American Electric Power 2Q Profit Rises as Commercial, Industrial Sales Rebound
July 22 2021 - 7:43AM
Dow Jones News
By Allison Prang
American Electric Power Co. logged higher revenue and earnings
in the second quarter and affirmed its adjusted earnings guidance
for the year.
Earnings rose 11% to $578.2 million. On a per-share basis,
earnings were $1.16, up from $1.05 in the comparable quarter a year
ago.
Adjusted earnings were $1.18 a share and beat the analyst
consensus according to FactSet of $1.14 a share.
Revenue was $3.8 billion, up from $3.5 billion. Analysts'
consensus estimate was $3.86 billion.
"Commercial and industrial sales have bounced back throughout
our service territory across nearly all sectors," Chairman,
President and Chief Executive Nicholas Akins said in prepared
remarks. "Residential sales are down compared with the second
quarter last year as many customers we serve are now returning to
the workplace."
The company affirmed its outlook for operating earnings of
between $4.55 a share and $4.75 a share. Analysts are expecting
$4.67 a share.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
July 22, 2021 07:31 ET (11:31 GMT)
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