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American Electric's (AEP) Q4 Earnings Beat, Revenues Up Y/Y

American Electric Power Company, Inc. AEP reported fourth-quarter 2022 operating earnings per share (EPS) of $1.05, which beat the Zacks Consensus Estimate of 99 cents by 6.1%. The bottom line also increased 7.1% from 98 cents in the year-ago quarter.

The company reported GAAP earnings of 75 cents per share compared with the year-ago quarter’s $1.07.

For full-year 2022, AEP reported operating earnings of $4.51 per share compared with $4.97 in the year-ago quarter. The full-year earnings, however, missed the Zacks Consensus Estimate of $5.03 per share.

American Electric Power Company, Inc. Price, Consensus and EPS Surprise

American Electric Power Company, Inc. Price, Consensus and EPS Surprise
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 fourth-quarter operating revenues of $4,994.8 million beat the Zacks Consensus Estimate of $4,254.9 million by 17.4%. The reported figure also increased 22.3% from the year-ago quarter’s $4,085.2 million.

For full-year 2022, operating revenues came in at $19.54 billion, higher than $16.70 billion recorded in 2021. The full-year revenues also surpassed the Zacks Consensus Estimate of $18.97 billion.

Segmental Performance

Vertically Integrated Utility Operations: Adjusted earnings for the quarter increased to $208.7 million from $196.1 million in the year-ago period.

Transmission & Distribution Utilities: Adjusted earnings were $112.6 million, down from $128.5 million in the year-ago quarter.

AEP Transmission Holdco: This segment generated adjusted earnings of $188.1 million, up from $166.1 million in the year-ago quarter.

Generation and Marketing: Adjusted earnings were $81.1 million, up from $30.4 million in the year-ago quarter.

All Other: The loss for the reported quarter was $50.4 million compared with a loss of $24.9 million in the year-ago period.

Quarterly Highlights

Total expenses in the fourth quarter were $2,296.9 million, up 11.7% from the year-ago period.

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Interest expenses were $394.4 million, up 29.9% from $303.7 million year over year.

Guidance

American Electric reiterated the 2023 operating earnings expectation in the range of $5.19-$5.39 per share. The Zacks Consensus Estimate for 2023 earnings is pegged at $5.03 per share, which lies below the guidance 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 reported fourth-quarter 2022 adjusted EPS of 60 cents from continuing operations, which came in line with the Zacks Consensus Estimate. The reported figure improved 27.7% on a year-over-year basis.

For the quarter under review, CMS Energy’s operating revenues were $2,278 million, which surpassed the Zacks Consensus Estimate of $2,185.3 million by 4.2%. The top line improved 12.1% on a year-over-year basis.

NextEra Energy, Inc. NEE reported fourth-quarter 2022 adjusted earnings of 51 cents per share, which beat the Zacks Consensus Estimate of 50 cents by 2%. The bottom line was also up 24.4% from the prior-year quarter.

For the fourth quarter, NextEra’s operating revenues were $6,164 million, which surpassed the Zacks Consensus Estimate of $5,743 million by 7.3%. The top line improved 22.2% year over year.

Duke Energy Corporation DUK reported fourth-quarter 2022 adjusted earnings of $1.11 per share, which surpassed the Zacks Consensus Estimate of $1.06 by 4.7%. The bottom line also improved 26.1% year over year.

Total operating revenues came in at $7,351 million, which increased 20.2% from $6,117 million in the year-ago period. The reported top line also surpassed the Zacks Consensus Estimate of $6,608 million by 11.2%.

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