American Electric Power Company, Inc. Q1 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Operating earnings were $1.54 per share ($823 million), up from $1.27 per share in Q1 2024. This represents approximately 20% year-over-year growth.
  • GAAP earnings were $1.50 per share versus $1.91 per share in Q1 2024, reflecting a $28 million charge from the write-off of deferred OVEC costs following Ohio HB15.
  • AEP reaffirmed full-year 2025 operating earnings guidance of $5.75 to $5.95 per share and long-term operating earnings growth of 6% to 8%.
  • Weather contributed $0.18 of the year-over-year earnings variance due to colder conditions compared to a mild Q1 2024.

Capital Plan and Investment Outlook

  • AEP continues to execute a $54 billion capital plan for 2025–2029, supported by potential incremental investment opportunities of up to $10 billion.
  • Direct exposure to current foreign tariffs is estimated to be minimal at 0.3% of planned capital spend.
  • The company aims for 10% to 12% total shareholder return.
  • AEP owns and operates the largest 765kV transmission network in the U.S., and was recently awarded construction of one of the first 765kV lines in Texas.

Load Growth and Customer Demand

  • Commercial load increased 12.3% year-over-year in Q1 2025.

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Operator: Hello and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the American Electric Power First Quarter 2025 Earnings Call. [Operator Instructions] I would now like to turn the conference over to Darcy Reese, Vice President of Investor Relations. Please go ahead. Darcy Reese: Good morning and welcome to American Electric Power's first quarter 2025 earnings call. A live webcast of this teleconference and slide presentation are available on our Website under the Events and Presentations section. Joining me today are Bill Fehrman, President and Chief Executive Officer and Trevor Mihalik, Executive Vice President and Chief Financial Officer. In addition, we have other members of our management in the room to answer questions if needed, including Kate Sturgess, Senior Vice President and Chief Accounting Officer. We will be making forward-looking statements during the call. Actual results may differ materially from those projected in any forward-looking statements we make today. Factors that could cause our actual results to differ materially are discussed in the company's most recent SEC filings. Please refer to the presentation slides that accompany this call for a reconciliation to GAAP measures. We will take your questions following opening remarks. With that, please turn to Slide 4, and let me hand the call over to Bill. Bill Fehrman: Thank you, Darcy and good morning, everyone.

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