American Electric Power Company, Inc. Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Quarterly Highlights

  • Q2 2024 operating earnings were $1.25 per share, up $0.12 from $1.13 one year ago (+10.6%).
  • GAAP earnings were $0.64 per share versus $1.01 in Q2 2023, reflecting several non-operating charges.
  • Year‑to‑date operating earnings increased to $2.52 per share, up $0.28 (+12.5%).
  • Full‑year 2024 operating EPS guidance reaffirmed at $5.53–$5.73; long‑term growth target remains 6–7%.
  • 15 gigawatts of incremental committed data center load expected by 2030 (all data center-related), more than 40% of AEP’s current 35 GW system peak.
  • Commercial load grew 12.4% year-over-year in Q2, driven primarily by data processing; T&D commercial load up over 20%.
  • FFO-to-debt at 14.6%, up 40 bps quarter-over-quarter; above ratings downgrade thresholds.
  • AEP issued $400M of equity under its ATM program and $1B in junior subordinated notes (50% equity credit).

Operational & Regulatory Updates

  • Bill Furman appointed new President & CEO effective August 1; Ben Fowke to remain as Senior Advisor for several months and then return as an independent board member.
  • AEP filed new data center tariffs in Ohio and modifications in Indiana and West Virginia to ensure fair cost allocation for large load customers.

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Operator: Thank you for standing by. My name is JL and I'll be your conference operator today. At this time, I would like to welcome everyone to the American Electric Power's Second Quarter 2024 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions] I would like to turn the conference over to Darcy Reese, President of Investor Relations. You may begin. Darcy Reese: Thank you, JL. Good morning, everyone, and welcome to the second quarter 2024 earnings call for American Electric Power. We appreciate you taking time to join us today. 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 discussion of these factors. Joining me this morning for opening remarks are Ben Fowke, our President and Interim Chief Executive Officer; Chuck Zebula, our Executive Vice President and Chief Financial Officer; and Peggy Simmons, our Executive Vice President of Utilities. We will take your questions following their remarks. I will now turn the call over to Ben. Ben Fowke: Good morning, and welcome to American Electric Power's second quarter 2024 earnings call. Shortly, Peggy will provide a regulatory update, fol

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