AES reported a narrower loss in the latest quarter, but saw a decline in revenue in the period.
The energy company on Monday posted a net loss of $94 million, or 14 cents, compared with a loss of $903 million, or $1.35 a share, for the same period a year earlier. Analysts polled by FactSet had forecast a net profit of 85 cents a share.
Stripping out one-time items, the company’s earnings per share came in at 73 cents. Analysts polled by FactSet had forecast adjusted earnings per share of 67 cents.
Revenue declined to $3.0 billion from $3.06 billion, missing analysts expectations of $3.36 billion, according to FactSet.
Regarding its outlook, the company guided for adjusted earnings per share of $1.87 to $1.97, noting that it expects growth this year to come from new renewables commissionings, rate base growth at U.S. utilities and improved margins in Chine.
AES also raised its expectations for annualized growth in adjusted earnings before interest, taxes, depreciation and amortization to 5% to 7% through 2027, from a prior outlook of 3% to 5%.
“Our 2024 targets and our higher long-term growth rates reflect our confidence in our strategy, our leading market position, and our ability to continue executing on our plan,” Chief Financial Officer Stephen Coughlin said.