Press release
AEP RAISES LONG-TERM GROWTH RATE AND 2022 GUIDANCE, REPORTS STRONG 2021 EARNINGS RESULTS
- Year-end 2021 GAAP earnings of $4.97 per share; operating earnings of $4.74 per share - 2022 operating earnings (non-GAAP) guidance range increased to $4.87
About this update from American Electric Power Company, Inc.
[{"type":"text","content":"- Year-end 2021 GAAP earnings of $4.97 per share; operating earnings of $4.74 per share\n - 2022 operating earnings (non-GAAP) guidance range increased to $4.87 to $5.07 per share\n - Long-term growth rate raised to 6-7%, FFO-to-debt target increased to 14-15%\n - AEP initiating sale process for portion of unregulated business to de-risk and simplify portfolio; shifting $1.5 billion in capital to transmission to support system reliability\n\n\nCOLUMBUS, Ohio, Feb. 24, 2022 /PRNewswire/ --\nAMERICAN ELECTRIC POWER\nPreliminary, unaudited results\nFourth Quarter ended December 31\nYear-to-date ended December 31\n2021\n2020\nVariance\n2021\n2020\nVariance\nRevenue ($ in billions):\n4.1\n3.6\n0.5\n16.8\n14.9\n1.9\nEarnings ($ in millions):\nGAAP\n538.9\n435.5\n103.4\n2,488.1\n2,200.1\n288.0\nOperating (non-GAAP)\n496.2\n432.7\n63.5\n2,372.9\n2,198.6\n174.3\nEPS ($):\nGAAP\n1.07\n0.88\n0.19\n4.97\n4.44\n0.53\nOperating (non-GAAP)\n0.98\n0.87\n0.11\n4.74\n4.44\n0.30\nEPS based on 504 million shares 4Q 2021, 496 million shares 4Q 2020, 501 million shares YTD 2021 and 496 million shares YTD 2020.\nAmerican Electric Power (Nasdaq: AEP) today reported fourth-quarter 2021 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $539 million or $1.07 per share, compared with GAAP earnings of $436 million or $0.88 per share in fourth-quarter 2020. Operating earnings for fourth-quarter 2021 were $496 million or $0.98 per share, compared with operating earnings of $433 million or $0.87 per share in fourth-quarter 2020. Operating earnings is a non-GAAP measure representing GAAP earnings excluding special items. \nYear-end 2021 GAAP earnings were $2.5 billion or $4.97 per share, compared with GAAP earnings of $2.2 billion or $4.44 per share for year-end 2020. Year-end 2021 operating earnings were $2.4 billion or $4.74 per share, compared with operating earnings of $2.2 billion or $4.44 per share for year-end 2020.\nA full reconciliation of GAAP earnings to operating earnings for the quarter and year-to-date is included in the tables at the end of this news release.\n\"Our strong 2021 performance was driven by continued strategic investments in a clean, reliable, resilient and cost-effective energy system to benefit our customers and communities,\" said Nicholas K. Akins, AEP's chairman, president and chief execut...