American Electric Power Q1 EPS In-Line With Estimates, Guidance Reiterated

American Electric Power Co Inc AEP reported Q1 2023 operating EPS of $1.11, down from $1.22, which came in line with the consensus.
Revenues of $4.7 billion came slightly above $4.6 billion a year ago and missed the consensus of $4.71 billion.
The company's total kWhs fell 8.5% in the Vertically Integrated Utilities segment and up 2.6% in Transmission & Distribution Utilities segment.
In February 2023, AEP disclosed an agreement to sell its 1,365-megawatt unregulated renewables portfolio, with the deal expected to close in Q2 2023.
2023 Outlook Reaffirmed: AEP expects operating EPS of $5.19-$5.39 (vs. consensus $5.28), with a long-term growth rate of 6% to 7% and FFO/Debt target of 14% to 15%.
"In the first quarter, our team executed on key priorities to advance our strategy even as we experienced the second warmest temperatures we've seen in 30 years. We continue to see the positive impacts of our regulatory efforts and investments in transmission along with strong growth in commercial and industrial load, reflecting our ongoing focus on attracting businesses and jobs to our communities through our economic development efforts," said Julie Sloat, president and CEO.
Price Action: AEP shares are trading higher by 0.69% at $91.50 premarket on the last check Thursday.
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