Press release
AEP REPORTS STRONG SECOND-QUARTER 2022 EARNINGS
Second-quarter 2022 GAAP earnings of $1.02 per share and $1.20 per share operatingCompany reaffirms 2022 operating earnings (non-GAAP) guidance range of $4.87
About this update from American Electric Power Company, Inc.
[{"type":"text","content":"Second-quarter 2022 GAAP earnings of $1.02 per share and $1.20 per share operatingCompany reaffirms 2022 operating earnings (non-GAAP) guidance range of $4.87 to $5.07 and 6% to 7% long-term growth rateContinued focus on a responsible clean energy transition through regulated renewables and grid investmentsKentucky sale expected to close this summer; unregulated renewable sales process will officially launch by early SeptemberCOLUMBUS, Ohio, July 27, 2022 /PRNewswire/ --\nAMERICAN ELECTRIC POWER\nPreliminary, unaudited results\nSecond Quarter ended June 30\nYear-to-date ended June 30\n2022\n2021\nVariance\n2022\n2021\nVariance\nRevenue ($ in billions):\n4.6\n3.8\n0.8\n9.2\n8.1\n1.1\nEarnings ($ in millions):\nGAAP\n524.5\n578.2\n(53.7)\n1,239.2\n1,153.2\n86.0\nOperating (non-GAAP)\n617.7\n589.5\n28.2\n1,234.1\n1,160.0\n74.1\nEPS ($):\nGAAP\n1.02\n1.16\n(0.14)\n2.43\n2.31\n0.12\nOperating (non-GAAP)\n1.20\n1.18\n0.02\n2.42\n2.33\n0.09\n \nEPS based on 514 million shares 2Q 2022, 500 million shares 2Q 2021, 510 million shares YTD 2022 and 498 million shares YTD 2021.\n \nAmerican Electric Power (Nasdaq: AEP) today reported second-quarter 2022 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $525 million or $1.02 per share, compared with GAAP earnings of $578 million or $1.16 per share in second-quarter 2021. Operating earnings for second-quarter 2022 were $618 million or $1.20 per share, compared with operating earnings of $590 million or $1.18 per share in second-quarter 2021.\nOperating earnings is a non-GAAP measure representing GAAP earnings excluding special items. The difference between 2022 GAAP and operating earnings for the quarter was largely due to the write-off of an equity investment in the Flat Ridge 2 wind facility in Kansas, charges related to the anticipated sale of AEP's Kentucky operations, a gain on the sale of mineral rights, and the mark-to-market impact of economic hedging activities. 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 delivering on our long-term strategy to invest in new energy resources and grid enhancements that improve service and reliability for our customers, support a clean energy future and provide value to our customers, communities ...