Despite cool summer, AEP profits rise in Q3

Dive Brief:

American Electric Power (AEP) reported Quarter 3 2014 profits of $493 million, up from $433 million in Q3 2013.
The total profits for Q3 2014 represent $1.01 per share, compared with $0.89 per share a year before, an increase of 13% in earnings per share, according to company statements.
Total sales for Q3 2014 were $4.3 billion, up from $4.2 billion in 2013.

Dive Insight:

AEP's increase in profits comes in spite of a cool summer in its service area, which company representatives say dampened revenues.

"Our solid operational and financial performance in the third quarter reflects the ongoing, steady success of our regulated earnings growth strategy," Nick Akins, AEP's chairman, president and CEO, said in a statement reported by The Columbus Dispatch.