American Electric Power (AEP) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

October 26, 2022 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and Gentlemen, thank you for standing by and welcome to the American Electric Power Third Quarter 2022 Conference Call. At this time all participants are in listen-only mode. Later we will conduct a question and answer session. And as a reminder, your conference is being recorded.

I would now like to turn the conference over to you host Vice President of Investor Relations Darcy Reese. Please go ahead.

Darcy Reese - VP, IR

Thank you, Louis. Good morning, everyone and welcome to the third quarter 2022 earnings call for American Electric Power. We appreciate you taking the time to join us today. Our earnings release presentation slides and related financial information are available on our website at aep.com. Today we will be making forward-looking statements during the call. There are many factors that may cause future results to differ materially from these statements. Please refer to our SEC filings for a discussion of these factors.

Joining me this morning for opening remarks are Nick Akins - Chairman, President & CEO, our Chair, and Chief Executive Officer; and Julie Sloat, our President Chief Financial Officer. We will take your questions following their remarks.

I will now turn the call over to Nick.

Nick Akins - Chairman, President & CEO

Okay, thanks, Darcy. Welcome everyone to American Electric Powers third quarter 2022 earnings call. We continue to make significant progress on our commitments, we have leveraged our scale, our financial strength, portfolio management and transition to a pure play regulated utility.

Over the past 10 years, we've had a great record of consistently exceeding our earnings projections and raising guidance, with this quarter being no exception. Today I'll provide a brief recap of the key financial highlights for the quarter, followed by updates on our Kentucky sale process, our unregulated contracted renewables portfolio sale, and the previously announced strategic review of our retail business, all of which are part of our strategy to simplify and derisk our business profile.

I will then spend time discussing our carbon emission reduction goals, in addition to our continued emphasis on regulated renewables execution, and generation fleet transformation. I'll conclude by providing insights into our other ongoing regulatory activities.

All of this summarized information can be found on slide six and seven of today's presentation with supporting details in the appendix. So, after the financials, we continue to build on our momentum delivering strong third quarter 2022, operating earnings $1.62 per share or $831 million.