Q2 2024 American Electric Power Company Inc Earnings Call Transcript
Key Points
- American Electric Power Co Inc (AEP) announced a 12% increase in second quarter 2024 operating earnings, reaching $1.25 per share.
- The company reaffirmed its 2024 full-year operating earnings guidance range of $5.53 to $5.73 and its long-term earnings growth rate of 6% to 7%.
- AEP has commitments from customers for more than 15 gigawatts of incremental data center load by the end of the decade, indicating strong future demand.
- Commercial load grew an impressive 12.4% over the second quarter of last year, primarily in Ohio and Texas.
- AEP's liquidity remains strong at $5.4 billion, supported by $6 billion in credit facilities.
- GAAP earnings for the second quarter were $0.64 per share, down from $1.1 per share in 2023.
- AEP recorded a $126 million after-tax provision for customer refunds related to the Turk Plant cost cap issue.
- The company incurred a $94 million expense associated with a voluntary severance program completed in the second quarter.
- AEP recorded a $111 million accrual for compliance costs related to the EPA's revised coal combustion residual rule.
- Residential load remains weak in most of AEP's territories, likely due to the cumulative effects of inflation.
Thank you for standing by. My name is Jay L and I'll be your conference operator today. At this time I would like to welcome everyone American Electric Power second quarter 2024 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Darcy Rees, President of Investor Relations. You may begin.
Thank you, Jay L. 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 Interim President and Chief Executive Officer; Chuck
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