Latest news with #AEP
Yahoo
2 hours ago
- Business
- Yahoo
AEP beats profit estimates, expects new five-year capital plan of $70 billion
(Reuters) -American Electric Power beat Wall Street estimates for second-quarter profit on Wednesday, and said it expects to announce a new, five-year capital plan this fall of about $70 billion to meet growing energy needs in the U.S. Shares were up 1% at $110.34 in premarket trading. In April, the U.S. Energy Information Administration (EIA) said U.S. power consumption will hit new record highs in 2025 and 2026, on the back of data centers dedicated to artificial intelligence and cryptocurrency, encouraging power producers to ramp up investments. Earlier this year, the company said it was considering adding $10 billion to its $54 billion five-year capital plan as demand for data centers ramped up in the U.S. electric utility's service areas. The company's quarterly profit beat was on the back of higher electricity rates, which utility firms obtain by using rate case proceedings to seek power price increases, basing their appeals on their investments or expenses incurred in delivering services. The Colombus, Ohio-based company reported an adjusted profit of $1.43 per share for the quarter ended June 30, compared with analysts' average estimate of $1.27 per share, according to data compiled by LSEG. AEP serves about 5.6 million customers in 11 states including Texas, Ohio and Kentucky. It possesses the largest electric transmission system in the U.S. The utility reaffirmed its full-year adjusted profit forecast in the range of $5.75 to $5.95 per share, and added that it now expects it in the upper half of that range.
Reuters
2 hours ago
- Business
- Reuters
AEP beats profit estimates, expects new five-year capital plan of $70 billion
July 30 (Reuters) - American Electric Power (AEP.O), opens new tab beat Wall Street estimates for second-quarter profit on Wednesday, and said it expects to announce a new, five-year capital plan this fall of about $70 billion to meet growing energy needs in the U.S. Shares were up 1% at $110.34 in premarket trading. In April, the U.S. Energy Information Administration (EIA) said U.S. power consumption will hit new record highs in 2025 and 2026, on the back of data centers dedicated to artificial intelligence and cryptocurrency, encouraging power producers to ramp up investments. Earlier this year, the company said it was considering adding $10 billion to its $54 billion five-year capital plan as demand for data centers ramped up in the U.S. electric utility's service areas. The company's quarterly profit beat was on the back of higher electricity rates, which utility firms obtain by using rate case proceedings to seek power price increases, basing their appeals on their investments or expenses incurred in delivering services. The Colombus, Ohio-based company reported an adjusted profit of $1.43 per share for the quarter ended June 30, compared with analysts' average estimate of $1.27 per share, according to data compiled by LSEG. AEP serves about 5.6 million customers in 11 states including Texas, Ohio and Kentucky. It possesses the largest electric transmission system in the U.S. The utility reaffirmed its full-year adjusted profit forecast in the range of $5.75 to $5.95 per share, and added that it now expects it in the upper half of that range.
Yahoo
15 hours ago
- Climate
- Yahoo
Nearly 3,000 residents on Columbus' East Side without power on July 29, AEP says
Nearly 3,000 people are without power on Columbus' East Side, according to a Facebook post from AEP Ohio. AEP said the outage was reported just before 5:40 p.m. July 29, according to its outage map. The utility company did not immediately say what caused the outage. Crews have responded to the area, and AEP estimates that electricity will be restored at 9:30 p.m., the map says. The outage is affecting residents living on East Main Street between Hamilton and Noe-Bixby roads, according to the outage map. Affected residents may register for updates on power restoration at Reporter Shahid Meighan can be reached at smeighan@ at @ShahidMeighan on X and at on Bluesky. This article originally appeared on The Columbus Dispatch: AEP: Nearly 3,000 people on Columbus' East Side without power July 29 Solve the daily Crossword
Time of India
5 days ago
- General
- Time of India
Mock exercise conducted at Jeypore airport
Koraput: As part of the mandatory safety preparedness protocol and in compliance with Directorate General of Civil Aviation (DGCA) guidelines, a full-scale emergency mock exercise was conducted at Jeypore airport on Friday. Tired of too many ads? go ad free now The aim was to assess the airports emergency response capabilities, inter-agency co-ordination, communication efficiency, resource deployment, and effectiveness of the airport emergency plan (AEP), said Abakash Parida, airport director. Such mock drills are held once every two years to ensure all stakeholders are prepared to handle real-time emergencies, he added. According to Parida, the scenario simulated a crash of an aircraft on the airport premises. The airports fire and rescue team was the first to respond followed by reinforcement from the city fire services and Odisha Disaster Rapid Action Force (ODRAF). The joint teams worked in tandem to extinguish the simulated fire and carry out rescue operations. A triage area was set up by the medical team to assess and classify victims based on the severity of injuries. Minor injuries were treated on-site while seriously injured persons and casualties were promptly transported to the district headquarters hospital through ambulances, said Parida. During the mock exercise, police played a critical role in crowd control, managing relatives of the passengers, and facilitating a green corridor for seamless ambulance movement. Following the drill, a debriefing session was held with all participating agencies to analyse the operations and identify any gaps or shortcomings in the rescue process. The mock exercise was conducted in a well-coordinated manner, demonstrating strong collaboration among the airport authorities, emergency responders, and local administration, said Parida.
