COLUMBUS, Ohio (AP) — COLUMBUS, Ohio (AP) — American Electric Power Co. (AEP) on Wednesday reported third-quarter profit of $1.19 billion.
On a per-share basis, the Columbus, Ohio-based company said it had profit of $2.18. Earnings, adjusted for non-recurring costs, were $2.23 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.04 per share.
The utility posted revenue of $6.83 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $6.61 billion.
AEP expects full-year earnings in the range of $6.25 to $6.55 per share.
AEP shares have climbed 12% since the beginning of the year, while the S&P’s 500 index has risen 13%. The stock has risen 11% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AEP at https://www.zacks.com/ap/AEP
Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
