WEB American Electric Power Company Inc Earnings
WEB Reports Second-Quarter 2024 Earnings
American Electric Power Company Inc. (NYSE: AEP) today reported earnings for the second quarter ended June 30, 2024. Net income was $642 million, or $1.10 per share, compared to $586 million, or $1.02 per share, in the second quarter of 2023. Operating revenues were $4.6 billion, an increase of 4.9% compared to $4.4 billion in the second quarter of 2023.
Earnings Per Share
The increase in earnings per share was primarily due to higher operating revenues and lower operating expenses. Operating revenues increased due to higher electricity sales volumes and rates. Operating expenses decreased due to lower fuel costs and lower depreciation and amortization expense.
Dividend
The board of directors declared a quarterly dividend of $0.725 per share on the company's common stock. The dividend is payable on August 10, 2024, to shareholders of record as of the close of business on July 25, 2024.
Outlook
AEP reaffirmed its 2024 earnings per share guidance range of $4.55 to $4.85. The company expects operating revenues to grow by 3% to 5% in 2024, driven by higher electricity sales volumes and rates. AEP also expects operating expenses to increase by 2% to 4% in 2024, due to higher fuel costs and higher depreciation and amortization expense.
AEP American Electric Power Company Inc. is one of the leading American electricity producers and distributors, providing electricity to more than 5 million customers in 11 states. AEP has approximately 17,000 employees and generates approximately 18,000 megawatts of electricity.
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