American Electric Power Q2 Profit Down; Backs FY13 Profit View - Quick Facts

(RTTNews) - American Electric Power Co. Inc. (AEP) reported 2013 second-quarter earnings of $338 million or $0.69 per share, compared with $362 million or $0.75 per share for second-quarter 2012.

Operating earnings, excluding special items, for second-quarter 2013 were $357 million or $0.73 per share, down from $370 million or $0.77 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.74 per share for the quarter. Analysts' estimates typically exclude special items.

The Operating earnings for the latest-quarter were $19 million or $0.04 per share higher than GAAP earnings because of $99 million net of tax impairment charge ($0.20 per share) related to the expected retirement of Muskingum River Plant Unit 5 in 2015. This impairment was partially offset by a U.S. Supreme Court decision resulting in a favorable $80 million ($0.16 per share) United Kingdom windfall profits tax credit.

Revenue for the quarter was $3.6 billion, compared to $3.6 billion last year. Seven analysts had consensus revenue estimate of $3.64 billion for the quarter.

The company reaffirmed its operating earnings guidance range for 2013 of $3.05 to $3.25 per share. Analysts expect the company to report earnings of $3.14 per share for fiscal 2013.