AES Corp. on May 7 reported first-quarter adjusted earnings of 29 cents per share, compared with 28 cents per share in the prior-year quarter.
The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 29 cents.
AES reported net cash provided by operating activities of $373 million, a drop from $690 million in the year-ago quarter.
Net income attributable to the company was $144 million, or 22 cents per share, down from $154 million, or 23 cents per share, in the same quarter in 2019.
Revenue came in at $2.34 billion, a decrease from $2.65 billion a year earlier.
Looking ahead, the company reduced the midpoint of 2020 adjusted EPS guidance by 7 cents to a range of $1.32 to $1.42. The reduction is primarily due to lower demand across its businesses, primarily at its U.S. utilities, which have been negatively impacted by the pandemic-related economic slowdown.
The company reaffirmed its average annual growth rate target of 7% to 9% through 2022 for both adjusted EPS and parent free cash flow, off a base of 2018 actuals.
"Although COVID-19 will have a modest near-term impact on our 2020 earnings, we are in the strongest financial position in our company's history," said President and CEO Andrés Gluski.
AES continues to target 2020 parent free cash flow in the range of $725 million to $775 million.