American Electric Power Profit Rises Despite Mild Weather

By FeaturesDow Jones Newswires

American Electric Power (AEP) said it overcame mild weather in the quarter to post profit growth in its latest quarter.

Still, revenue was flat in the fourth quarter at $3.8 billion, above the $3.75 billion that analysts were expecting.

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The company said it would slightly alter its capital expenditure plans in response to the new tax law. The company is continuing to spend $6 billion in 2018 and $6.2 billion in 2019 but said it would lower its expected investment by $500 million to $5.5 billion in 2020.

The company had a profit of $400.7 million, or 81 cents a share, compared to $373.4 million, or 76 cents a share, a year earlier.

On an adjusted basis, earnings were 85 cents. Analysts polled by Thomson Reuters had expected earnings per share of 79 cents.

Write to Austen Hufford at Austen.Hufford@wsj.com

(END) Dow Jones Newswires

January 25, 2018 08:07 ET (13:07 GMT)

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