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American Electric Power Boosts FY22 Adj. EPS Outlook

Ahead of its analysts meeting in New York City later on Tuesday, electric utility American Electric Power Co., Inc. (AEP) raised its fiscal 2022 operating earnings guidance to a range of $4.97 to $5.07 from the prior forecast range of $4.87 to $5.07 per share.

On average, 20 analysts polled by Thomson Reuters expect the company to report earnings of $4.99 per share for the year. Analysts' estimates usually exclude special items.

The company also initiated operating earnings guidance for fiscal 2023 in the range of $5.19 to $5.39 per share, with a projected annual operating earnings growth rate of 6% to 7%. The Street is currently looking for earnings of $5.28 per share for the year.

The company also said it has accelerated its emission reduction targets, including new net zero goal by 2045 and 80% reduction in full Scope 1 emissions by 2030 from 2005 baseline.

Additionally, the company said it is beginning a strategic review of its retail energy business and is on track to divest unregulated renewable assets and complete Kentucky sale.

The company noted that it plans to invest $40 billion in capital from 2023 through 2027 with an emphasis on transmission, distribution and renewable energy.

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