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.
â€œWeâ€™re pleased with our results for the quarter in light of the continued weak economy,â€ 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.