American Electric Power Company, Inc. (NASDAQ:AEP) shares are trading higher after the Ohio-based utility reported upbeat fourth-quarter results.
Adjusted earnings came in at $1.19 per share, down from $1.24 a year ago but exceeding the Street estimate of $1.15.
Revenue stood at $5.314 billion, ahead of the $4.887 billion analyst consensus.
Segment Performance
American Electric Power reported higher fourth-quarter operating earnings in Vertically Integrated Utilities of $270 million (up from $255 million) and Transmission & Distribution Utilities of $160 million (compared with $183 million a year ago).
However, Transmission Holdco posted operating earnings of $148 million, down from $166 million a year ago quarter, while the Generation and Marketing segment rose to $78 million from $63 million in the prior-year period.
Pipeline & Expansion Plans
AEP expects to rapidly grow its large-load customer …