2024-04-30 13:22:10 ET
American Electric Power Company, Inc. (AEP)
Q1 2024 Earnings Conference Call
April 30, 2024, 09:00 ET
Company Participants
Darcy Reese - VP, IR
Ben Fowke - Interim President, Interim CEO & Director
Peggy Simmons - EVP, Utilities
Charles Zebula - EVP & CFO
Conference Call Participants
Jeremy Tonet - JPMorgan Chase & Co.
Steven Fleishman - Wolfe Research
Jamieson Ward - Guggenheim Securities
Durgesh Chopra - Evercore ISI
Andrew Weisel - Scotiabank
Carly Davenport - Goldman Sachs Group
Nicholas Campanella - Barclays Bank
Ryan Levine - Citigroup
Paul Patterson - Glenrock Associates
Presentation
Operator
Good morning, ladies and gentlemen, and thank you for standing by. My name is Abby, and I will be your conference operator today. At this time I like to welcome everyone to the American Electric Power First Quarter 2024 Earnings Conference Call. [Operator Instructions].
Thank you. And I would now like to turn the conference over to Darcy Reese, Vice President of Investor Relations. You may begin.
Darcy Reese
Thank you, Abby. Good morning, everyone, and welcome to the First Quarter 2024 Earnings Call for American Electric Power. We appreciate you taking time today to join us. Our earnings release, presentation slides and related financial information are available on our website at aep.com.
Today, we will be making forward-looking statements during the call. There are many factors that may cause future results to differ materially from these statements. Please refer to our SEC filings for a discussion of these factors. Joining me this morning for opening remarks are Ben Fowke, our President and Interim Chief Executive Officer; Chuck Zebula, our Executive Vice President and Chief Financial Officer; and Peggy Simmons, our Executive Vice President of Utilities. We will take your questions following their remarks.
I will now turn the call over to Ben.
Ben Fowke
Well, good morning, and welcome to American Electric Power's First Quarter 2024 Earnings Call. Shortly, Peggy will give a regulatory update, followed by Chuck, who will provide more detailed financial review.
The summary of our first quarter 2024 business highlights can be found on Slide 6 of today's presentation. Beginning with AEP's financial results, today, we announced first quarter 2024 operating earnings of $1.27 per share, a $0.16 increase over 1 year ago. We are also reaffirming AEP's 2024 full year operating earnings guidance of $5.53 to $5.73. And the long-term earnings growth rate of 6% to 7%.
I'm pleased to note, we achieved a 14.2% FFO to debt ratio this quarter, which is within our stated range. Let me assure you that AEP's direction and strategy remain on track as this team is fully engaged, energized and working well together to enhance the customer experience and investor value. I've reviewed AEP's financial targets, and I have total confidence in the plan's achievability. ...
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American Electric Power Company, Inc. (AEP) Q1 2024 Earnings Call Transcript