We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
American Electric (AEP) Q1 Earnings Lag, Revenues Rise Y/Y
Read MoreHide Full Article
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.
American Electric Power Company, Inc. Price, Consensus and EPS Surprise
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.
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. 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.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
American Electric (AEP) Q1 Earnings Lag, Revenues Rise Y/Y
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.
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
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. 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.