CHARLESTON, W.Va. - American Electric Power on Thursday reported a 6.6 percent decline in second quarter earnings.
The Columbus, Ohio-based utility announced last week it earned $338 million, or 69 cents a share, during the last quarter, a drop from the $362 million, or 75 cents a share, it earned in the second quarter of 2012.
The decline was due in part to a one-time $154 million pre-tax charge associated with the expected retirement of Unit 5 of the company's Muskingum River power plant. That decline was partially offset by a favorable $80 million U.S. Supreme Court ruling concerning a United Kingdom windfall profits tax credit.
Stripping out the one-time items, the company earned $357 million, or 73 cents a share, during the quarter. The earnings were still less than some Wall Street analysts' expectations.
AEP president and chief executive Nicholas Akins said economic conditions remain mixed across the company's customer area.
"Despite signs of economic recovery in some states, we continue to experience load decline in portions of our service area primarily due to lagging industrial demand," Akins said.
He said commercial demand declined slightly while residential demand was flat compared with last year.