Pure Play Regulated Utility American Electric Power (AEP), on Thursday, said it delivered strong fourth quarter and 2022 earnings driven by execution. Looking forward, the company reaffirmed its 2023 operating earnings guidance range of $5.19-$5.39, with midpoint of $5.29. AEP also reaffirmed 6%-7% long-term operating earnings growth rate.
Fourth-quarter earnings was $384 million or $0.75 per share, compared with GAAP earnings of $539 million or $1.07 per share in fourth-quarter 2021. Operating earnings were $540 million or $1.05 per share, compared with operating earnings of $496 million or $0.98 per share in fourth-quarter 2021. Analysts on average had expected the company to earn $0.99 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
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