American Electric Power's Q2 Highlights: Mixed Results, Job Cuts, Maintains Guidance
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 30 2024
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Source: Benzinga
Financial Performance: American Electric Power Company reported Q2 2024 revenue of $4.60 billion, missing expectations, but adjusted EPS of $1.25 exceeded consensus. Adjusted operating earnings rose to $662 million, while commercial load increased by 12.4% year-over-year.
Future Outlook and Leadership Changes: The company reiterated its FY24 adjusted operating earnings guidance and announced the appointment of William J. Fehrman as president and CEO effective August 1, 2024, alongside plans for significant resource additions over the next decade.
Analyst Views on XLU
Wall Street analysts forecast XLU stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for XLU is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
