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American Electric (AEP) Q2 Earnings Top Estimates, Sales Up Y/Y
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American Electric Power Company, Inc. (AEP - Free Report) reported second-quarter 2022 operating earnings per share of $1.20, which beat the Zacks Consensus Estimate of $1.18 by 1.7%. The bottom line also improved 1.7% from $1.18 per share in the year-ago quarter.
The company reported GAAP earnings of $1.02 per share compared with the year-ago quarter’s $1.16.
Total Revenues
American Electric’s second-quarter revenues of $4,593.8 million beat the Zacks Consensus Estimate of $4,191.2 million by 9.6%.
The reported figure also improved 20.3% from the year-ago quarter’s $3,817.5 million.
American Electric Power Company, Inc. Price, Consensus and EPS Surprise
Vertically Integrated Utility Operations: Adjusted earnings for the quarter increased to $301.2 million from $227 million in the year-ago period.
Transmission & Distribution Utilities: Adjusted earnings were $164.8 million, up from $153.7 million in the year-ago quarter.
AEP Transmission Holdco: This segment generated adjusted earnings of $141.8 million, down from $168.9 million in the second quarter of 2021.
Generation and Marketing: Adjusted earnings were $90.9 million, up from $45.3 million in the year-ago quarter.
Corp & Other: The loss for the reported quarter was $81 million compared with a loss of $5.4 million in the year-ago period.
Quarterly Highlights
Total expenses for the second quarter were $2,112.9 million, up 11.6% from the year-ago period.
Interest expenses were $327.6 million, up 8.6% year over year.
Financial Update
As of Jun 30, 2022, AEP had cash and cash equivalents of $575.3 million compared with $403.4 million on Dec 31, 2021.
Long-term debt was $32.98 billion as of Jun 30, 2022 compared with $31.30 billion on Dec 31, 2021.
Cash flow from operations for the six months ended Jun 30, 2022 was $2,990.7 million compared with $1043.9 million in the year-ago period.
Guidance
American Electric reiterated the 2022 operating earnings expectation in the range of $4.87-$5.07 per share. The Zacks Consensus Estimate for 2022 earnings is pegged at $5.03 per share, a tad higher than the midpoint of the guidance range.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2022 adjusted earnings of 81 cents per share, which beat the Zacks Consensus Estimate of 75 cents by 8%. The bottom line was also up 14.1% from the prior-year quarter.
For the second quarter, NextEra’s operating revenues were $5,183 million, which lagged the Zacks Consensus Estimate of $5,681 million by 8.8%. However, the top line improved 31.9% year over year.
Upcoming Releases
CMS Energy Corporation (CMS - Free Report) is slated to report second-quarter 2022 results on Jul 28. The Zacks Consensus Estimate for second-quarter revenues is pegged at $1.61 billion, suggesting an improvement of 3.5% from the year-ago quarter.
The Zacks Consensus Estimate for second-quarter earnings is pegged at 44 cents per share, indicating a decline of 20% from the prior-year reported figure.
DTE Energy (DTE - Free Report) is scheduled to report second-quarter 2022 results on Jul 28. The Zacks Consensus Estimate for its second-quarter earnings, pegged at $1 per share, implies a decline of 41.2% from the prior-year quarter’s tally.
DTE Energy boasts a long-term earnings growth rate of 6%. DTE has a four-quarter earnings surprise of 8.97%.
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American Electric (AEP) Q2 Earnings Top Estimates, Sales Up Y/Y
American Electric Power Company, Inc. (AEP - Free Report) reported second-quarter 2022 operating earnings per share of $1.20, which beat the Zacks Consensus Estimate of $1.18 by 1.7%. The bottom line also improved 1.7% from $1.18 per share in the year-ago quarter.
The company reported GAAP earnings of $1.02 per share compared with the year-ago quarter’s $1.16.
Total Revenues
American Electric’s second-quarter revenues of $4,593.8 million beat the Zacks Consensus Estimate of $4,191.2 million by 9.6%.
The reported figure also improved 20.3% from the year-ago quarter’s $3,817.5 million.
American Electric Power Company, Inc. Price, Consensus and EPS Surprise
American Electric Power Company, Inc. price-consensus-eps-surprise-chart | American Electric Power Company, Inc. Quote
Segmental Performance
Vertically Integrated Utility Operations: Adjusted earnings for the quarter increased to $301.2 million from $227 million in the year-ago period.
Transmission & Distribution Utilities: Adjusted earnings were $164.8 million, up from $153.7 million in the year-ago quarter.
AEP Transmission Holdco: This segment generated adjusted earnings of $141.8 million, down from $168.9 million in the second quarter of 2021.
Generation and Marketing: Adjusted earnings were $90.9 million, up from $45.3 million in the year-ago quarter.
Corp & Other: The loss for the reported quarter was $81 million compared with a loss of $5.4 million in the year-ago period.
Quarterly Highlights
Total expenses for the second quarter were $2,112.9 million, up 11.6% from the year-ago period.
Interest expenses were $327.6 million, up 8.6% year over year.
Financial Update
As of Jun 30, 2022, AEP had cash and cash equivalents of $575.3 million compared with $403.4 million on Dec 31, 2021.
Long-term debt was $32.98 billion as of Jun 30, 2022 compared with $31.30 billion on Dec 31, 2021.
Cash flow from operations for the six months ended Jun 30, 2022 was $2,990.7 million compared with $1043.9 million in the year-ago period.
Guidance
American Electric reiterated the 2022 operating earnings expectation in the range of $4.87-$5.07 per share. The Zacks Consensus Estimate for 2022 earnings is pegged at $5.03 per share, a tad higher than the midpoint of the guidance range.
Zacks Rank
American Electric currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
Another Recent Release
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2022 adjusted earnings of 81 cents per share, which beat the Zacks Consensus Estimate of 75 cents by 8%. The bottom line was also up 14.1% from the prior-year quarter.
For the second quarter, NextEra’s operating revenues were $5,183 million, which lagged the Zacks Consensus Estimate of $5,681 million by 8.8%. However, the top line improved 31.9% year over year.
Upcoming Releases
CMS Energy Corporation (CMS - Free Report) is slated to report second-quarter 2022 results on Jul 28. The Zacks Consensus Estimate for second-quarter revenues is pegged at $1.61 billion, suggesting an improvement of 3.5% from the year-ago quarter.
The Zacks Consensus Estimate for second-quarter earnings is pegged at 44 cents per share, indicating a decline of 20% from the prior-year reported figure.
DTE Energy (DTE - Free Report) is scheduled to report second-quarter 2022 results on Jul 28. The Zacks Consensus Estimate for its second-quarter earnings, pegged at $1 per share, implies a decline of 41.2% from the prior-year quarter’s tally.
DTE Energy boasts a long-term earnings growth rate of 6%. DTE has a four-quarter earnings surprise of 8.97%.