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The AES Corporation (AES+1.85%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing includes financial statements for the year, showing total revenue of $12.28 billion, a decrease from $12.67 billion in the previous year. This decrease is attributed to lower revenues from the Energy Infrastructure SBU and the sale of the Fallbrook project.
Operating margin for the year was $2.31 billion, down from $2.50 billion in the prior year, primarily due to record-breaking drought conditions and outages in Colombia, and lower margins at the Energy Infrastructure SBU.
Net income for the year was $802 million, compared to a net loss of $182 million in the previous year. The increase is due to lower impairments, unrealized foreign currency gains, and a gain on the sale of AES Brasil.
Adjusted EBITDA, a non-GAAP measure, was $2.64 billion, down from $2.83 billion in the previous year, mainly due to lower contributions from the Energy Infrastructure SBU and higher outages.
Adjusted EPS, another non-GAAP measure, increased to $2.14 from $1.76, driven by higher contributions from renewables projects placed in service and a lower adjusted tax rate.
The filing also details various strategic highlights, including the signing of long-term contracts for 4.4 GW of renewables and the completion of a 670 MW combined cycle gas plant in Panama.
AES reported a material weakness in its internal control over financial reporting related to the use of incomplete data in the impairment calculation of the AES Brasil disposal group.
The company continues to focus on expanding its renewable energy projects and managing its operational and maintenance costs to improve performance and reliability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the The AES Corporation annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.