UPDATE: American Electric Q2 Earnings Top Estimates

American Electric Power

reported better-than-expected second-quarter profit. The Columbus, Ohio-based company posted a quarterly profit of $390 million, or $0.80 per share, versus a year-ago profit of $338 million, or $0.69 per share. Excluding special items, AEP's operating profit rose 10% to $0.80 per share from $0.73 per share. Its revenue surged 11% to $4 billion. Its transmission revenue climbed to $111 million, versus $78 million, in the year-ago quarter. However, analysts were expecting earnings of $0.75 per share on total revenue of $3.97 billion. Operating earnings from Vertically Integrated Utilities rose $2 million versus the year-ago period, while operating earnings from Transmission & Distribution Utilities rose $15 million. Its operating earnings from Generation & Marketing climbed $8 million, while operating earnings from AEP River Operations jumped $12 million. American Electric Power reaffirmed its forecast for the year. The company also announced its plans to raise its capital investment in transmission business by another $100 million. “We continue to see the positive effects of executing our regulated earnings growth strategy," said Nicholas K. Akins, AEP chairman, president and chief executive officer. American Electric Power shares gained 0.41% to $54.23 in pre-market trading.