American Electric Power posts $1.36 adjusted EPS miss, lands up to $3.3 billion DOE loan for Texas transmission buildout
American Electric Power reported adjusted earnings of $1.36 per share for the quarter, missing analysts’ expectations of $1.50, while revenue rose to $5.45 billion, beating the $5.34 billion estimate. AEP Texas secured a U.S. Department of Energy loan of up to $3.3 billion to help finance nearly 100 transmission projects, which the company said could generate about $685 million in customer interest savings over the life of the loan. The company said it has now secured about $5 billion in DOE loans and nearly $400 million in DOE grants across its portfolio, programs it expects to deliver about $1.4 billion in total customer benefits over their lifetime.