American Electric Power (AEP) today reported first-quarter 2014 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $560 million or $1.15 per share, compared with $363 million or $0.75 per share in 2013, an increase of 54 percent. Operating earnings for first-quarter 2014 were the same as GAAP earnings, compared with first-quarter 2013 operating earnings (excluding special items) of $387 million or $0.80 per share.
"Solid regulated business results and strong performance from our competitive energy businesses, bolstered by favorable weather and high power prices, resulted in a very positive first-quarter 2014 performance. We experienced the coldest temperatures in 35 years during the first quarter, which led to strong residential and commercial demand for the period. Even when this demand is adjusted for weather, we saw improvement across residential and commercial customer classes for the second consecutive quarter,” said AEP Chairman, President and CEO Nicholas K. Akins.