American Electric Power Company, Inc. Q1 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q1 2020 operating earnings were $1.02 per share, down from $1.19 per share in Q1 2019.
  • GAAP earnings were $1.00 per share versus $1.16 per share last year.
  • AEP reaffirmed full-year 2020 operating earnings guidance of $4.25 to $4.45 per share, but expects to finish in the lower half of the range.
  • Long-term 5% to 7% EPS growth target remains unchanged.
  • COVID-19 significantly affected load profiles late in Q1, with continued impact expected throughout 2020.

Key Drivers of Quarterly Performance

  • Weather Impact: Mild winter negatively affected earnings by $0.11 per share year-over-year.
  • Vertically Integrated Utilities: Down $0.13 per share due to unfavorable weather, lower retail/wholesale load, and higher depreciation/taxes.
  • Transmission & Distribution: Down $0.08 per share largely due to reversal of a 2019 regulatory provision in Ohio and higher depreciation.
  • Transmission Holdco: Up $0.03 per share with net plant up 18% year-over-year.
  • Generation & Marketing: Down $0.02 per share; renewable growth offset by lower energy prices and plant retirements.
  • Corporate & Other: Up $0.03 due to lower taxes and reduced O&M.

COVID-19 Impact and Company Response

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Operator: Ladies and gentlemen, thank you very much for standing by, and welcome to the American Electric Power first quarter 2020 earnings call. At this time, all participants are in a listen-only mode. Later we will conduct a question and answer session and instructions will be given to you at that time. If you should require assistance during today’s call, please press star then zero and an operator will assist you offline. I would now like to turn the conference over your first speaker, Ms Darcy Reese. Please go ahead. Darcy Reese: Thank you, Perky. Good morning everyone and welcome to the first quarter 2020 earnings call for American Electric Power. Thank you for taking the time today to join us. Our earnings release, presentation slides, and related financial information are available on our website at aep.com. Today we will be making forward-looking statements during the call. There are many factors that may cause future results to differ materially from these statements. Please refer to our SEC filings for a discussion of these factors. Our presentation also includes references to non-GAAP financial information. Please refer to the reconciliation of the applicable GAAP measures provided in the appendix of today’s presentation. Joining me this morning for opening remarks are Nick Akins, our Chairman, President and Chief Executive Officer, and Brian Tierney, our Chief Financial Officer. We will take your questions following their remarks. I will now turn the call over

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