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COLUMBUS, Ohio, July 31, 2024 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) was named first in the utility industry on Forbes magazine's America's Best Employers for Women 2024 list. This is the fifth year in a row AEP was named to the list."AEP is committed to creating an inclusive work environment that supports women and ensures our colleagues can excel," said Phil Ulrich, executive vice president and chief human resources officer. "It's an honor to receive this award for the fifth consecutive yea ...

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 ...

Financial Performance - American Electric Power Company reported a significant increase in revenue, reaching $4.5 billion for the quarter, representing a 10% year-over-year growth[6]. - The company achieved a net income of $1.2 billion, which is a 15% increase compared to the same quarter last year[6]. - Earnings attributable to AEP common shareholders decreased from $521 million in Q2 2023 to $340 million in Q2 2024, primarily due to a revenue refund provision and increased operating expenses[20]. - AEP's Earnings Attributable to Common Shareholders for Q2 2024 were $340.3 million, a decrease of 34.7% from $521.2 million in Q2 2023[116]. - Net income for the six months ended June 30, 2024, was $629.0 million, compared to $540.6 million in the same period of 2023, representing an increase of 16.3%[122]. - Total revenues for the three months ended June 30, 2024, were $2,619.0 million, a decrease of 2.1% from $2,674.5 million in the same period of 2023[118]. - Operating income for the three months ended June 30, 2024, was $162.5 million, down from $396.5 million in the prior year, reflecting a decline of 59.0%[119]. - Total revenues for Q2 2024 reached $4,579.2 million, a 4.7% increase from $4,372.5 million in Q2 2023[206]. - Operating income for Q2 2024 was $683.9 million, down 21.8% from $874.7 million in Q2 2023[206]. Customer and Market Growth - Customer base expanded by 2% year-over-year, adding approximately 50,000 new customers across its service areas[6]. - Weather-normalized retail sales volumes increased by 4.0% in Q2 2024 compared to Q2 2023, with commercial sales rising by 12.4% driven by new data processor loads[23]. - AEP's weather-normalized residential sales decreased by 0.9% in Q2 2024 compared to Q2 2023, while industrial sales volumes increased by 1.1%[23]. Renewable Energy and Investments - AEP plans to invest $2 billion in renewable energy projects over the next three years, focusing on solar and wind energy developments[6]. - The company reported a 12% increase in renewable energy generation, contributing to 30% of its total energy output for the quarter[6]. - AEP has received regulatory approvals for approximately 2,811 MWs of owned renewable generation facilities, totaling about $6.6 billion[43]. - AEP's total approved renewable projects have a combined generating capacity of 3,423 MWs, reflecting the company's commitment to expanding its renewable energy portfolio[44]. Operational Efficiency and Cost Management - AEP's operational efficiency improved, with a reduction in operating expenses by 5% due to cost-cutting measures implemented in the last fiscal year[6]. - Other Operation and Maintenance expenses increased by $134 million in Q2 2024, primarily due to a $76 million rise in employee-related expenses[130]. - Depreciation and Amortization expenses increased by $29 million in Q2 2024, attributed to a higher depreciable base at APCo, I&M, and SWEPCo[131]. Regulatory and Compliance Issues - AEP is cooperating with the SEC's investigation related to HB 6, which may result in civil penalties and other remedial measures, although management does not expect a material impact on financial condition[80]. - The Federal EPA denied Gavin Power LLC's request for an extension to continue receiving CCR waste streams until May 4, 2023, asserting noncompliance with the CCR Rule[81]. - AEP's ability to recover costs for environmental compliance is critical to maintaining future net income and cash flows[86]. Debt and Financial Stability - AEP's total debt as of June 30, 2024, was $43.744 billion, with a debt-to-total capitalization ratio of 62.6%, slightly down from 63.0% at the end of 2023[162]. - Available liquidity as of June 30, 2024, was approximately $5.4 billion, including $6 billion in revolving credit facilities[163][166]. - Interest expense decreased by $21 million in Q2 2024, primarily due to lower advances from affiliates[153][157]. Environmental Goals - AEP is committed to reducing carbon emissions by 50% by 2030, aligning with federal environmental regulations and sustainability goals[6]. - AEP aims for an 80% reduction in Scope 1 GHG emissions by 2030 from a 2005 baseline and a long-term goal of net-zero Scope 1 and Scope 2 GHG emissions by 2045[96]. - AEP's total Scope 1 GHG estimated emissions in 2023 were approximately 43.4 million metric tons, reflecting a 68% reduction from the GHG Protocol[96]. Future Outlook - The company expects earnings guidance for the next quarter to be in the range of $1.00 to $1.05 per share, reflecting continued growth[6]. - AEP forecasts approximately $8.1 billion in capital expenditures for 2024 and $43 billion through 2028, focusing on transmission, generation, and regulated renewables[182].

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 ...