COLUMBUS (dpa-AFX) - (Adds Outlook)
American Electric Power Co. Inc. (AEP) announced earnings for second quarter that decreased from last year but beat the Street estimates.
The company's earnings totaled $340.3 billion, or $0.64 per share. This compares with $521.2 billion, or $1.01 per share, in last year's second quarter.
Excluding items, American Electric Power Co Inc reported adjusted earnings of $662.0 million or $1.25 per share for the period.
Analysts on average had expected the company to earn $1.23 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 4.5% to $4.6 billion from $4.4 billion last year.
Outlook
For fiscal 2024, the company continues to expect operating earnings in a range of $5.53 to $5.73 per share and long-term growth rate of 6% to 7%.
Analysts expect the company to report earnings of $5.61 per share for the year.
Earnings on a reported basis would be $5.56 to $5.76 per share.
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