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April 22, 2021, 7:22 a.m. EDT

American Electric Power profit misses expectations

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By Allison Prang

American Electric Power Co. reported an increase in both revenue and profit in the company's first quarter and affirmed its adjusted earnings guidance for the year.

American Electric Power's quarterly earnings rose from a year earlier to $575 million, or $1.16 a share. A year earlier, they were $495.2 million, or $1 a share.

Adjusted earnings were $1.15 a share. They were short of the consensus estimate from analyst according to FactSet, which was for adjusted earnings of $1.17 a share.

Revenue was $4.3 billion, the company said, up from $3.7 billion. Wall Street had expected $4.26 billion.

The company is still expecting 2021 adjusted earnings to be between $4.55 and $4.75 a share, it said.

"We expect industrial sales to improve, following a temporary slowdown due to the February storm, as manufacturing supply chains are strengthened and the economy continues to recover from the pandemic this year," Chief Executive, President and Chairman Nicholas Akins said.

Write to Allison Prang at allison.prang@wsj.com

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