consensus Estimate of $1.44 by 18.1%.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate of 67 cents by 5.6%.
Exelon Corporation’s (EXC - Free Report) second-quarter 2021 earnings of 89 cents per share beat the Zacks Consensus Estimate of 70 cents by 27.1%.
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The AES Corporation’s (AES - Free Report) second-quarter 2021 adjusted earnings of 31 cents per share beat the Zacks Consensus Estimate of 29 cents by 6.9%. Earnings also improved 24% from the year-ago quarter’s 25 cents per share.
Including one-time adjustment, the company incurred GAAP earnings of 3 cents per share for the reported quarter against a loss of 13 cents in the prior-year period.
Total Revenues
AES Corp. generated total revenues of $2,700 million in the second quarter, up 21.8% year over year. The top line also surpassed the Zacks Consensus Estimate of $2,417 million by 11.7%.
Highlights of the Release
Total cost of sales was $1,972 million for the second quarter, up 16.5% year over year.
Operating income came in at $728 million, up 38.9% from $524 million in the year-ago period.
Interest expenses totaled $237 million, up 8.7% from $218 million in the year-earlier period.
Year to date, the company has agreed to acquire 2,912 megawatt (MW) of renewables and energy storage under long-term power purchase agreements, bringing its backlog to 8,471 MW.
Financial Condition
It reported cash and cash equivalents of $1,213 million as of Jun 30, 2021 compared with $1,089 million on Dec 31, 2020.
Non-recourse debt totaled $15,290 million as of Jun 30, up from $15,005 million on Dec 31, 2020.
For second-quarter 2021, cash from operating activities was $351 million compared with the year-ago period’s $447 million.
Total capital expenditure for the second quarter amounted to $567 million, which increased from $386 million incurred in the year-ago period.
Guidance
For 2021, the company reaffirmed its EPS guidance in the range of $1.50-$1.58. The Zacks Consensus Estimate for earnings for the current year is pegged at $1.54, which is on par with the mid-point of the guided range. The company reaffirmed 7-9% average annual growth target through 2025.
Zacks Rank
AES Corp. currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
DTE Energy Company (DTE - Free Report) reported second-quarter 2021 operating earnings per share of $1.70, which beat the Zacks Consensus Estimate of $1.44 by 18.1%.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate of 67 cents by 5.6%.
Exelon Corporation’s (EXC - Free Report) second-quarter 2021 earnings of 89 cents per share beat the Zacks Consensus Estimate of 70 cents by 27.1%.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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