American Electric Power's Q2 Highlights: Mixed Results, Job Cuts, Maintains Guidance
Portfolio Pulse from Lekha Gupta
American Electric Power (AEP) reported mixed Q2 2024 results with revenue missing estimates but adjusted EPS beating expectations. The company announced job cuts and maintained its FY24 guidance. AEP also appointed a new CEO and plans significant future investments in energy resources.
July 30, 2024 | 1:28 pm
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NEUTRAL IMPACT
American Electric Power reported mixed Q2 2024 results with revenue missing estimates but adjusted EPS beating expectations. The company announced a voluntary workforce reduction program and maintained its FY24 guidance.
The mixed results, job cuts, and maintained guidance suggest a neutral short-term impact on AEP's stock price. The revenue miss is offset by the EPS beat and maintained guidance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Investors can gain exposure to American Electric Power through the Opal Dividend Income ETF (DIVZ).
DIVZ provides exposure to AEP, but the impact on DIVZ will be diluted due to its diversified holdings in dividend-paying stocks.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Investors can gain exposure to American Electric Power through the SPDR Select Sector Fund – Utilities (XLU).
XLU provides exposure to AEP, but the impact on XLU will be diluted due to its diversified holdings in the utilities sector.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50