American Electric Power Co. on Thursday said Thursday third-quarter profit rose on higher rates charged its utility customers, even as the power generator and transmission giant absorbed the impact of a slower economy and seasonably cool summer temperatures. Meanwhile, PPL Corp. (PPL 29.41, -0.07, -0.24%) said quarterly earnings fell 90% on a number of one-time charges, while profit at Xcel Energy (XEL 19.11, -0.12, -0.62%) remained about flat. Allegheny Energy's (AYE 24.86, -0.16, -0.64%) earnings fell 13%.
AEP (AEP 30.35, +0.69, +2.33%) said earnings for the three months ended Sept. 30 increased to $443 million, or 93 cents a share, up from $374 million, or 93 cents, earned in the year-ago third quarter. Earnings per share were flat as shares outstanding rose 19% to 477 million.
The Columbus, Ohio-based power provider said revenue fell 16% to $3.5 billion from $4.2 billion.
Analysts, on average, had expected earnings of 85 cents a share on revenue of $4.09 billion, according to a survey by FactSet Research.
Michael Morris, chairman, president and chief executive, said management was pleased with AEP's results in light of a number of negative factors, including the summer weather as well as the weak state of the economy....MORE