American Electric Power Company, Inc. (AEP - Free Report) reported first-quarter 2024 adjusted earnings per share (EPS) of $1.27, which missed the Zacks Consensus Estimate of $1.30 by 2.3%. However, the bottom line improved 14.4% from $1.11 recorded in the year-ago quarter.
The company reported GAAP earnings of $1.91 per share compared with the year-ago quarter’s figure of 77 cents.
Total Revenues
American Electric’s first-quarter operating revenues of $5.03 billion lagged the Zacks Consensus Estimate of $5.29 billion by 5.4%. However, the reported figure rose 7.1% from the year-ago quarter’s level of $4.69 billion.
Segmental Performance
Vertically Integrated Utility Operations: Adjusted earnings for the quarter increased to $300.3 million from $265.2 million in the year-ago period.
Transmission & Distribution Utilities: Adjusted earnings totaled $150.3 million, up from $125.7 million in the year-ago quarter.
AEP Transmission Holdco: This segment generated adjusted earnings of $208.7 million, up from $181.5 million in the year-ago quarter.
Generation and Marketing: Adjusted earnings amounted to $65.4 million, up from $45.2 million in the year-ago quarter.
All Other: The segment reported a loss of $54.3 million compared with a loss of $46 million in the year-ago period.
Highlights of the Result
In the reported quarter, electricity sales volume from Vertically Integrated Utilities increased 5.2% year over year, while electric sales volume from Transmission & Distribution Utilities improved 8.4%.
Total expenses in the first quarter of 2024 were $3.85 billion, down 3.3% from the year-ago level.
Interest expenses amounted to $435.6 million, up 4.8% from $415.7 million in the year-ago quarter.
Guidance
American Electric reiterated its 2024 operating earnings guidance. It still expects to generate earnings in the band of $5.53-$5.73 per share. The Zacks Consensus Estimate for 2024 earnings is pegged at $5.54 per share, which lies near the lower end of the company’s projected range.
Zacks Rank
American Electric currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
CMS Energy Corporation (CMS - Free Report) reported first-quarter 2024 adjusted EPS of 97 cents, which beat the Zacks Consensus Estimate of 92 cents by 5.4%. The bottom line increased 38.6% from 70 cents reported in the prior-year quarter.
For the first quarter, CMS’ operating revenues totaled $2.18 billion, which lagged the Zacks Consensus Estimate of $2.35 billion by 7.3%. The top line also decreased 4.7% on a year-over-year basis.
NextEra Energy (NEE - Free Report) reported first-quarter 2024 operating earnings of 91 cents per share, which beat the Zacks Consensus Estimate of 80 cents by 13.8%. Also, the bottom line improved 8.3% from the year-ago quarter’s figure of 84 cents.
Fourth-quarter revenues of $5.73 billion missed the Zacks Consensus Estimate of $6.46 billion by 11.4%. The figure also declined 14.7% from the year-ago quarter’s figure.
Avangrid, Inc. (AGR - Free Report) reported first-quarter 2024 adjusted EPS of 88 cents, which beat the Zacks Consensus Estimate of 71 cents by 23.9%. The bottom line also increased 37.5% from 64 cents reported in the prior-year quarter.
Operating revenues totaled $2.42 billion, which lagged the Zacks Consensus Estimate of $2.57 billion by 6%. The top line also decreased 2% from $2.47 billion reported in the year-ago quarter.
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American Electric Power Company, Inc. (AEP - Free Report) reported first-quarter 2024 adjusted earnings per share (EPS) of $1.27, which missed the Zacks Consensus Estimate of $1.30 by 2.3%. However, the bottom line improved 14.4% from $1.11 recorded in the year-ago quarter.
The company reported GAAP earnings of $1.91 per share compared with the year-ago quarter’s figure of 77 cents.
Total Revenues
American Electric’s first-quarter operating revenues of $5.03 billion lagged the Zacks Consensus Estimate of $5.29 billion by 5.4%. However, the reported figure rose 7.1% from the year-ago quarter’s level of $4.69 billion.
Segmental Performance
Vertically Integrated Utility Operations: Adjusted earnings for the quarter increased to $300.3 million from $265.2 million in the year-ago period.
Transmission & Distribution Utilities: Adjusted earnings totaled $150.3 million, up from $125.7 million in the year-ago quarter.
AEP Transmission Holdco: This segment generated adjusted earnings of $208.7 million, up from $181.5 million in the year-ago quarter.
Generation and Marketing: Adjusted earnings amounted to $65.4 million, up from $45.2 million in the year-ago quarter.
All Other: The segment reported a loss of $54.3 million compared with a loss of $46 million in the year-ago period.
Highlights of the Result
In the reported quarter, electricity sales volume from Vertically Integrated Utilities increased 5.2% year over year, while electric sales volume from Transmission & Distribution Utilities improved 8.4%.
Total expenses in the first quarter of 2024 were $3.85 billion, down 3.3% from the year-ago level.
Interest expenses amounted to $435.6 million, up 4.8% from $415.7 million in the year-ago quarter.
Guidance
American Electric reiterated its 2024 operating earnings guidance. It still expects to generate earnings in the band of $5.53-$5.73 per share. The Zacks Consensus Estimate for 2024 earnings is pegged at $5.54 per share, which lies near the lower end of the company’s projected range.
Zacks Rank
American Electric currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
CMS Energy Corporation (CMS - Free Report) reported first-quarter 2024 adjusted EPS of 97 cents, which beat the Zacks Consensus Estimate of 92 cents by 5.4%. The bottom line increased 38.6% from 70 cents reported in the prior-year quarter.
For the first quarter, CMS’ operating revenues totaled $2.18 billion, which lagged the Zacks Consensus Estimate of $2.35 billion by 7.3%. The top line also decreased 4.7% on a year-over-year basis.
NextEra Energy (NEE - Free Report) reported first-quarter 2024 operating earnings of 91 cents per share, which beat the Zacks Consensus Estimate of 80 cents by 13.8%. Also, the bottom line improved 8.3% from the year-ago quarter’s figure of 84 cents.
Fourth-quarter revenues of $5.73 billion missed the Zacks Consensus Estimate of $6.46 billion by 11.4%. The figure also declined 14.7% from the year-ago quarter’s figure.
Avangrid, Inc. (AGR - Free Report) reported first-quarter 2024 adjusted EPS of 88 cents, which beat the Zacks Consensus Estimate of 71 cents by 23.9%. The bottom line also increased 37.5% from 64 cents reported in the prior-year quarter.
Operating revenues totaled $2.42 billion, which lagged the Zacks Consensus Estimate of $2.57 billion by 6%. The top line also decreased 2% from $2.47 billion reported in the year-ago quarter.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
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