AEP Reports 2023 Earnings Results

COLUMBUS, Ohio, Feb. 26, 2024

	AMERICAN ELECTRIC POWER Preliminary, unaudited results
		Fourth Quarter ended December 31				Year-to-date ended December 31
		2023	2022 ARIVA.DE Börsen-Geflüster Werbung Weiter aufwärts? Kurzfristig positionieren in American Electric Power ME2958 Ask: 1,66 Hebel: 4,01 mit moderatem Hebel Zum Produkt Morgan Stanley Den Basisprospekt sowie die Endgültigen Bedingungen und die Basisinformationsblätter erhalten Sie hier: ME2958,. Beachten Sie auch die weiteren Hinweise zu dieser Werbung. Der Emittent ist berechtigt, Wertpapiere mit open end-Laufzeit zu kündigen. Kurse American Electric Power 85,56 $ +0,78%	Variance		2023	2022	Variance
Revenue ($ in billions):		4.6	4.9	(0.3)		19.0	19.6	(0.6)
Earnings ($ in millions):
	GAAP	336.2	384.3	(48.1)		2,208.1	2,307.2	(99.1)
	Operating (non-GAAP)	646.9	540.1	106.8		2,724.5	2,605.2	119.3
EPS ($):
	GAAP	0.64	0.75	(0.11)		4.26	4.51	(0.25)
	Operating (non-GAAP)	1.23	1.05	0.18		5.25	5.09	0.16
EPS based on 526 million shares 4Q 2023, 514 million shares 4Q 2022, 519 million shares YTD 2023 and 512 million shares YTD 2022.

American Electric Power (Nasdaq: AEP) today reported fourth-quarter 2023 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $336 million or $0.64 per share, compared with GAAP earnings of $384 million or $0.75 per share in fourth-quarter 2022. Operating earnings for fourth-quarter 2023 were $647 million or $1.23 per share, compared with operating earnings of $540 million or $1.05 per share in fourth-quarter 2022. Operating earnings is a non-GAAP measure representing GAAP earnings excluding special items.

Year-end 2023 GAAP earnings were $2.2 billion or $4.26 per share, compared with GAAP earnings of $2.3 billion or $4.51 per share for year-end 2022. Year-end 2023 operating earnings were $2.7 billion or $5.25 per share, compared with operating earnings of $2.6 billion or $5.09 per share for year-end 2022.

The difference between GAAP and operating earnings for the fourth quarter and year-end 2023 was largely due to the disallowance of recovery of certain deferred fuel costs in West Virginia, the probable disallowance of certain capitalized costs associated with the Turk Plant, and 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.

In a separate release today, AEP announced that Benjamin G.S. Fowke III, a member of the company's Board of Directors and the former chairman and CEO of Xcel Energy, Inc., has been appointed interim chief executive officer and president.

"Our team delivered 2023 operating earnings results within our narrowed guidance range as we navigated a dynamic environment of higher interest rates and one of the mildest years for weather in our service territory in the last three decades," Fowke said.

"We are advancing our strategic priorities through investments in the energy system to benefit customers while managing the portfolio, driving efficiencies and lowering O&M costs. We also continue our disciplined approach to economic development that resulted in a 7.8% increase in commercial load and a 1.6% increase in industrial load in 2023, bringing jobs and economic growth to our communities. This remains a key area of focus as we see continued growth opportunities and strong interest from customers in the commercial sector.

"We remain focused on executing our 5-year, $43 billion capital plan with $27.3 billion allocated to transmission and distribution investments to ensure reliable, affordable power and enhance service for our customers. As part of that plan, we're also transforming our generation fleet through the addition of diverse regulated resources to support the growing energy needs of our customers. We've received approval to add more fuel-free renewable resources to serve customers in seven states, representing $6.6 billion of our planned $9.4 billion regulated renewables capital plan," Fowke said.

"We continue to make progress on our strategy to de-risk the business. We are working through the final phases of the sales process for the AEP Energy retail and AEP OnSite Partners distributed resources businesses and expect that process to conclude by the end of the second quarter. We also expect to complete the sale of our 50% share in the New Mexico Renewable Development to Exus for $115 million by the end of February.

"Following a strategic review, we will retain the Transource business and build on our successful track record of pursuing FERC-regulated competitive transmission opportunities as part of our transmission growth strategy. We also have decided to retain our share of the Pioneer and Prairie Wind transmission joint ventures," Fowke said.

SUMMARY OF RESULTS BY SEGMENT $ in millions
GAAP Earnings	4Q 23	4Q 22	Variance	YTD 23	YTD 22	Variance
Vertically Integrated Utilities (a)	38.8	215.7	(176.9)	1,090.4	1,292.0	(201.6)
Transmission & Distribution Utilities (b)	190.3	112.6	77.7	698.7	595.7	103.0
AEP Transmission Holdco (c)	122.1	188.1	(66.0)	702.9	673.5	29.4
Generation & Marketing (d)	33.0	(0.7)	33.7	(26.3)	283.6	(309.9)
All Other	(48.0)	(131.4) Werbung Mehr Nachrichten zur American Electric Power Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 23.04.24 - PR Newswire Finsbury Growth & Income Trust Plc - Transaction in Own Shares 23.04.24 - PR Newswire Fidelity Emerging Markets Ltd - Transaction in Own Shares 23.04.24 - PR Newswire Wood Group (John) Plc - Director/PDMR Shareholding Der KI-Boom ist vorbei!    Aber dieser heiße Sektor verspricht, weiter zu wachsen... weiterlesen» Anzeige wo-site-teaser-box-16737_site-teaser-box_2024-04-23_09%253A00%253A00_2024-04-24_09%253A00%253A59