COLUMBUS - American Electric Power (NASDAQ:AEP) reported third-quarter earnings that beat analyst estimates, while narrowing its full-year 2024 guidance range.
AEP shares dipped 0.86% following the earnings release, likely due to the slight revenue miss versus estimates.
The utility company posted adjusted earnings per share of $1.85 for Q3, surpassing the analyst consensus of $1.80. Revenue came in at $5.4 billion, slightly below expectations of $5.43 billion.
AEP narrowed its 2024 operating earnings guidance to $5.58-$5.68 per share, maintaining the midpoint of $5.63. The company also introduced 2025 earnings guidance of $5.75-$5.95 per share.
"Our results this quarter were driven by our continued investments to improve service and enhance the energy system to meet the needs of our customers and communities," said Bill Fehrman, AEP president and CEO.
The company announced a new long-term growth rate of 6-8% based on its 2025 earnings guidance. AEP also expanded its five-year capital plan to $54 billion to support reliability and demand growth.
Commercial load increased over 10% year-over-year through Q3, with AEP projecting 20% average annual growth over the next three years based on signed customer contracts.
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