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 The power supplier said that its net income rose to $308 million, or 64 cents per share, in the three months ending Dec. 31. That compares with $176 million, or 37 cents per share, a year ago. AEP said a Texas Supreme Court ruling that reversed an unfavorable state regulatory ruling was worth $558 million to the company's bottom line. The company's revenue for the quarter held steady at $3.4 billion.
Excluding special items, AEP earned $194 million in the quarter, or 40 cents a share. Analysts polled by FactSet expected adjusted earnings of 41 cents a share on revenue of $3.1 billion. Those estimates typically do not include special items.
By early afternoon Friday, AEP's stock was down $1.34, or 3.2 percent, at $39.94. The shares have traded in a range of $33.09 to $41.98 over the past year.
"We had solid financial performance for both the fourth quarter and the year," president and CEO Nicholas Akins said in a statement. "We benefited from favorable weather conditions throughout most of the year, and our industrial volumes were up 4 percent in 2011."
AEP's industrial sales have had a tough recovery from a recession which sapped demand for power from manufacturers and other major customers that closed plants and made other cutbacks.
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 For the full year, AEP said that its net income rose to $1.9 billion, or $4.02 per share, from $1.2 billion, or $2.53 per share, in 2010. Revenue in 2011 was $15.1 billion, up from $14.4 billion the previous year.
American Electric Power, based in Columbus, Ohio, is one of the largest electric utilities in the United States, delivering electricity to more than 5 million customers in 11 states. AEP ranks among the nation's largest generators of electricity, owning nearly 38,000 megawatts of capacity.
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Online:
http://www.aep.com/
[Associated
Press; By DOUG WHITEMAN]
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
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