Utility company American Electric Power said its earnings during the second quarter surged to $316 million or 67 cents per share, a 12 percent increase from its earnings in the same period last year, of $281 million or 70 cents per share.

The company said its earnings per share, excluding special items, were $321 million or 68 cents per share. Analysts forecasted 62 cents per share, according to Reuters.

“We’re pleased with our results for the quarter in light of the continued weak economy,” said Michael G. Morris, AEP chairman, president and chief executive officer in a statement.

AEP's revenue dropped 8.6 percent to $3.2 billion.

Shares of AEP were trading up 0.43 percent to $30.65 each in the New York Stock Exchange after the opening of the markets.