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News from AEP |
MEDIA CONTACT: | ANALYSTS CONTACT: | |
Melissa McHenry | Bette Jo Rozsa | |
Director, External Communications | Managing Director, Investor Relations | |
614/716-1120 | 614/716-2840 |
• | Third-quarter 2018 GAAP earnings of $1.17 per share |
• | Third-quarter 2018 operating earnings of $1.26 per share |
• | Weather and investments to enhance service support strong earnings performance |
Third Quarter ended September 30 | Year-to-date ended September 30 | |||||||||||||
2018 | 2017 | Variance | 2018 | 2017 | Variance | |||||||||
Revenue ($ in billions): | 4.3 | 4.1 | 0.2 | 12.4 | 11.6 | 0.8 | ||||||||
Earnings ($ in millions): | ||||||||||||||
GAAP | 577.6 | 544.7 | 32.9 | 1,560.4 | 1,511.9 | 48.5 | ||||||||
Operating (non-GAAP) | 619.1 | 543.1 | 76.0 | 1,590.6 | 1,387.8 | 202.8 | ||||||||
EPS ($): | ||||||||||||||
GAAP | 1.17 | 1.11 | 0.06 | 3.17 | 3.07 | 0.10 | ||||||||
Operating (non-GAAP) | 1.26 | 1.10 | 0.16 | 3.23 | 2.82 | 0.41 |
GAAP Earnings | 3Q 18 | 3Q 17 | Variance | YTD 18 | YTD 17 | Variance | ||||||
Vertically Integrated Utilities (a) | 344.2 | 286.3 | 57.9 | 852.2 | 626.6 | 225.6 | ||||||
Transmission & Distribution Utilities (b) | 145.2 | 144.0 | 1.2 | 384.6 | 374.3 | 10.3 | ||||||
AEP Transmission Holdco (c) | 73.3 | 75.5 | (2.2 | ) | 278.4 | 275.7 | 2.7 | |||||
Generation & Marketing (d) | 5.3 | 33.7 | (28.4 | ) | 62.3 | 246.3 | (184.0 | ) | ||||
All Other | 9.6 | 5.2 | 4.4 | (17.1 | ) | (11.0 | ) | (6.1 | ) | |||
Total GAAP Earnings (Loss) | 577.6 | 544.7 | 32.9 | 1,560.4 | 1,511.9 | 48.5 | ||||||
Operating Earnings (non-GAAP) | 3Q 18 | 3Q 17 | Variance | YTD 18 | YTD 17 | Variance | ||||||
Vertically Integrated Utilities (a) | 347.3 | 286.3 | 61.0 | 855.3 | 626.6 | 228.7 | ||||||
Transmission & Distribution Utilities (b) | 147.2 | 144.0 | 3.2 | 386.6 | 374.3 | 12.3 | ||||||
AEP Transmission Holdco (c) | 73.7 | 75.5 | (1.8 | ) | 278.8 | 275.7 | 3.1 | |||||
Generation & Marketing (d) | 41.1 | 32.1 | 9.0 | 104.6 | 122.2 | (17.6 | ) | |||||
All Other | 9.8 | 5.2 | 4.6 | (34.7 | ) | (11.0 | ) | (23.7 | ) | |||
Total Operating Earnings (non-GAAP) | 619.1 | 543.1 | 76.0 | 1,590.6 | 1,387.8 | 202.8 |
a. | Includes AEP Generating Co., Appalachian Power, Indiana Michigan Power, Kentucky Power, Kingsport Power, Public Service Company of Oklahoma, Southwestern Electric Power and Wheeling Power. |
b. | Includes Ohio Power, AEP Texas. |
c. | Includes wholly-owned transmission-only subsidiaries and transmission-only joint ventures. |
d. | Includes AEP OnSite Partners, AEP Renewables, nonregulated generation in ERCOT and PJM as well as marketing, risk management and retail activities in ERCOT, PJM and MISO. |
2018 EPS Guidance Reconciliation | |||
Estimated EPS on a GAAP basis | $3.82 | to | $3.92 |
Impairment of Racine Hydroelectric Plant | 0.06 | ||
Severance Charges | 0.04 | ||
Effects of Kentucky tax law | (0.04) | ||
Operating EPS Guidance | $3.88 | to | $3.98 |
American Electric Power | |||||||||||||||||||||||
Financial Results for the Third Quarter of 2018 | |||||||||||||||||||||||
Reconciliation of GAAP to Operating Earnings (non-GAAP) | |||||||||||||||||||||||
2018 | |||||||||||||||||||||||
Vertically Integrated Utilities | Transmission & Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other | Total | EPS | |||||||||||||||||
($ millions) | |||||||||||||||||||||||
GAAP Earnings (Loss) | 344.2 | 145.2 | 73.3 | 5.3 | 9.6 | 577.6 | $ | 1.17 | |||||||||||||||
Special Items | |||||||||||||||||||||||
