By Allison Prang
American Electric Power Co. logged higher revenue and earnings in the second quarter and affirmed its adjusted earnings guidance for the year.
Earnings rose 11% to $578.2 million. On a per-share basis, earnings were $1.16, up from $1.05 in the comparable quarter a year ago.
Adjusted earnings were $1.18 a share and beat the analyst consensus according to FactSet of $1.14 a share.
Revenue was $3.8 billion, up from $3.5 billion. Analysts' consensus estimate was $3.86 billion.
"Commercial and industrial sales have bounced back throughout our service territory across nearly all sectors," Chairman, President and Chief Executive Nicholas Akins said in prepared remarks. "Residential sales are down compared with the second quarter last year as many customers we serve are now returning to the workplace."
The company affirmed its outlook for operating earnings of between $4.55 a share and $4.75 a share. Analysts are expecting $4.67 a share.
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(END) Dow Jones Newswires