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AES to Report Q1 Earnings: Here's What You Need to Know
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The AES Corporation (AES - Free Report) is slated to report first-quarter 2024 results on May 2, after the closing bell.
It delivered an earnings surprise of 5.80% in the last reported quarter. However, the company has a trailing four-quarter average negative earnings surprise of 2.36%.
Factors to Note
In the first quarter, AES’ service territories witnessed mixed weather patterns. While some parts of its service areas experienced warmer-than-normal temperatures, other parts observed mostly normal temperatures during this year’s winter months, accompanied with snowfall. Such a weather pattern is likely to have had a moderate impact on the company’s overall top-line performance in the soon-to-be-reported quarter.
However, a few tornados and a severe hurricane affected some parts of AES’ service areas, which might have caused outages for the company’s customers. This, in turn, is likely to have adversely impacted AES’ quarterly revenues.
The Zacks Consensus Estimate for AES’ first-quarter revenues is pegged at $3.24 billion, indicating no change from the year-ago quarter’s reported figure.
The company’s cost savings initiatives, proceeds from asset sales as well as favorable contributions from its renewable projects are likely to have bolstered earnings amid the adverse impacts of higher interest expenses.
The Zacks Consensus Estimate for first-quarter earnings is pegged at 30 cents per share, indicating a surge of 36.4% from the prior-year quarter’s level.
What the Zacks Model Unveils
Our proven model predicts an earnings beat for AES this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is the case here, as you will see below.
Earnings ESP: AES has an Earnings ESP of +6.67%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Here are some other promising players from the same sector that have the right combination of elements to beat on earnings this reporting cycle.
Ameren Corporation (AEE - Free Report) is set to report first-quarter earnings on May 2, after market close. It has an Earnings ESP of +0.30% and a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for earnings is pegged at $1.09 per share, which calls for a 9% improvement from the first-quarter 2023 reported number. The Zacks Consensus Estimate for sales is pegged at $2.20 billion, which indicates a 6.8% increase from the top line reported in the prior-year quarter.
Eversource Energy (ES - Free Report) is slated to report first-quarter 2024 results on May 2, before market open. It has an Earnings ESP of +2.76% and a Zacks Rank of 2 at present.
The Zacks Consensus Estimate for earnings is pinned at $1.45 per share, which implies a 2.8% improvement from the year-ago reported figure. The Zacks Consensus Estimate for sales is pegged at $4.14 billion, which implies a 9.1% increase from that reported in the prior-year quarter.
Clean Energy Fuels (CLNE - Free Report) is expected to report first-quarter 2024 results on May 9, after market close. It has an Earnings ESP of +6.25% and a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for CLNE’s first-quarter earnings is pegged at a loss of 3 cents per share, narrower than the prior-year quarter’s reported loss of 7 cents. The Zacks Consensus Estimate for sales is pegged at $106.6 million.
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AES to Report Q1 Earnings: Here's What You Need to Know
The AES Corporation (AES - Free Report) is slated to report first-quarter 2024 results on May 2, after the closing bell.
It delivered an earnings surprise of 5.80% in the last reported quarter. However, the company has a trailing four-quarter average negative earnings surprise of 2.36%.
Factors to Note
In the first quarter, AES’ service territories witnessed mixed weather patterns. While some parts of its service areas experienced warmer-than-normal temperatures, other parts observed mostly normal temperatures during this year’s winter months, accompanied with snowfall. Such a weather pattern is likely to have had a moderate impact on the company’s overall top-line performance in the soon-to-be-reported quarter.
The AES Corporation Price and EPS Surprise
The AES Corporation price-eps-surprise | The AES Corporation Quote
However, a few tornados and a severe hurricane affected some parts of AES’ service areas, which might have caused outages for the company’s customers. This, in turn, is likely to have adversely impacted AES’ quarterly revenues.
The Zacks Consensus Estimate for AES’ first-quarter revenues is pegged at $3.24 billion, indicating no change from the year-ago quarter’s reported figure.
The company’s cost savings initiatives, proceeds from asset sales as well as favorable contributions from its renewable projects are likely to have bolstered earnings amid the adverse impacts of higher interest expenses.
The Zacks Consensus Estimate for first-quarter earnings is pegged at 30 cents per share, indicating a surge of 36.4% from the prior-year quarter’s level.
What the Zacks Model Unveils
Our proven model predicts an earnings beat for AES this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is the case here, as you will see below.
Earnings ESP: AES has an Earnings ESP of +6.67%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, AES carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Other Stocks to Consider
Here are some other promising players from the same sector that have the right combination of elements to beat on earnings this reporting cycle.
Ameren Corporation (AEE - Free Report) is set to report first-quarter earnings on May 2, after market close. It has an Earnings ESP of +0.30% and a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for earnings is pegged at $1.09 per share, which calls for a 9% improvement from the first-quarter 2023 reported number. The Zacks Consensus Estimate for sales is pegged at $2.20 billion, which indicates a 6.8% increase from the top line reported in the prior-year quarter.
Eversource Energy (ES - Free Report) is slated to report first-quarter 2024 results on May 2, before market open. It has an Earnings ESP of +2.76% and a Zacks Rank of 2 at present.
The Zacks Consensus Estimate for earnings is pinned at $1.45 per share, which implies a 2.8% improvement from the year-ago reported figure. The Zacks Consensus Estimate for sales is pegged at $4.14 billion, which implies a 9.1% increase from that reported in the prior-year quarter.
Clean Energy Fuels (CLNE - Free Report) is expected to report first-quarter 2024 results on May 9, after market close. It has an Earnings ESP of +6.25% and a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for CLNE’s first-quarter earnings is pegged at a loss of 3 cents per share, narrower than the prior-year quarter’s reported loss of 7 cents. The Zacks Consensus Estimate for sales is pegged at $106.6 million.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.