Mark-to-Market Impact of Commodity Hedging Activities | (a) | — | — | — | (6.1 | ) | — | (6.1 | ) | $ | (0.01 | ) | |||||||||||
Severance Charges | (b) | 3.1 | 2.0 | 0.4 | 14.2 | 0.2 | 19.9 | 0.04 | |||||||||||||||
Impairment of Racine Hydroelectric Plant | (b) | — | — | — | 27.7 | — | 27.7 | 0.06 | |||||||||||||||
Total Special Items | 3.1 | 2.0 | 0.4 | 35.8 | 0.2 | 41.5 | $ | 0.09 | |||||||||||||||
Operating Earnings (Loss) (non-GAAP) | 347.3 | 147.2 | 73.7 | 41.1 | 9.8 | 619.1 | $ | 1.26 | |||||||||||||||
Financial Results for the Third Quarter of 2017 | |||||||||||||||||||||||
Reconciliation of GAAP to Operating Earnings (non-GAAP) | |||||||||||||||||||||||
2017 | |||||||||||||||||||||||
Vertically Integrated Utilities | Transmission & Distribution Utilities | AEP Transmission Holdco | Generation and Marketing | Corporate and Other | Total | EPS | |||||||||||||||||
($ millions) | |||||||||||||||||||||||
GAAP Earnings (Loss) | 286.3 | 144.0 | 75.5 | 33.7 | 5.2 | 544.7 | $ | 1.11 | |||||||||||||||
Special Items | |||||||||||||||||||||||
Mark-to-Market Impact of Commodity Hedging Activities | (a) | — | — | — | 0.1 | — | 0.1 | — | |||||||||||||||
Impairment of Certain Merchant Generation Assets | (b) | — | — | — | (1.7 | ) | — | (1.7 | ) | (0.01 | ) | ||||||||||||
Total Special Items | — | — | — | (1.6 | ) | — | (1.6 | ) | $ | (0.01 | ) | ||||||||||||
Operating Earnings (Loss) (non-GAAP) | 286.3 | 144.0 | 75.5 | 32.1 | 5.2 | 543.1 | $ | 1.10 |
(a) | Reflected in Revenues and Income Tax Expense. |
(b) | Reflected in Other Operations Expenses and Income Tax Expense. |
American Electric Power | |||||||||
Summary of Selected Sales Data | |||||||||
Regulated Connected Load | |||||||||
(Data based on preliminary, unaudited results) | |||||||||
Three Months Ended September 30 | |||||||||
ENERGY & DELIVERY SUMMARY | 2018 | 2017 | Change | ||||||
Vertically Integrated Utilities | |||||||||
Retail Electric (in millions of kWh): | |||||||||
Residential | 8,988 | 8,488 | 5.9 | % | |||||
Commercial | 6,799 | 6,701 | 1.5 | % | |||||
Industrial | 9,032 | 8,839 | 2.2 | % | |||||
Miscellaneous | 620 | 603 | 2.8 | % | |||||
Total Retail | 25,439 | 24,631 | 3.3 | % | |||||
Wholesale Electric (in millions of kWh): (a) | 6,432 | 6,837 | (5.9 | )% | |||||
Total KWHs | 31,871 | 31,468 | 1.3 | % | |||||
Transmission & Distribution Utilities | |||||||||
Retail Electric (in millions of kWh): | |||||||||
Residential | 7,948 | 7,511 | 5.8 | % | |||||
Commercial | 7,165 | 6,941 | 3.2 | % | |||||
Industrial | 5,720 | 5,575 | 2.6 | % | |||||
Miscellaneous | 186 | 185 | 0.5 | % | |||||
Total Retail (b) | 21,019 | 20,212 | 4.0 | % | |||||
Wholesale Electric (in millions of kWh): (a) | 634 | 585 | 8.4 | % | |||||
Total KWHs | 21,653 | 20,797 | 4.1 | % |
(a) | Includes Off-System Sales, Municipalities and Cooperatives, Unit Power, and Other Wholesale Customers. |
(b) | Represents energy delivered to distribution customers. |
American Electric Power | |||||||||||||||||||||||
Financial Results for Year-to-Date 2018 | |||||||||||||||||||||||
Reconciliation of GAAP to Operating Earnings (non-GAAP) | |||||||||||||||||||||||
2018 | |||||||||||||||||||||||
Vertically Integrated Utilities | Transmission & Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other | Total | EPS | |||||||||||||||||
($ millions) | |||||||||||||||||||||||
GAAP Earnings (Loss) | 852.2 | 384.6 | 278.4 | 62.3 | (17.1 | ) | 1,560.4 | $ | 3.17 | ||||||||||||||
Special Items | |||||||||||||||||||||||
