COLUMBUS, Ohio - American Electric Power Co., one of the nation's largest power generators, said Tuesday that its fourth quarter profit rose 28 percent, helped by favorable weather, higher rates across much of its service area and marketing efforts that resulted in long-term supply deals.
AEP said it earned $231 million, or 58 cents per share, for the quarter ended Dec. 31 compared with $181 million, or 46 cents per share, in the year ago quarter. Revenue rose 10 percent to $3.3 billion from $3.0 billion last year.
Analysts surveyed by Thomson Financial expected a profit of 50 cents a share on revenue of $3.4 billion.
"Our utilities benefited from continued efficient operation, implementation of new rates in five of our 11 states and more favorable weather than we had in 2006," AEP chairman, president and chief executive Michael Morris said in a statement.
The company's marketing efforts were successful in reaching new long-term deals for AEP to supply power to municipal electric systems and rural electric cooperatives, Morris said.
AEP, based in Columbus, has more than 5 million customers in 11 states.
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