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American Electric Power's Q2 Highlights: Mixed Results, Job Cuts, Maintains Guidance

American Electric Power Company, Inc. (NASDAQ:AEP) reported the second quarter 2024 revenue of $4.60 billion, missing the consensus of $4.74 billion. Commercial load increased by 12.4% Y/Y, driven by over a 20% gain at its Transmission & Distribution companies, with new data processing facilities coming online. Total energy distribution rose 2.0% Y/Y in the Vertically Integrated Utilities segment and 12.0% in the Transmission & Distribution Utilities segment.  Adjusted operating earnings rose to $662.0 million from $582.2 million a year ago.  Adjusted operating earnings from Vertically Integrated Utilities fell to $244.8 million from $260.4 million the prior year, and AEP Transmission Holdco grew to $208.9 million from $196.5 million in the prior year’s quarter. Adjusted EPS of $1.25 beat ...