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American Electric Power 1st-qtr profit rises 10 percent as higher rates offset lower demand
NEW YORK (AP) ' American Electric Power says its first-quarter earnings rose 10 percent on growing industrial demand and higher rates that offset lower power use during an extremely mild winter.
The Columbus, Ohio company said Friday that its net income rose to $389 million, or 80 cents per share, compared with $353 million, or 73 cents per share, a year earlier.
Excluding one-time items, it earned 82 cents per share in the most recent quarter. That was 3 cents per share higher than analysts expected.
Revenue fell 2 percent to $3.6 billion. FactSet says analysts were expecting sales of $3.65 billion.