Press release
AEP REPORTS FIRST-QUARTER EARNINGS, REAFFIRMS 2023 GUIDANCE
First-quarter 2023 GAAP earnings of $0.77 per share; operating earnings of $1.11 per share2023 operating earnings (non-GAAP) guidance range reaffirmed at
About this update from American Electric Power Company, Inc.
[{"type":"text","content":"First-quarter 2023 GAAP earnings of $0.77 per share; operating earnings of $1.11 per share2023 operating earnings (non-GAAP) guidance range reaffirmed at $5.19 to $5.39 per share with long-term growth rate of 6% to 7% and FFO/Debt target of 14% to 15%AEP launches sale process for retail and distributed resources businesses, announces strategic review of certain non-core transmission joint ventures, remains on track to close on unregulated renewable asset saleCOLUMBUS, Ohio, May 4, 2023 /PRNewswire/ -- \nAMERICAN ELECTRIC POWER\nPreliminary, unaudited results\nFirst Quarter ended March 31\n2023\n2022\nVariance\nRevenue ($ in billions):\n4.7\n4.6\n0.1\nEarnings ($ in millions):\nGAAP\n397.0\n714.7\n(317.7)\nOperating (non-GAAP)\n571.6\n616.4\n(44.8)\nEPS ($):\nGAAP\n0.77\n1.41\n(0.64)\nOperating (non-GAAP)\n1.11\n1.22\n(0.11)\nEPS based on 514 million shares 1Q 2023, 506 million shares 1Q 2022.\nAmerican Electric Power (Nasdaq: AEP) today reported first-quarter 2023 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $397 million or $0.77 per share, compared with GAAP earnings of $715 million or $1.41 per share in first-quarter 2022. Operating earnings for first-quarter 2023 were $572 million or $1.11 per share, compared with operating earnings of $616 million or $1.22 per share in first-quarter 2022.\nOperating earnings is a non-GAAP measure representing GAAP earnings excluding special items. The difference between 2023 GAAP and operating earnings for the quarter was largely due to the mark-to-market impact of commodity prices on economic hedging activities and charges related to the anticipated sale of the unregulated contracted renewables portfolio. A full reconciliation of GAAP earnings to operating earnings for the quarter is included in the tables at the end of this news release.\n\"In the first quarter, our team executed on key priorities to advance our strategy even as we experienced the second warmest temperatures we've seen in 30 years. We continue to see the positive impacts of our regulatory efforts and investments in transmission along with strong growth in commercial and industrial load, reflecting our ongoing focus on attracting businesses and jobs to our communities through our economic development efforts,\" said Julie Sloat, AEP president and chief executive officer.\n\"AEP h...