American Electric Power Earnings Cheat Sheet: Here’s Why Shares Moved Nowhere
Although profit increased, S&P 500 (NYSE:SPY) component American Electric Power Company Inc’s (NYSE:AEP) net income missed the mean estimate by 8.8%. 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 First Quarter
Results: Net income for American Electric Power Company Inc rose to $353 million (73 cents/share) vs. $345 million (72 cents/share) YoY. A rise of 2.3% from the year earlier quarter.
Revenue: Rose 3.7% to $3.7 billion YoY.
Actual vs. Wall St. Expectations: AEP (NYSE:AEP) fell short of the mean analyst estimate of 80 cents/share. Estimates ranged from 75 cents per share to 87 cents per share.
Quoting Management: “Our first-quarter earnings were improved from the same period last year, despite less favorable winter temperatures for the quarter across much of our 11-state service area,” said Michael G. Morris, AEP chairman and chief executive officer. “The improvement in earnings reflects the effect of our cost-reduction initiatives and our success in recovering operating costs in rate proceedings in a number of jurisdictions.
Key Stats: Net income has dropped 12% year over year on average across the last five quarters. Performance was hurt by a 57% decline in the second quarter of the last fiscal year from the year earlier quarter.
Competitors to Watch: CenterPoint Energy, Inc. (NYSE:CNP), Duke Energy Corporation (NYSE:DUK), FirstEnergy (NYSE:FE), Cleco (NYSE:CNL), PPL Corp (NYSE:PPL), Southern Company (NYSE:SO), DPL Inc (NYSE:DPL), Westar (NYSE:WR), NextEra (NYSE:NEE), Constellation Energy (NYSE:CEG), Progress Energy (NYSE:PGN) and Entergy Corporation (NYSE:ETR).
Today’s Performance: Shares of AEP closed at $35.49: