The AES Corporation (AES) Q1 2023 Earnings Call Transcript

The AES Corporation. (NYSE:AES) Q1 2023 Earnings Conference Call May 5, 2023 10:00 AM ET

Company Participants

Susan Harcourt - Vice President, Investor Relations

Andres Gluski - President and Chief Executive Officer

Steve Coughlin - Chief Financial Officer

Conference Call Participants

David Arcaro - Morgan Stanley

Agnieszka Storozynski - Seaport Global

Richard Sunderland - JPMorgan

Durgesh Chopra - Evercore ISI

Julien Dumoulin-Smith - Bank of America

Gregg Orrill - UBS

Ryan Levine - Citi

Operator

Good morning. Thank you for attending today’s The AES Corporation First Quarter 2023 Financial Review. My name is Alicia, and I’ll be your moderator for today’s call. [Operator Instructions] I would now like to pass the conference over to your host, Susan Harcourt, Vice President of Investor Relations with AES Corporation. You may now proceed.

Susan Harcourt

Thank you, operator. Good morning, and welcome to our first quarter 2023 financial review call. Our press release, presentation and related financial information are available on our website at aes.com. Today, we will be making forward-looking statements. There are many factors that may cause future results to differ materially from these statements, which are discussed in our most recent 10-K and 10-Q filed with the SEC.

Reconciliations between GAAP and non-GAAP financial measures can be found on our website along with the presentation. Joining me this morning are Andres Gluski, our President and Chief Executive Officer; Steve Coughlin, our Chief Financial Officer; and other senior members of our management team.

With that, I will turn the call over to Andres.

Andres Gluski

Good morning, everyone. And thank you for joining our first quarter 2023 financial review call. We are very pleased with our progress so far this year. And today, I will discuss our first quarter results and provide key business updates. Steve Coughlin, our CFO, will give some more detail on our financial performance and outlook.

Beginning on Slide 3. As you may have seen in our press release, we introduced new strategic business units, which better reflect the greatly simplified company that AES is today and the pillars of our future growth. We will be giving a broader strategic review at our Investor Day on Monday, including an update on our portfolio transformation and an overview of our strong growth expectations for our renewables and utility businesses.

Our first quarter 2023 adjusted earnings per share was $0.22 compared with $0.21 in 2022, which is in line with our expectations. With these results and the underlying performance we are seeing across our business, we are reaffirming our 2023 adjusted earnings per share guidance of $1.65 to $1.75, and our 7% to 9% annualized growth rate target through 2025.