American Electric Power Q4 Results Top Street; Backs FY14 Earnings View

(RTTNews) - American Electric Power Co., Inc. (AEP) reported a surge in fourth-quarter GAAP earnings to $346 million or $0.71 per share, from last year's $21 million or $0.05 per share. Excluding special items, operating earnings for the latest quarter stood at $296 million or $0.60 per share. On average, 15 analysts polled by Thomson Reuters expected earnings per share of $0.57 for the quarter. Analysts' estimates typically exclude one-time items.

The difference in fourth-quarter 2013 GAAP and operating earnings was mainly due to the reversal of a third-quarter Texas regulatory disallowance, the company said.

For the tri-monthly period, the firm clocked $3.8 billion of sales, compared with $3.6 billion in the prior-year quarter, whereas 7 analysts estimated revenues of $3.55 billion for the quarter.

Looking ahead, the company confirmed its operating earnings guidance of $3.20 - $3.40 per share for 2014. Analysts project earnings of $3.33 per share for the year 2014. American Electric Power said it remains committed to growing earnings 4 to 6 percent off of its 2013 earnings guidance range of $3.05 - $3.25 per share, driven by transmission growth, investment in utility infrastructure and cost discipline.

AEP's Chairman, President and Chief Executive said: "We completed corporate separation of our Ohio assets on schedule and received all necessary approvals to transfer our AEP Ohio generating assets Dec. 31, 2013, to regulated affiliates and our new competitive generation affiliate. We appreciate the constructive participation from the regulators and stakeholders who were engaged in this process."