AEP Reaffirms 2016 Operating Earnings Guidance; Q1 Profit Misses Estimates

(RTTNews) - American Electric Power (AEP) reaffirmed its 2016 operating earnings guidance range of $3.60 to $3.80 per share. Analysts polled by Thomson Reuters expect the company to report profit per share of $3.70. Analysts' estimates typically exclude special items.

The company reported first-quarter earnings of $501 million or $1.02 per share, compared with $629 million or $1.29 per share in first-quarter 2015. Operating earnings for first-quarter 2016 were the same as GAAP earnings, compared with first-quarter 2015 operating earnings of $625 million or $1.28 per share. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $1.04 for the quarter.

Revenue was $4.0 billion compared to $4.6 billion, a year ago. Analysts expected revenue of $4.5 billion, for the quarter.