The Associated Press
COLUMBUS, Ohio (AP) - Power company American Electric Power says its second-quarter earnings rose as higher rates in several states coupled with cost controls offset lower sales to industrial customers.
AEP, which has operations in Texas, said Friday that it made $316 million, or 67 cents per share, for the quarter ended June 30 compared with $281 million, or 70 cents per share, in the year-ago quarter. Earnings pre share were down because the company issued new stock in the first quarter.
Discounting one-time charges, AEP made $321 million, or 68 cents per share, compared with $280 million, or 70 cents per share, a year ago.
Revenue fell to $3.2 billion from $3.5 billion a year ago.
Analysts surveyed by Thomson Reuters expected profit of 61 cents a share on revenue of $3.6 billion.