American Electric Power Co., Inc. (AEP - Free Report) reported second-quarter 2017 operating earnings per share (EPS) of 75 cents, missing the Zacks Consensus Estimate of 82 cents by 8.5%.
Earnings also declined 21.1% from 95 cents reported a year ago.
American Electric’s second-quarter revenues of $3.6 billion fell 7.7% from $3.9 billion in the year-ago quarter. The reported figure also missed the Zacks Consensus Estimate of $3.7 billion.
Operating expenses in the reported quarter were $1,638.3 million compared with $1,717.1 million a year ago.
Operating income in the quarter was $748 million, down 13.1% from $860.5 million a year ago.
Vertically Integrated Utility Operations: Operating earnings in the quarter declined to $120.8 million from $209.4 million a year ago.
Transmission & Distribution Utilities: Operating earnings were $111.2 million in the quarter, down from $124.6 million a year ago.
AEP Transmission Holdco: This segment generated an operating income of $94.6 million, up from $43.9 million recorded in the second quarter of 2016.
Generation and Marketing: Operating earnings were $46 million, down from $70.7 million in the year-ago quarter.
As of Jun 30, 2017, American Electric had $172.4 million in cash and cash equivalents compared with $210.5 million as of Dec 31, 2016.
Long-term debt was $19.55 billion as of Jun 30, 2017, compared with $20.26 billion as of Dec 31, 2016.
Cash flow from operations was $1,717 million in the first half of 2017 compared with $1,725.8 million in the prior-year period.
American Electric reaffirmed its 2017 operating earnings guidance in the range of $3.55–$3.75.
DTE Energy Company (DTE - Free Report) reported second-quarter 2017 operating earnings per share (EPS) of $1.07, which surpassed the Zacks Consensus Estimate of 97 cents by 10.3%. Operating earnings also grew 9.2% from the year-ago figure of 98 cents.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2017 adjusted earnings of $1.86 per share, beating the Zacks Consensus Estimate of $1.76 by 5.7%. Reported earnings were also up by 11.4% year over year.
WEC Energy Group (WEC - Free Report) reported second-quarter 2017 adjusted earnings of 63 cents per share, surpassing the Zacks Consensus Estimate of 59 cents by 6.8% and the year-ago figure of 57 cents by 10.5%.
American Electric currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
More Stock News: Tech Opportunity Worth $386 Billion in 2017
From driverless cars to artificial intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future.
Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential. See these stocks now>>