S&P 500 (NYSE:SPY) component American Electric Power Company Inc (NYSE:AEP) reported its results for the second quarter. American Electric Power Co Inc is a public utility holding company that provides electric service, consisting of generation, transmission and distribution, to its retail customers through subsidiaries.
American Electric Power Company Inc Earnings Cheat Sheet for the Second Quarter
Results: Net income for American Electric Power Company Inc rose to $352 million (73 cents per share) vs. $136 million (28 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter.
Revenue: Rose 7.1% to $3.6 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: AEP fell short of the mean analyst estimate of 76 cents per share. Analysts were expecting revenue of $3.59 billion.
Quoting Management: “We had solid financial performance in the second quarter, driven by favorable rate outcomes and strong off-system sales,” said Michael G. Morris, AEP chairman and chief executive officer. “While weather in our eastern states was milder in the second quarter than last year, both our eastern and western states experienced warmer than normal weather.”
Revenue has risen the past four quarters. Revenue increased 4.5% to $3.73 billion in the first quarter. The figure rose 4.6% in the fourth quarter of the last fiscal year from the year earlier and climbed 14.6% in the third quarter of the last fiscal year from the year-ago quarter.
The company fell short of estimates last quarter after beating the mark the quarter before with net income of 82 cents versus a mean estimate of net income of 79 cents per share.
The company has now seen net income rise in two straight quarters. In the first quarter, net income rose 2.6% from the year earlier.
Competitors to Watch: FirstEnergy Corp. (NYSE:FE), Duke Energy Corporation (NYSE:DUK), Cleco Corporation (NYSE:CNL), PPL Corporation (NYSE:PPL), The Southern Company (NYSE:SO), Entergy Corporation (NYSE:ETR), DPL Inc. (NYSE:DPL), Westar Energy, Inc. (NYSE:WR), NextEra Energy, Inc. (NYSE:NEE), and Constellation Energy Group, Inc. (NYSE:CEG).
(Source: Xignite Financials)