COLUMBUS, Ohio (AP) — COLUMBUS, Ohio (AP) — American Electric Power Co. (AEP) on Thursday reported second-quarter profit of $713 million.
On a per-share basis, the Columbus, Ohio-based company said it had net income of $1.31. Earnings, adjusted for non-recurring costs, came to $1.36 per share.
The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.49 per share.
The utility posted revenue of $5.45 billion in the period, which topped Street forecasts. Four analysts surveyed by Zacks expected $5.26 billion.
AEP expects full-year earnings in the range of $6.25 to $6.55 per share.
AEP shares have increased 12% since the beginning of the year, while the S&P’s 500 index has climbed nearly 7%. The stock has increased 18% in the last 12 months.
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