AEP 1Q2013: Operating earnings flat with 2012 - Beckley, Bluefield & Lewisburg News, Weather, Sports

AEP 1Q2013: Operating earnings flat with 2012

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American Electric Power today reported first-quarter 2013 GAAP earnings of $363 million, or $0.75 per share, compared with $389 million or $0.80 per share in first-quarter 2012.

Excluding special items, operating earnings for first-quarter 2013 were $387 million or $0.80 per share, compared with first-quarter 2012 operating earnings of $389 million or $0.80 per share. Operating earnings were $24 million higher than GAAP earnings due to a $19 million reversal of a storm cost deferral due to a change in Virginia law and a $5 million restructuring charge associated with additional sustainable cost-control efforts.

"Strong residential and commercial sales combined with positive regulated rate recovery supported our first-quarter performance," said Nicholas K. Akins, AEP president and chief executive officer in the company's media release.

Akins noted the assistance of a colder winter in 2013 than in 2012.

On the industrial side, he said the industry continues to struggle and projections point to continued flat demand. The company is focused in response on cost discipline and process improvements.

The transmission business is delivering earnings improvements each quarter, Akins said.

"We also continue to make progress on the transition to full competition in Ohio," he said. "The Public Utilities Commission of Ohio finalized approval of our corporate separation order, and we anticipate a decision soon from the Federal Energy Regulatory Commission on our plan to fully separate our Ohio generation from our Ohio utility operations. We remain on track to complete corporate separation of our Ohio assets at the end of 2013."

Further first-quarter earnings details are available in the full release.

The company's quarterly conference call with financial analysts will be webcast at 9 a.m. Eastern time April 26, with charts and graphics. The call will later be archived at that same link and available as a podcast.

AEP shares are traded on the New York Stock Exchange under the symbol AEP.