Mark-to-Market Impact of Commodity Hedging Activities | (a) | — | — | — | 0.4 | — | 0.4 | $ | — | ||||||||||||||
Severance Charges | (c) | 3.1 | 2.0 | 0.4 | 14.2 | 0.2 | 19.9 | 0.04 | |||||||||||||||
Impairment of Racine Hydroelectric Plant | (c) | — | — | — | 27.7 | — | 27.7 | 0.06 | |||||||||||||||
Effects of Kentucky Tax Law | (d) | — | — | — | — | (17.8 | ) | (17.8 | ) | (0.04 | ) | ||||||||||||
Total Special Items | 3.1 | 2.0 | 0.4 | 42.3 | (17.6 | ) | 30.2 | $ | 0.06 | ||||||||||||||
Operating Earnings (Loss) (non-GAAP) | 855.3 | 386.6 | 278.8 | 104.6 | (34.7 | ) | 1,590.6 | $ | 3.23 | ||||||||||||||
Financial Results for Year-to-Date 2017 | |||||||||||||||||||||||
Reconciliation of GAAP to Operating Earnings (non-GAAP) | |||||||||||||||||||||||
2017 | |||||||||||||||||||||||
Vertically Integrated Utilities | Transmission & Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other | Total | EPS | |||||||||||||||||
($ millions) | |||||||||||||||||||||||
GAAP Earnings (Loss) | 626.6 | 374.3 | 275.7 | 246.3 | (11.0 | ) | 1,511.9 | $ | 3.07 | ||||||||||||||
Special Items | |||||||||||||||||||||||
Mark-to-Market Impact of Commodity Hedging Activities | (a) | — | — | — | 2.8 | — | 2.8 | — | |||||||||||||||
Gain from Competitive Generation Asset Sale | (b) | — | — | — | (129.4 | ) | — | (129.4 | ) | (0.26 | ) | ||||||||||||
Impairment of Certain Merchant Generation Assets | (c) | — | — | — | 2.5 | — | 2.5 | 0.01 | |||||||||||||||
Total Special Items | — | — | — | (124.1 | ) | — | (124.1 | ) | $ | (0.25 | ) | ||||||||||||
Operating Earnings (Loss) (non-GAAP) | 626.6 | 374.3 | 275.7 | 122.2 | (11.0 | ) | 1,387.8 | $ | 2.82 |
(a) | Reflected in Revenues and Income Tax Expense |
(b) | Reflected in Gain on Sale of Assets and Income Tax Expense. |
(c) | Reflected in Other Operations Expenses and Income Tax Expense. |
(d) | Reflected in Income Tax Expense |
American Electric Power | |||||||||
Summary of Selected Sales Data | |||||||||
Regulated Connected Load | |||||||||
(Data based on preliminary, unaudited results) | |||||||||
Nine Months Ended September 30 | |||||||||
ENERGY & DELIVERY SUMMARY | 2018 | 2017 | Change | ||||||
Vertically Integrated Utilities | |||||||||
Retail Electric (in millions of kWh): | |||||||||
Residential | 26,105 | 23,226 | 12.4 | % | |||||
Commercial | 18,988 | 18,386 | 3.3 | % | |||||
Industrial | 26,471 | 25,792 | 2.6 | % | |||||
Miscellaneous | 1,759 | 1,701 | 3.4 | % | |||||
Total Retail | 73,323 | 69,105 | 6.1 | % | |||||
Wholesale Electric (in millions of kWh): (a) | 17,156 | 19,262 | (10.9 | )% | |||||
Total KWHs | 90,479 | 88,367 | 2.4 | % | |||||
Transmission & Distribution Utilities | |||||||||
Retail Electric (in millions of kWh): | |||||||||
Residential | 21,154 | 19,361 | 9.3 | % | |||||
Commercial | 19,634 | 19,184 | 2.3 | % | |||||
Industrial | 17,259 | 16,992 | 1.6 | % | |||||
Miscellaneous | 514 | 516 | (0.4 | )% | |||||
Total Retail (b) | 58,561 | 56,053 | 4.5 | % | |||||
Wholesale Electric (in millions of kWh): (a) | 1,835 | 1,749 | 4.9 | % | |||||
Total KWHs | 60,396 | 57,802 | 4.5 | % |
(a) | Includes Off-System Sales, Municipalities and Cooperatives, Unit Power, and Other Wholesale Customers. |
(b) | Represents energy delivered to distribution customers. |
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Ticker: AEPEvents:
CIK: 4904
Form Type: 8-K Corporate News
Accession Number: 0000004904-18-000051
Submitted to the SEC: Thu Oct 25 2018 7:08:18 AM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Thursday, October 25, 2018
Industry: Electric Services