American Electric Power (AEP) Tops Q2 EPS by 12c; Offers FY18 EPS Outlook
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American Electric Power (NYSE: AEP) reported Q2 EPS of $1.01, $0.12 better than the analyst estimate of $0.89. Revenue for the quarter came in at $4 billion versus the consensus estimate of $3.87 billion.
"Investments to enhance service for our customers, combined with favorable weather, supported our strong earnings performance in the second quarter," said Nicholas K. Akins, AEP chairman, president and chief executive officer.
"We saw significant sales increases from hotter than normal weather in the second quarter of 2018, particularly compared with the mild temperatures during the same period last year.
"Additionally, we are experiencing positive economic conditions throughout the 11 states where we provide regulated service with higher normalized retail sales for every customer class. Industrial and residential sales have been strong in nearly all of our states, reflecting improving economic conditions, rising oil prices and overall gains in household incomes. However, tightening labor markets, higher inflation and escalating trade tensions are factors we will be watching closely as these could impact load growth," Akins said.
"Critical investments to ensure that we maintain a robust, resilient transmission system also are supporting our growth. While earnings from AEP Transmission Holding Co. were lower for the quarter compared to last year as expected due to the formula rate true-up, net plant for AEP Transmission Holding Co. grew $1.7 billion from June 2017," Akins said.
American Electric Power sees FY2018 EPS of $3.75-$3.95, versus the consensus of $3.88.
For earnings history and earnings-related data on American Electric Power (AEP) click here.
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