American Electric Power Company, Inc. (NASDAQ:AEP) Q1 2024 Earnings Conference Call April 30, 2024 9:00 AM ET Company Participants Darcy Reese - VP, IR Ben Fowke - Interim President, Interim CEO & Director Peggy Simmons - EVP, Utilities Charles Zebula - EVP & CFO Conference Call Participants Jeremy Tonet - JPMorgan Chase & Co. Steven Fleishman - Wolfe Research Jamieson Ward - Guggenheim Securities Durgesh Chopra - Evercore ISI Andrew Weisel - Scotiabank Carly Davenport - Goldman Sachs Group Nicholas Campane ...

American Electric Power Company, Inc. (AEP) reported first-quarter 2024 adjusted earnings per share (EPS) of $1.27, which missed the Zacks Consensus Estimate of $1.30 by 2.3%. However, the bottom line improved 14.4% from $1.11 recorded in the year-ago quarter.The company reported GAAP earnings of $1.91 per share compared with the year-ago quarter’s figure of 77 cents.Total RevenuesAmerican Electric’s first-quarter operating revenues of $5.03 billion lagged the Zacks Consensus Estimate of $5.29 billion by 5. ...

American Electric Power (AEP) reported $5 billion in revenue for the quarter ended March 2024, representing a year-over-year increase of 6.4%. EPS of $1.27 for the same period compares to $1.11 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $5.28 billion, representing a surprise of -5.39%. The company delivered an EPS surprise of -2.31%, with the consensus EPS estimate being $1.30.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- ...

American Electric Power (AEP) came out with quarterly earnings of $1.27 per share, missing the Zacks Consensus Estimate of $1.30 per share. This compares to earnings of $1.11 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -2.31%. A quarter ago, it was expected that this utility would post earnings of $1.27 per share when it actually produced earnings of $1.23, delivering a surprise of -3.15%.Over the last four quarters, the c ...

Financial Performance - American Electric Power Company reported a revenue increase of 5% year-over-year, reaching $4.5 billion for Q1 2024[7]. - The company achieved a net income of $1.2 billion, reflecting a 10% increase compared to the same quarter last year[7]. - AEP's earnings attributable to common shareholders increased from $397 million in Q1 2023 to $1,003 million in Q1 2024, a growth of 152%[22]. - AEP's net income for the three months ended March 31, 2024, was $1,005.7 million, compared to $400.4 million for the same period in 2023[196]. - The net income for AEP in Q1 2024 was $562.3 million, compared to $262.2 million in Q1 2023, representing an increase of approximately 114%[107][108]. - AEP's total operating income for Q1 2024 was $470.2 million, an increase from $443.5 million in Q1 2023, showing a growth of about 6.3%[107][108]. - Total revenues for the three months ended March 31, 2024, were $5,025.7 million, an increase of 7.1% compared to $4,690.9 million in 2023[181]. - Operating income for the same period was $1,172.6 million, up from $704.8 million in 2023, reflecting a significant increase of 66.5%[181]. - Net income attributable to AEP common shareholders for Q1 2024 was $1,003.1 million, compared to $397.0 million in Q1 2023, representing a growth of 152.4%[181]. Customer Growth and Sales - Customer accounts grew by 3% year-over-year, totaling approximately 5.5 million customers across its service areas[7]. - Weather-normalized retail sales volumes increased by 2.9% in Q1 2024 compared to Q1 2023, with commercial sales rising by 10.5%[24]. - Total retail KWh sales increased to 9,260 million KWh for the three months ended March 31, 2024, compared to 8,522 million KWh in the same period of 2023, reflecting a growth of approximately 8.7%[198]. - Total KWh sales for Vertically Integrated Utilities increased to 26,882 million KWh in Q1 2024, up from 25,547 million KWh in Q1 2023, marking a growth of about 5.2%[110]. - Total KWh energy sales for Transmission and Distribution Utilities increased to 21,853 million KWh in Q1 2024 from 20,157 million KWh in Q1 2023, representing an increase of approximately 8.4%[119]. Investments and Future Plans - AEP plans to invest $2.5 billion in renewable energy projects over the next three years, aiming to increase its renewable capacity by 20%[7]. - AEP is focusing on expanding its transmission network, with a projected investment of $1.8 billion in infrastructure improvements by 2025[7]. - AEP's planned renewable generation projects total approximately 3,423 MWs, with an investment of about $6.6 billion approved by state regulatory commissions[38]. - Management forecasts approximately $7.5 billion in capital expenditures for 2024, with an additional $35 billion projected for the period from 2025 to 2028[158]. - AEP has issued significant Requests for Proposals (RFPs) for a total of 7,405 MWs of generating capacity, with various projected in-service dates from 2026 to 2028[42]. Regulatory and Compliance Issues - AEP's financial condition is subject to risks including changes in economic conditions and electric market demand in service territories[16]. - The company is subject to regulatory changes that could impact profitability and operational costs, particularly regarding emissions[16]. - AEP is involved in ongoing litigation related to Ohio House Bill 6, which could impact future net income and cash flows[66]. - AEP received subpoenas from the SEC regarding the passage of HB 6 and is cooperating with the investigation, which may lead to civil penalties[71]. - The Federal EPA announced four major new rules in April 2024 that will impact AEP's fossil generation fleet, requiring economic feasibility evaluations for compliance investments[78]. Environmental and Emission Goals - AEP is focused on transitioning from fossil generation and building renewable generation and transmission facilities[16]. - AEP's total Scope 1 GHG estimated emissions in 2023 were approximately 44.5 million metric tons, reflecting a 67% reduction from the 2000 baseline and a 71% reduction from the 2005 baseline[86]. - AEP's ability to achieve its emission reduction goals is dependent on regulatory support, customer demand for carbon-free energy, and advancements in carbon-free generation technologies[86]. - AEP may incur significant additional costs due to compliance with the revised CCR rule, which could adversely affect net income and cash flows if cost recovery is not assured[96]. Financial Position and Liquidity - AEP's total debt and equity capitalization as of March 31, 2024, was $69.4 billion, with a debt-to-total capital ratio of 62.8%, slightly down from 63.0% at the end of 2023[138]. - AEP had approximately $3.4 billion in net available liquidity as of March 31, 2024, after accounting for outstanding commercial paper[142]. - The maximum amount of commercial paper outstanding during the first three months of 2024 was $2.9 billion, with a weighted-average interest rate of 5.62%[143]. - AEP's cash and cash equivalents at the end of the period were $281.8 million, down from $393.5 million at the end of the previous period[151]. - Total current assets decreased from $6,082.1 million on December 31, 2023, to $5,849.6 million on March 31, 2024, a decline of 3.8%[189]. Operational Efficiency - AEP's capital expenditures for the quarter were $1.1 billion, primarily directed towards grid modernization and renewable energy projects[7]. - The company reported a total MTM risk management contracts net liability of $74.3 million as of March 31, 2024, reflecting changes in fair value due to market fluctuations[167]. - Total expenses decreased to $319.6 million in Q1 2024 from $325.8 million in Q1 2023, reflecting a reduction of approximately 1.9%[206]. - Depreciation and amortization expenses increased by $11 million due to a higher depreciable base, while interest expense rose by $10 million due to higher long-term debt balances and interest rates[129].

