COLUMBUS, Ohio (AP) 鈥� COLUMBUS, Ohio (AP) 鈥� American Electric Power Co. (AEP) on Tuesday reported first-quarter net income of $874 million.
The Columbus, Ohio-based company said it had profit of $1.61 per share. Earnings, adjusted for non-recurring costs, were $1.64 per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.55 per share.
The utility posted revenue of $6.02 billion in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $5.68 billion.
AEP expects full-year earnings in the range of $6.15 to $6.45 per share.
AEP shares have climbed 17% since the beginning of the year, while the S&P’s 500 index has increased 5%. The stock has increased 25% in the last 12 months.
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