AEP Reports First-Quarter 2024 Earnings, Reaffirms Guidance

• First-quarter 2024 GAAP earnings of $1.91 per share; operating earnings of $1.27 per share
• Company reaffirms 2024 operating earnings (non-GAAP) guidance of $5.53 to $5.73 per share and long-term growth rate of 6% to 7%
• Economic development focus helps drive 10.5% commercial load growth year over year in the first quarter

AMERICAN ELECTRIC POWER Preliminary, unaudited results
		First Quarter ended March 31
		2024	2023	Variance ARIVA.DE Börsen-Geflüster Werbung Weiter abwärts? Kurzfristig positionieren in American Electric Power MB2ZX3 Ask: 0,37 Hebel: 6,05 mit moderatem Hebel Zum Produkt Morgan Stanley Den Basisprospekt sowie die Endgültigen Bedingungen und die Basisinformationsblätter erhalten Sie hier: MB2ZX3,. Beachten Sie auch die weiteren Hinweise zu dieser Werbung. Der Emittent ist berechtigt, Wertpapiere mit open end-Laufzeit zu kündigen. Kurse American Electric Power 85,00 € -0,58%
Revenue ($ in billions):		5.0	4.7	0.3
Earnings ($ in millions):
	GAAP	1,003.1	397.0	606.1
	Operating (non-GAAP)	670.4	571.6	98.8
EPS ($):
	GAAP	1.91	0.77	1.14
	Operating (non-GAAP)	1.27	1.11	0.16
EPS based on 527 million shares 1Q 2024, 514 million shares 1Q 2023

COLUMBUS, Ohio, April 30, 2024 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) today reported first-quarter 2024 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $1 billion or $1.91 per share, compared with GAAP earnings of $397 million or $0.77 per share in first-quarter 2023. Operating earnings for first-quarter 2024 were $670 million or $1.27 per share, compared with operating earnings of $572 million or $1.11 per share in first-quarter 2023.

Operating earnings is a non-GAAP measure representing GAAP earnings excluding special items. The difference between 2024 GAAP and operating earnings for the quarter was largely due to an adjustment to transition to standalone rate making for deferred taxes. A full reconciliation of GAAP earnings to operating earnings for the quarter is included in the tables at the end of this news release.

"Despite mild weather, AEP achieved solid quarterly earnings results, driven by our continued investments in a modern, reliable grid to serve our customers and communities. Affordability for our customers remains top of mind as we make these investments," said Ben Fowke, interim chief executive officer and president.

"Commercial load grew 10.5% year over year as we've built on our long-term, strategic economic development focus to support growth in our communities. AEP's industry-leading transmission network continues to attract meaningful investment from data centers and other commercial and industrial customers, especially in our Indiana, Ohio and Texas service areas. Coupled with a slight increase in industrial load, commercial sales more than offset the expected decline in usage for residential customers.

"We're making significant progress executing our robust capital plan focused on wires and new generation resources to meet customer demand. This includes investing more than $27 billion in the transmission and distribution systems over the next five years to harden the grid and enhance resiliency. We've also secured approval for $6.6 billion of our planned $9.4 billion investment in regulated renewables, with active RFPs for additional diverse generation resources in our operating companies," Fowke said.

"We closed on the sale of our New Mexico solar assets in February and continue to work through the final phases of the process for the AEP Energy retail and AEP OnSite Partners distributed resources businesses. We expect to conclude that process by our second quarter earnings call this year.

"AEP has a strong track record of effectively managing costs while growing the business. We are taking additional steps, including a voluntary workforce reduction program, to help mitigate the impacts of inflation and interest rates and position the company for the future. This action will allow us to keep customer bills affordable as we make needed investments in the energy infrastructure," Fowke said.

A full reconciliation of GAAP earnings with operating earnings is included in tables at the end of this news release.

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