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 Second-Quarter 2024 Earnings, Reaffirms Guidance • Second-quarter 2024 GAAP earnings of $0.64 per share; operating earnings of $1.25 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% • Strong data processing load ...

Financial Data and Key Metrics - Q2 2024 operating earnings were $1.25 per share, a $0.12 increase YoY [7] - Full-year 2024 operating earnings guidance reaffirmed at $5.53 to $5.73 per share, with a long-term earnings growth rate of 6% to 7% [7] - GAAP earnings for Q2 2024 were $0.64 per share compared to $1.01 per share in 2023 [19] - Year-to-date GAAP earnings are $2.55 per share for 2024 versus $1.78 per share in 2023 [19] - FFO to debt metric stands at 14.6% for the 12 months ended June 30th, a 40 basis point increase from the prior quarter [25] Business Line Performance - Commercial load grew 12.4% YoY in Q2 2024, driven by data center demand [9] - Transmission and distribution utility segment earned $0.41 per share, up $0.11 YoY [22] - Vertically integrated utilities segment earned $0.46 per share, down $0.05 YoY [21] - AEP transmission Holdco segment contributed $0.39 per share, up $0.01 YoY [22] - Generation and marketing produced $0.12 per share, down $0.01 YoY [22] Market Performance - Data center commitments exceed 15 gigawatts of incremental load by the end of the decade, primarily in Ohio and Texas [8][9] - Industrial sales remained resilient, particularly in Texas, driven by new customers in energy, steel, renewable energy, and semiconductors [24] - Residential load growth was weak in most territories due to inflation, except in Texas where customer count and load increased [24] Strategic Direction and Industry Competition - Focus on executing strategic priorities, including capturing growth, responding to regulators, and using innovation to mitigate inflationary pressures [6] - Filed new data center tariffs in Ohio and large load tariff modifications in Indiana and West Virginia to ensure fair cost allocation [9] - PSO announced an agreement to purchase a 795-megawatt natural gas generation facility in Oklahoma, pending regulatory approval [10] - Evaluating the impact of the EPA's Coal Combustion Residual Rule and seeking cost recovery through regulatory mechanisms [11] Management Commentary on Operating Environment and Future Outlook - Management emphasized the importance of fair cost allocation for large loads and the need for long-term grid investments [8] - Expect continued growth in data center and industrial loads, particularly in Ohio, Texas, and Indiana [9][24] - Reaffirmed commitment to maintaining a strong balance sheet to support growth initiatives and capital spending [10] Other Important Information - Sale of AEP on-site partners remains on track to close in Q3 2024, with expected net proceeds of $315 million [27] - Voluntary severance program completed in Q2 2024, resulting in a $94 million expense [20] - $111 million accrual recorded for compliance costs related to the EPA's CCR rule, primarily in Ohio [20] Q&A Session Summary Question: Strategic changes under new CEO Bill Furman - Bill Furman is expected to focus on execution rather than significant strategic changes, with continuity in the current strategic direction [32] Question: Incremental CapEx and funding sources - Company plans to update CapEx and funding plans in the fall, with a focus on equity and equity-like tools, including portfolio optimization [34][35] Question: Data center load commitments and tariffs - 15 gigawatts of data center load commitments are firm, with customers required to pay for initial work under letters of agreement [51][53] - New tariffs will apply to future customers, ensuring fair cost allocation [53] Question: Residential sales trends and inflation impact - Residential sales remain weak in most territories due to inflation, with Texas being an exception due to customer growth [83][85] Question: Impact of Chevron decision on EPA and FERC regulation - Management believes the Chevron decision could be helpful in challenging EPA rules, but its impact on FERC remains uncertain [94][95] Question: Generation needs and resource adequacy - Company is proactively addressing generation needs, including the purchase of a natural gas facility in Oklahoma and ongoing RFPs for renewable and dispatchable resources [44][80]

American Electric Power Company, Inc. (AEP) reported second-quarter 2024 adjusted earnings per share (EPS) of $1.25, which beat the Zacks Consensus Estimate of $1.23 by 1.6%. The bottom line also improved 10.6% from $1.13 recorded in the year-ago quarter.The company reported GAAP earnings of 64 cents per share compared with the year-ago quarter’s figure of $1.01.Total RevenuesOperating revenues of $4.73 billion rose 5.6% from the year-ago quarter’s level of $4.48 billion.The company reported GAAP revenues o ...

American Electric Power (AEP) came out with quarterly earnings of $1.25 per share, beating the Zacks Consensus Estimate of $1.23 per share. This compares to earnings of $1.13 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.63%. A quarter ago, it was expected that this utility would post earnings of $1.30 per share when it actually produced earnings of $1.27, delivering a surprise of -2.31%.Over the last four quarters, the co ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Quarterly Period Ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Transition Period from ____ to ____ | --- | --- | --- | --- | |----------------------------|-----------------------------------------------|-------------------------|--------------------------- ...

FOR IMMEDIATE RELEASE AEP Reports Second-Quarter 2024 Earnings, Reaffirms Guidance | | AMERICAN ELECTRIC POWER | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | Preliminary, unaudited | | results | | | | | | Second Quarter ended June 30, | | | | Year-to-date ended June 30, | | | | 2024 | 2023 | Variance | 2024 | 2023 | Variance | | Revenue ($ in billions): | 4.6 | 4.4 | 0.2 | 9.6 | 9.1 | 0.5 | | Earnings ($ in millions): | | | | | | | | GAAP | 340.3 | 521.2 | (180.9) | 1,343.4 | 918.2 | 425.2 | | ...

Second-quarter 2024 GAAP earnings of $0.64 per share; operating earnings of $1.25 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% Strong data processing load in the commercial customer class positions AEP for further growth, supported by industry-leading transmission system AMERICAN ELECTRIC POWERPreliminary, unaudited results Second Quarter ended June 30 Year-to-date ended June 30 2024 2023 Varia ...

Analysts on Wall Street project that American Electric Power (AEP) will announce quarterly earnings of $1.23 per share in its forthcoming report, representing an increase of 8.9% year over year. Revenues are projected to reach $4.54 billion, increasing 3.8% from the same quarter last year.The consensus EPS estimate for the quarter has undergone an upward revision of 3% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial ...

American Electric Power (AEP) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.The power of a ch ...

American Electric Power Company, Inc (AEP) is slated to release second-quarter 2024 results on Jul 30 before market open.In the last reported quarter, the company delivered a negative earnings surprise of 2.31%. American Electric has a trailing four-quarter average negative earnings surprise of 1.01%.Factors to NoteMost of the AEP’s service territories observed warmer-than-normal weather conditions in the second quarter. This must have increased the electricity demand for cooling purposes from the company’s ...