http://www.morningstar.com/earnings/51413981-american-electric-power-co-inc-aep-q1-2013.aspx

American Electric Power Co Inc AEP
Q1 2013 Earnings Call Transcript

Transcript Call Date 04/26/2013

Operator: Ladies and gentlemen, thank you for standing by. Welcome to the First Quarter 2013 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Instructions will be given at that time. As a reminder, this conference is being recorded.

I would now like to turn the conference over to our host Ms. Bette Jo Rozsa. Please go ahead.

Bette Jo Rozsa - Managing Director, IR: Thank you, Trisha. Good morning everyone and welcome to the first quarter 2013 earnings webcast of the American Electric Power. 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, our President and Chief Executive Officer; and Brian Tierney, our Chief Financial Officer. We will take your questions following their remarks.

I will now turn the call over to Nick Akins.

Nick Akins - President and CEO: Thanks, Bette Jo. Overall, we had another good quarter and a solid start for the year coming in at $0.75 a share on GAAP basis and $0.80 per share on an operating basis compared with $0.80 per share for both GAAP and operating last year. The difference between GAAP and operating this year is primarily due to a storm change for all that was reversed because of the law change in Virginia, so we will talk about that little bit later on, Brian will I am sure. But the big news is that we increased our dividend by 4.3% or $0.02 to $0.49 per share this quarter which is our 412th consecutive quarter of paying dividend. The real story here is the confidence that our Board and management team have as we set a firm foundation and strategy for continued growth. In our view AEP is a company that is emerging from one of reacting to major issues such as Ohio deregulation, environmental requirements and plant construction risk to accompany this quickly moving to a place where we can truly define a path for growth. Frankly this is pretty refreshing to the management team and our employees.

We have a distinct opportunity to effectively allocate capital, control our cost through thoughtful and sustainable decision-making, reallocate and optimize spending through our repositioning initiative and make solid investments in our operating companies, grow our transmission business and transition our fleet in generation resources and as well continue the formation of our competitive business through corporate separation. All of this is to achieve the financial integrity and objectives that we set forth in the February analyst day meeting and achieve a growth rate of 4% to 6% on a long-term basis. So, we are committed to that. We've made much progress during the last quarter, but before going into those areas, let me first discuss what we've seen during the first quarter regarding the economy and customer demand.

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