AEP Q1 Results Miss View; Reiterates FY17 Operating Earnings Outlook

(RTTNews) - American Electric Power Co. Inc. (AEP) on Thursday reported an increase in profit for the first quarter from last year, reflecting a one-time gain that helped offset a slight decline in revenue.

However, results for the quarter missed analysts' estimates. The company reiterated its operating earnings outlook for fiscal 2017.

First-quarter earnings rose to $592.2 million or $1.20 per share from $501.2 million or $1.02 per share in the prior-year quarter.

AEP recorded a $127 million gain in first-quarter 2017 from the January 30 sale of the Lawrenceburg, Waterford, Darby and Gavin plants to Lightstone Generation LLC.

Operating earnings were $0.96 per share, compared to $1.02 per share last year. On average, analysts polled by Thomson Reuters expected the company to earn $0.98 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter declined to $3.9 billion from $4.0 billion in the year-ago period. Analysts had a consensus revenue estimate of $4.03 billion.

Looking ahead to fiscal 2017, AEP reaffirmed its operating earnings guidance range of $3.55 to $3.75 per share. The Street expects earnings of $3.65 per share for the year.