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American Electric Profit Drops 37%
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American Electric Power (AEP Quote) reported a first-quarter earnings drop of 37%, as the demand for electricity softened, especially among its industrial customers.
During the quarter that ended March 31, the company earned $360 million, or 89 cents a share, compared with $573 million or $1.43 during the same period last year. Analysts expected a profit of 81 cents a share.
Revenue remained flat at $3.5 billion, as residential sales remain strong. ...
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