COLUMBUS (dpa-AFX) - American Electric Power Co., Inc. (AEP) reported first-quarter 2013 GAAP earnings of $363 million or $0.75 per share, down from $389 million or $0.80 per share in first-quarter 2012.
Operating earnings, excluding special items, for first-quarter 2013 were $387 million or $0.80 per share, compared to first-quarter 2012 operating earnings of $389 million or $0.80 per share.
Operating earnings for the quarter were $24 million, or $0.05 per share higher than GAAP earnings, due to a $30 million reversal of a storm cost deferral due to a change in Virginia law and a $7 million restructuring charge associated with additional sustainable cost-control efforts. Analysts polled by Thomson Reuters expected the company to report earnings of $0.80 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter rose to $3.8 billion from $3.6 billion in the prior year quarter. Six analysts had consensus revenue estimate of $3.78 billion for the quarter
The company reaffirmed its operating earnings guidance range for 2013 of $3.05 to $3.25 per share. Analysts expect the company to report earnings of $3.16 per share for fiscal 2013.
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