Press release
AEP Reports Second-Quarter 2024 Earnings, Reaffirms Guidance
Second-quarter 2024 GAAP earnings of $0.64 per share; operating earnings of $1.25 per shareCompany reaffirms 2024 operating earnings (non-GAAP) guidance of
About this update from American Electric Power Company, Inc.
[{"type":"text","content":"Second-quarter 2024 GAAP earnings of $0.64 per share; operating earnings of $1.25 per shareCompany reaffirms 2024 operating earnings (non-GAAP) guidance of $5.53 to $5.73 per share and long-term growth rate of 6% to 7%Strong data processing load in the commercial customer class positions AEP for further growth, supported by industry-leading transmission systemAMERICAN ELECTRIC POWERPreliminary, unaudited results\nSecond Quarter ended June 30\nYear-to-date ended June 30\n2024\n2023\nVariance\n2024\n2023\nVariance\nRevenue ($ in billions):\n4.6\n4.4\n0.2\n9.6\n9.1\n0.5\nEarnings ($ in millions):\nGAAP\n340.3\n521.2\n(180.9)\n1,343.4\n918.2\n425.2\nOperating (non-GAAP)\n662.0\n582.2\n79.8\n1,332.4\n1,153.8\n178.6\nEPS ($):\nGAAP\n0.64\n1.01\n(0.37)\n2.55\n1.78\n0.77\nOperating (non-GAAP)\n1.25\n1.13\n0.12\n2.52\n2.24\n0.28\nEPS based on 529 million shares 2Q 2024, 515 million shares 2Q 2023, 528 million shares YTD 2024 and 515 million shares YTD 2023\nCOLUMBUS, Ohio, July 30, 2024 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) today reported second-quarter 2024 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $340 million or $0.64 per share, compared with GAAP earnings of $521 million or $1.01 per share in second-quarter 2023. Operating earnings for second-quarter 2024 were $662 million or $1.25 per share, compared with operating earnings of $582 million or $1.13 per share in second-quarter 2023.\nOperating earnings is a non-GAAP measure representing GAAP earnings excluding special items. The difference between 2024 GAAP and operating earnings for the quarter was largely due to a revenue refund provision associated with the Turk Plant, impacts of the EPA's revised Coal Combustion Residuals Rule, and severance expenses related to AEP's recent workforce reduction. On a year-to-date basis, the variance between GAAP and operating earnings is $0.03 per share. 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's investments in a modern, affordable and reliable energy system continue to benefit our customers and communities while supporting our earnings results. Our solid performance in the first half of the year and our team's proven ability to efficiently manage the business allow u...