American Electric Power's Adjusted EPS Misses Estimates; Affirms 2021 Guidance
April 22 2021 - 7:44AM
Dow Jones News
By Allison Prang
American Electric Power Co. reported an increase in both revenue
and profit in the company's first quarter and affirmed its adjusted
earnings guidance for the year.
American Electric Power's quarterly earnings rose from a year
earlier to $575 million, or $1.16 a share. A year earlier, they
were $495.2 million, or $1 a share.
Adjusted earnings were $1.15 a share. They were short of the
consensus estimate from analyst according to FactSet, which was for
adjusted earnings of $1.17 a share.
Revenue was $4.3 billion, the company said, up from $3.7
billion. Wall Street had expected $4.26 billion.
The company is still expecting 2021 adjusted earnings to be
between $4.55 and $4.75 a share, it said.
"We expect industrial sales to improve, following a temporary
slowdown due to the February storm, as manufacturing supply chains
are strengthened and the economy continues to recover from the
pandemic this year," Chief Executive, President and Chairman
Nicholas Akins said.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
April 22, 2021 07:29 ET (11:29 GMT)
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