American Electric Power Q4 Profit Misses View, Reiterates 2016 Outlook

(RTTNews) - American Electric Power Co. Inc. (AEP) Thursday reported a profit for the fourth quarter that more than doubled from last year. However, adjusted earnings per share missed analysts' estimates. Looking ahead, the company reaffirmed its operating earnings guidance for fiscal 2016.

Net income for the fourth quarter was $469 million, up from $191 million a year ago. Earnings per share rose to $0.96 from $0.39 last year.

On an adjusted basis, operating earnings were $0.48 per share, the same as last year. On average, 17 analysts polled by Thomson Reuters expected the company to earn $0.50 per share. Analysts' estimates usually exclude special items.

Revenue for the quarter was $3.6 billion, down from $3.8 billion in the previous year. Wall Street was looking for $3.88 billion.

For fiscal 2016, the company reaffirmed its operating earnings guidance in a range of $3.60 to $3.80 per share. The Street estimate is $3.71 per share on revenue of $17.23 billion.