American Electric Power's 2Q Net Income Dips on Mild Weather, Inflation Impact
July 27 2023 - 7:17AM
Dow Jones News
By Rob Curran
American Electric Power's second-quarter earnings dipped as mild
weather and financial stress from inflation weighed on electricity
demand in several states.
The Columbus, Ohio, utility's earnings fell to $521.2 million,
or $1.01 a share, from $524.5 million, or $1.02 a share, a year
earlier. Excluding certain items, AEP logged second-quarter
earnings of $1.13 a share.
Second-quarter revenue fell 0.2% to $4.4 billion.
"Residential and industrial load have slowed down as expected
due to the impacts of inflation and rising interest rates on our
customers," said President and Chief Executive Julie Sloat. "At the
same time, we've had a significant increase in commercial load,
which has grown almost 8 percent year over year in each of the last
two quarters."
AEP delivers electricity to customers in several midwestern and
southern states including Ohio, Indiana, Kentucky and Texas, and
operates the nation's largest transmission system by miles of
lines.
AEP reiterated its forecast for 2023 operating earnings,
targeting a range between $5.19 and $5.39 a share.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
July 27, 2023 08:02 ET (12:02 GMT)
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