AEP Q2 Earnings Down, Yet Beats Estimates; Provides Outlook For FY22

(RTTNews) - American Electric Power Inc. (AEP) Wednesday reported a decline in second-quarter earnings, however, adjusted earnings per share beat estimates. Revenues were higher compared to the prior year. Looking ahead to the full year 2022, the Columbus, Ohio-based electric public utility company reaffirmed earnings guidance.

The full-year guidance is projected to be in a range of $4.87 to $5.07 per share. Analysts are looking for earnings of $4.84 per share to as high as $5.23 per share. The quarterly earnings for American Electric Power were $524.5 million compared to $578.2 million a year ago. On a per share basis, earnings declined to $1.02 from $1.16 in the prior year.

On an adjusted basis, earnings were $617.7 million or $1.20 per share. Analysts polled by Thomson Reuters were looking for earning per share of $1.19 per share. Analysts estimates usually exclude special items.

Revenue for the quarter increased by 21.1 percent to $4.6 billion from $3.8 billion a year ago.

The shares of AEP have been on an uptick for the last several days.