American Electric Power Q2 Profit Falls, Reaffirms FY17 EPS View

(RTTNews) - American Electric Power (AEP) Thursday reported a sharp fall in second quarter profit to $375 million from $502.1 million a year ago. On a per share basis, earnings declined to $0.76 from $1.02 last year.

On average, 14 analysts polled by Thomson Reuters expected the company to earn $0.85 per share. Analysts estimates usually exclude special items.

Revenue for the quarter ended June 30 declined to $3.6 billion from $3.9 billion a year ago. Wall Street expected the company to earn $3.73 billion.

The company reaffirmed that it is on track to achieve its operating earnings guidance range of $3.55 to $3.75 per share this year, despite the negative impact of very mild temperatures. Reflecting special items, the estimated earnings per share would be $3.80 to $4.00 per share. Analysts are looking for $3.66 per share on revenue of $15.39 billion.

Nicholas Akins, president and chief executive officer said, "The remainder of the year will benefit from lower operating and maintenance expenses compared to last year."