Press release
AEP REPORTS STRONG 2022 EARNINGS RESULTS
Year-end 2022 GAAP earnings of $4.51 per share; operating earnings of $5.09 per shareCompany advances strategic initiatives including sales agreement for
About this update from American Electric Power Company, Inc.
[{"type":"text","content":"Year-end 2022 GAAP earnings of $4.51 per share; operating earnings of $5.09 per shareCompany advances strategic initiatives including sales agreement for contracted renewables, new FERC 203 filing for Kentucky sale and continued strategic review of retail business2023 operating earnings (non-GAAP) guidance range reaffirmed at $5.19 to $5.39 per share with long-term growth rate of 6% to 7%COLUMBUS, Ohio, Feb. 23, 2023 /PRNewswire/ --\nAMERICAN ELECTRIC POWER\nPreliminary, unaudited results\nFourth Quarter ended December 31\nYear-to-date ended December 31\n2022\n2021\nVariance\n2022\n2021\nVariance\nRevenue ($ in billions):\n4.9\n4.1\n0.8\n19.6\n16.8\n2.8\nEarnings ($ in millions):\nGAAP\n384.3\n538.9\n(154.6)\n2,307.2\n2,488.1\n(180.9)\nOperating (non-GAAP)\n540.1\n496.2\n43.9\n2,605.2\n2,372.9\n232.3\nEPS ($):\nGAAP\n0.75\n1.07\n(0.32)\n4.51\n4.97\n(0.46)\nOperating (non-GAAP)\n1.05\n0.98\n0.07\n5.09\n4.74\n0.35\nEPS based on 514 million shares 4Q 2022, 504 million shares 4Q 2021, 512 million shares YTD 2022 and 501 million shares YTD 2021.\nAmerican Electric Power (Nasdaq: AEP) today reported fourth-quarter 2022 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $384 million or $0.75 per share, compared with GAAP earnings of $539 million or $1.07 per share in fourth-quarter 2021. Operating earnings for fourth-quarter 2022 were $540 million or $1.05 per share, compared with operating earnings of $496 million or $0.98 per share in fourth-quarter 2021. Operating earnings is a non-GAAP measure representing GAAP earnings excluding special items.\nYear-end 2022 GAAP earnings were $2.3 billion or $4.51 per share, compared with GAAP earnings of $2.5 billion or $4.97 per share for year-end 2021. Year-end 2022 operating earnings were $2.6 billion or $5.09 per share, compared with operating earnings of $2.4 billion or $4.74 per share for year-end 2021.\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 focus on building a safe, reliable and cleaner energy system for the future while keeping rates affordable and attracting new business to our service territory is delivering benefits for our customers, communities and investors,\" said Julie Sloat, AEP president and chief executive officer.\n\"...