merican Electric Power reported 2012 third-quarter earnings of $487 million, down 47 percent from the $928 million earned during the same period a year ago.
For the first nine months of 2012, American Electric Power said it earned $1.2 billion, down from $1.6 billion during the same period a year ago.
Nicholas Akins, the company's president and chief executive officer, said, "Continued discipline around controlling costs and positive rate changes across multiple jurisdictions partially offset a number of negative impacts on our financial performance in the third quarter.
"Customer switching in Ohio and the restoration costs associated with the June 29 derecho, which left an unprecedented 1.4 million of our customers in five states without power, hurt our performance," he said. "The drought and associated low-water conditions also hampered our river transportation business."
American Electric Power is headquartered in Columbus, Ohio. The company provides electricity to more than 5 million customers in 11 states. Subsidiary Appalachian Power provides electricity to about 500,000 customers in West Virginia and a like number in Virginia.