Exhibit 99.1 News from AEP MEDIA CONTACT: ANALYSTS CONTACT: Tammy Ridout Darcy Reese Managing Director, External Communications Vice President, Investor Relations 614/716-2347 614/716-2614 FOR IMMEDIATE RELEASE AEP Reports First-Quarter 2024 Earnings, Reaffirms Guidance • First-quarter 2024 GAAP earnings of $1.91 per share; operating earnings of $1.27 per share • Company reaffirms 2024 operating earnings (non-GAAP) guidance of $5.53 to $5.73 per share and long-term growth rate of 6% to 7% • Economic develop ...

American Electric Power Company, Inc (AEP) is slated to release first-quarter 2024 results on Apr 30, before the opening bell.In the last reported quarter, the company delivered a negative earnings surprise of 3.15%. American Electric has a trailing four-quarter average negative earnings surprise of 1.09%.Factors to NoteAEP’s service territories observed mixed weather conditions in the first quarter. While cool temperature was experienced in the company’s service areas at the onset of the January-March quar ...

Wall Street analysts forecast that American Electric Power (AEP) will report quarterly earnings of $1.33 per share in its upcoming release, pointing to a year-over-year increase of 19.8%. It is anticipated that revenues will amount to $5.21 billion, exhibiting an increase of 10.8% compared to the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 1.2% to its current level. This demonstrates the covering analysts' collective reassessment of their in ...

COLUMBUS, Ohio, April 23, 2024 /PRNewswire/ -- The Board of Directors of American Electric Power Co. (Nasdaq: AEP) today declared a regular quarterly cash dividend of 88 cents a share on the company's common stock. The dividend is payable June 10, 2024, to shareholders of record as of May 10, 2024, and is the company's 456th consecutive quarterly common stock cash dividend. AEP has paid a cash dividend on its common stock every quarter since July 1910. At American Electric Power, based in Columbus, Ohio, we ...

COLUMBUS, Ohio, April 23, 2024 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) was included in Forbes Best Employers for Diversity 2024 list. The list was developed based on an independent survey from a sample of more than 170,000 U.S.-based employees. Participants were asked to anonymously rate their organizations on criteria such as age, gender, ethnicity, disability and sexual orientation equality. Respondents belonging to underrepresented groups also were asked to nominate organizations other than ...