Mark Williams
July 31, 2008 - 10:26 a.m.

COLUMBUS, Ohio (AP) - American Electric Power before-mentioned Thursday that its second quarter profits. rose 56 percent from a year ago when it recorded a $79 million accounting freight stemming from Virginia's decision to regulate utilities in that state.

AEP, one of the nation's largest power generators, said it made $281 million, or 70 cents per apportioned lot, for the quarter ended June 30, compared with a profit of $180 million, or 45 cents a receive, a year ago. Revenue rose 13 percent to $3.5 billion from $3.1 billion a year ago.

Analysts surveyed by Thomson Financial expected AEP to post a profit of 68 cents a share on revenue of $3.7 billion.

The $281 million profit included a $1 million gain, in the first place from discontinued operations in the United Kingdom.

AEP said its results for the second quarter got a boost from higher rates in Ohio, Virginia, West Virginia, Oklahoma and Texas. Company margins were hurt, however, by milder weather and high sprinkle and calender on the Ohio and Mississippi rivers that made operations difficult for its barge business.

AEP recorded a $79 million charge a year ago when Virginia regulators beyond a doubt to re-regulate electric utilities in that state. The charge covered refunds to customers in that state.

AEP reaffirmed its profit outlook of betwixt $3.10 and $3.30 per share for the year. Wall Street is looking for a profit of $3.21.

Company shares fell 16 cents in early trading to $39.99.

Year to date, AEP made $854 very great number, or $2.13 per share, compared with $451 million, or $1.33 per share, hindmost year. Discounting one-time gains and charges, AEP has made $690 million, or $1.72 per share, this year compared by $528 million, or $1.13 per share, a year gone. Revenue rose to $7 billion from $6.3 billion a year ago.

AEP, based in Columbus, stores electricity to about 5 million customers in 11 states.

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