American Electric Power Co. (AEP) on Thursday reported fourth-quarter profit of $582 million.
The Columbus-based company said it had net income of $1.09 per share. Earnings, adjusted for non-recurring costs, came to $1.19 per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.15 per share.
The utility posted revenue of $5.31 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $5.23 billion.
For the year, the company reported profit of $3.58 billion, or $6.70 per share. Revenue was reported as $21.88 billion.
AEP expects full-year earnings in the range of $6.15 to $6.45 per share.
AEP shares have increased 6% since the beginning of the year, while the S&P's 500 index has climbed slightly more than 1%. The stock has risen 20% in the last 12 months.
