Press release
AEP REPORTS THIRD-QUARTER 2023 EARNINGS, NARROWS GUIDANCE WHILE MAINTAINING MIDPOINT
Third-quarter 2023 GAAP earnings of $1.83 per share; operating earnings of $1.77 per share2023 operating earnings (non-GAAP) guidance range narrowed to $5.24
About this update from American Electric Power Company, Inc.
[{"type":"text","content":"Third-quarter 2023 GAAP earnings of $1.83 per share; operating earnings of $1.77 per share2023 operating earnings (non-GAAP) guidance range narrowed to $5.24 to $5.34 per share, midpoint maintained at $5.29Long-term growth rate of 6% to 7% and FFO/Debt target of 14% to 15% reaffirmedCOLUMBUS, Ohio, Nov. 2, 2023 /PRNewswire/ --\nAMERICAN ELECTRIC POWERPreliminary, unaudited results\nThird Quarter ended September 30\nYear-to-date ended September 30\n2023\n2022\nVariance\n2023\n2022\nVariance\nRevenue ($ in billions):\n5.3\n5.5\n(0.2)\n14.4\n14.8\n(0.4)\nEarnings ($ in millions):\nGAAP\n953.7\n683.7\n270.0\n1,871.9\n1,922.9\n(51.0)\nOperating (non-GAAP)\n923.8\n831.0\n92.8\n2,077.6\n2,065.1\n12.5\nEPS ($):\nGAAP\n1.83\n1.33\n0.50\n3.62\n3.76\n(0.14)\nOperating (non-GAAP)\n1.77\n1.62\n0.15\n4.02\n4.04\n(0.02)\nEPS based on 520 million shares 3Q 2023, 514 million shares 3Q 2022, 517 million shares YTD 2023 and 511 million shares YTD 2022.\nAmerican Electric Power (Nasdaq: AEP) today reported third-quarter 2023 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $954 million or $1.83 per share, compared with GAAP earnings of $684 million or $1.33 per share in third-quarter 2022. Operating earnings for third-quarter 2023 were $924 million or $1.77 per share, compared with operating earnings of $831 million or $1.62 per share in third-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. 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\"Our earnings growth this quarter was driven by our long-term strategy to invest in a modern, reliable energy system to meet the evolving needs of our customers while keeping electricity rates affordable,\" said Julie Sloat, AEP chair, president and chief executive officer. \"Our team has delivered these results in the face of high interest rates, inflation and unfavorable weather by actively managing the business, controlling costs and executing on our flexible and robust capital plan to help meet our stakeholder commitments.\n\"We are narrowing our operating earn...