AEP 1Q2013: Operating earnings flat with 2012 - WOWK 13 Charleston, Huntington WV News, Weather, Sports

AEP 1Q2013: Operating earnings flat with 2012

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • A Dayton man is charged with assault in Scioto County, OH

    A Dayton man is charged with assault in Scioto County, OH

    Friday, August 22 2014 8:12 AM EDT2014-08-22 12:12:21 GMT
    A Dayton, OH man is facing charges after a stabbing. Deputies tell us that a male victim was brought into the Southern Ohio Medical Center around 7 a.m. Thursday morning with a stab wound to his abdomen. The victim has been identified at Leo Buggs, 34, of Columbus, OH. He was then flown to Cabell-Huntington Hospital. Buggs underwent surgery and is listed in stable condition in ICU. The stabbing happened at 207 Virginia Drive, Wheelersburg, OH. That is where they arrested Alexander P. Dillard,...
    A Dayton, OH man is facing charges after a stabbing. Deputies tell us that a male victim was brought into the Southern Ohio Medical Center around 7 a.m. Thursday morning with a stab wound to his abdomen. The victim has been identified at Leo Buggs, 34, of Columbus, OH. He was then flown to Cabell-Huntington Hospital. Buggs underwent surgery and is listed in stable condition in ICU. The stabbing happened at 207 Virginia Drive, Wheelersburg, OH. That is where they arrested Alexander P. Dillard,...
  • Drugs found wrapped in strange items in Boyd County, KY

    Drugs found wrapped in strange items in Boyd County, KY

    Friday, August 22 2014 9:21 AM EDT2014-08-22 13:21:48 GMT
    MGN OnlineMGN Online
    Deputies arrested Thomas Reid of Detroit, MI and Jeremiah Bennett of Proctorville, OH Thursday night.
    Deputies arrested Thomas Reid of Detroit, MI and Jeremiah Bennett of Proctorville, OH Thursday night.

American Electric Power today reported first-quarter 2013 GAAP earnings of $363 million, or $0.75 per share, compared with $389 million or $0.80 per share in first-quarter 2012.

Excluding special items, operating earnings for first-quarter 2013 were $387 million or $0.80 per share, compared with first-quarter 2012 operating earnings of $389 million or $0.80 per share. Operating earnings were $24 million higher than GAAP earnings due to a $19 million reversal of a storm cost deferral due to a change in Virginia law and a $5 million restructuring charge associated with additional sustainable cost-control efforts.

"Strong residential and commercial sales combined with positive regulated rate recovery supported our first-quarter performance," said Nicholas K. Akins, AEP president and chief executive officer in the company's media release.

Akins noted the assistance of a colder winter in 2013 than in 2012.

On the industrial side, he said the industry continues to struggle and projections point to continued flat demand. The company is focused in response on cost discipline and process improvements.

The transmission business is delivering earnings improvements each quarter, Akins said.

"We also continue to make progress on the transition to full competition in Ohio," he said. "The Public Utilities Commission of Ohio finalized approval of our corporate separation order, and we anticipate a decision soon from the Federal Energy Regulatory Commission on our plan to fully separate our Ohio generation from our Ohio utility operations. We remain on track to complete corporate separation of our Ohio assets at the end of 2013."

Further first-quarter earnings details are available in the full release.

The company's quarterly conference call with financial analysts will be webcast at 9 a.m. Eastern time April 26, with charts and graphics. The call will later be archived at that same link and available as a podcast.

AEP shares are traded on the New York Stock Exchange under the symbol AEP.