Start Time: 09:00 January 1, 0000 10:06 AM ET
AES Corporation (NYSE:AES)
Q3 2024 Earnings Call
November 01, 2024, 09:00 AM ET
Company Participants
Andres Gluski - President and CEO
Steve Coughlin - EVP and CFO
Susan Harcourt - VP, IR
Conference Call Participants
Nicholas Campanella - Barclays
David Arcaro - Morgan Stanley
Durgesh Chopra - Evercore ISI
Julien Dumoulin-Smith - Jefferies
Angie Storozynski - Seaport
Michael Sullivan - Wolfe Research
Ryan Levine - Citi
Richard Sunderland - JPMorgan
Operator
Good morning. Thank you for attending today's AES Corporation Third Quarter 2024 Financial Review Call. My name is Megan, and I'll be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. [Operator Instructions].
I would now like to turn the call over to Susan Harcourt, Vice President of Investor Relations at AES Corporation. Susan, you may begin.
Susan Harcourt
Thank you, operator. Good morning, and welcome to our third quarter 2024 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 disclosed 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 third quarter 2024 financial review call. We are pleased with our performance this year. And today, I will discuss our third quarter results, a robust growth we are seeing at our renewables and U.S. utility businesses and our progress towards our asset sales target.
Beginning on Slide 3 with our third quarter results, which were generally in line with our expectations. Adjusted EBITDA with tax attributes was about 1.2 billion, adjusted EBITDA was 692 million and adjusted EPS was $0.71. We're on track to meet our 2024 financial objectives, including our expectation to be in the top half of our ranges for adjusted EBITDA with tax attributes and adjusted EPS.
At the same time, we now expect adjusted EBITDA to be towards the low end of the guidance range for the year, primarily due to the one-time impact of extreme weather in Colombia and the lower margins in the Energy Infrastructure SBU. We are reaffirming our expected growth rate through 2027. Steve Coughlin, our CFO, will provide more detail on our financial performance and outlook. I'm also very pleased to report that since our last call in August, we have signed or been awarded 2.2 gigawatts of new contracts. This includes both long-term renewable PPAs and new data center load growth at our U.S. utilities.