Press release
AEP REPORTS SECOND-QUARTER 2023 EARNINGS; REAFFIRMS 2023 GUIDANCE
Second-quarter 2023 GAAP earnings of $1.01 per share; operating earnings of $1.13 per share2023 operating earnings (non-GAAP) guidance range reaffirmed at
About this update from American Electric Power Company, Inc.
[{"type":"text","content":"Second-quarter 2023 GAAP earnings of $1.01 per share; operating earnings of $1.13 per share2023 operating earnings (non-GAAP) guidance range reaffirmed at $5.19 to $5.39 per share with long-term growth rate of 6% to 7% and FFO/Debt target of 14% to 15%Sale process announced for two non-core transmission joint ventures; unregulated renewables sale expected to close in August; sale of retail and distributed resources businesses on trackCOLUMBUS, Ohio, July 27, 2023 /PRNewswire/ --\nAMERICAN ELECTRIC POWER\nPreliminary, unaudited results\nSecond Quarter ended June 30\nYear-to-date ended June 30\n2023\n2022\nVariance\n2023\n2022\nVariance\nRevenue ($ in billions):\n4.4\n4.6\n(0.2)\n9.1\n9.2\n(0.1)\nEarnings ($ in millions):\nGAAP\n521.2\n524.5\n(3.3)\n918.2\n1,239.2\n(321.0)\nOperating (non-GAAP)\n582.2\n617.7\n(35.5)\n1,153.8\n1,234.1\n(80.3)\nEPS ($):\nGAAP\n1.01\n1.02\n(0.01)\n1.78\n2.43\n(0.65)\nOperating (non-GAAP)\n1.13\n1.20\n(0.07)\n2.24\n2.42\n(0.18)\nEPS based on 515 million shares 2Q 2023, 514 million shares 2Q 2022, 515 million shares YTD 2023 and 510 million shares YTD 2022.\n \nAmerican Electric Power (Nasdaq: AEP) today reported second-quarter 2023 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $521 million or $1.01 per share, compared with GAAP earnings of $525 million or $1.02 per share in second-quarter 2022. Operating earnings for second-quarter 2023 were $582 million or $1.13 per share, compared with operating earnings of $618 million or $1.20 per share in second-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 economic hedging activities and recent legislation in Texas regarding recovery of certain employee incentives. A 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\"AEP is committed to creating value for all our stakeholders as we invest $40 billion over the next five years in our energy delivery system and new generation resources. We made significant progress on our strategic objectives in the second quarter, executing on our regulated renewables and grid investment plans to benefit cus...