Press release
AEP Reports Solid Third-Quarter 2021 Earnings; Narrows 2021 Guidance Range To Upper Half, Raising Midpoint
- Third-quarter 2021 GAAP earnings of $1.59 per share and $1.43 per share operating - Company narrows 2021 operating earnings (non-GAAP) guidance range to
About this update from American Electric Power Company, Inc.
[{"type":"text","content":"- Third-quarter 2021 GAAP earnings of $1.59 per share and $1.43 per share operating\n - Company narrows 2021 operating earnings (non-GAAP) guidance range to $4.65 to $4.75 per share, raising midpoint to $4.70\n - AEP reaffirms 5% to 7% long-term growth rate\n\n\nCOLUMBUS, Ohio, Oct. 28, 2021 /PRNewswire/ -- \nAMERICAN ELECTRIC POWER\nPreliminary, unaudited results\nThird Quarter ended September 30\nYear-to-date ended September 30\n2021\n2020\nVariance\n2021\n2020\nVariance\nRevenue ($ in billions):\n4.6\n4.1\n0.5\n12.7\n11.3\n1.4\nEarnings ($ in millions):\nGAAP\n796.0\n748.6\n47.4\n1,949.2\n1,764.6\n184.6\nOperating (non-GAAP)\n716.7\n728.2\n(11.5)\n1,876.7\n1,765.9\n110.8\nEPS ($):\nGAAP\n1.59\n1.51\n0.08\n3.90\n3.56\n0.34\nOperating (non-GAAP)\n1.43\n1.47\n(0.04)\n3.76\n3.56\n0.20\nEPS based on 501 million shares 3Q 2021, 496 million shares 3Q 2020, 499 million shares YTD 2021 and 495 million shares YTD 2020\nAmerican Electric Power (Nasdaq: AEP) today reported third-quarter 2021 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $796 million or $1.59 per share, compared with GAAP earnings of $749 or $1.51 per share in third-quarter 2020. Operating earnings for third-quarter 2021 were $717 million or $1.43 per share, compared with operating earnings of $728 million or $1.47 per share in third-quarter 2020.\nOperating earnings is a non-GAAP measure representing GAAP earnings excluding special items. The difference between 2021 GAAP earnings and operating earnings for the quarter was due to the mark-to-market impact of economic hedging activities.\nA full reconciliation of GAAP earnings to operating earnings for the quarter is included in the tables at the end of this news release.\n\"Our investments in a reliable, resilient and cleaner energy system for our customers continue to support our solid earnings results. We have narrowed our 2021 earnings guidance to the upper half of the original guidance range based on our strong performance this year, continued execution on our strategy and confidence in the strength and balance of the economic recovery across AEP's service area. AEP's Board of Directors also voted last week to boost our quarterly dividend by 4 cents to 78 cents per share,\" said Nicholas K. Akins, AEP chairman, president and chief executive officer.\n\"In September, we broug...