Cision Canada
6 days ago
- Business
- Cision Canada
Atlas Engineered Products Announces Acquisition of Penn-Truss MFG Inc. in Saskatchewan, Canada
, July 24, 2025 /CNW/ - Atlas Engineered Products ("AEP" or the "Company") (TSXV: AEP) (OTC Markets: APEUF) announced today that the Company has completed the acquisition of Penn-Truss MFG Inc. ("Penn-Truss") located in Saltcoats, Saskatchewan, Canada. Penn-Truss is a manufacturer of roof and floor trusses and a supplier of engineered wood products ("EWP"). "I am excited to announce the acquisition of our 10 th manufacturing facility and our 1 st facility in Saskatchewan. This acquisition expands our national footprint with more coverage through the Canadian Prairies," said Hadi Abassi, CEO, President and Founder of the Company. "Penn-Truss in Saskatchewan is close enough to our South Central facility in Manitoba that they can share some resources and build synergies that will increase efficiencies in the Prairie market. The market across Saskatchewan and Manitoba has picked up significantly since the beginning of 2025 and we look forward to the overall growth potential Penn-Truss will bring to the AEP group." The acquisition of Penn-Truss was completed effective July 24 th, 2025. To acquire all the issued and outstanding shares of Penn-Truss, the Company paid a purchase price of $3.8 million with a working capital adjustment to be determined and finalized within 60 days of closing date of the SPA. The purchase price will be paid for as follows: $760,000 in cash nine months post closing (subject to the working capital adjustment), up to $760,000 in cash or shares of AEP at the discretion of AEP based on the performance of Penn-Truss for fiscal 2025, and the remaining in cash at closing. The performance component will be determined based on adjusted EBITDA to be finalized within five business days of filing the Company's fiscal 2025 audited financial results, and the number of shares issued will be based on price per share equal to the greater of (i) the 10-day volume weighted average price ("VWAP") of the common shares at the time of determining the earnout amount, and (ii) market price of the common shares at the time of determining the earnout amount, provided that in no event shall such price be lower than the discounted market price (determined in accordance with the TSX Venture Exchange policies) of the common shares as of the day prior to today's date. Unaudited fiscal year ended December 31, 2024, Penn-Truss generated just over $8.7 million in revenues and non-IFRS financial measure normalized EBITDA of approximately $500,000 (see "Non-GAAP/Non-IFRS Financial Measures"). The three-year average non-IFRS financial measure normalized EBITDA was approximately $955,000, resulting in a 3.98x EBITDA for the business operations (excluding the land and buildings which were not purchased by the Company). The Company anticipates normalized EBITDA for fiscal 2025 to be closer to the three-year average. The location and equipment were key considerations in this acquisition. The site strategically broadens AEP's national presence, marking its initial entry into Saskatchewan with an established 600km delivery radius based on historical business patterns. Furthermore, an independent appraisal assessed the fair market value of all equipment at $3.1 million. Looking ahead, the Company expects to leverage its operating synergies and purchasing power to enhance Penn-Truss' operations through the integration process. The Company has also identified significant opportunities for organic growth through wall panel manufacturing and market expansion. Penn-Truss has done some wall panel manufacturing in the past, but it has not been a significant or regular part of their operation. Non-GAAP / Non-IFRS Financial Measures Certain financial measures in this news release do not have any standardized meaning under IFRS and, therefore are considered non-IFRS or non-GAAP measures. These non-IFRS measures are used by management to facilitate the analysis and comparison of period-to-period operating results and to assess whether Penn-Truss's operations are generating sufficient operating cash flow to fund working capital needs and to fund capital expenditures. As these non-IFRS measures do not have any standardized meaning under IFRS, these measures may not be comparable to similar measures presented by other issuers. The non-IFRS measures used in this news release may include "EBITDA", "adjusted EBITDA", and "normalized EBITDA". For a description of the composition of these measures as determined by the Company, please refer to AEP's Management's Discussion and Analysis for the three months ended March 31, 2025 under "Non-IFRS / Non-GAAP Financial Measures", available on AEP's website at or on SEDAR+ at About Atlas Engineered Products Ltd. AEP is a growth company that is acquiring and operating profitable, well-established operations in Canada's truss and engineered products industry. We have a well-defined and disciplined acquisition and operating growth strategy enabling us to scale aggressively and apply new automated technologies, giving us a unique opportunity to consolidate a fragmented industry of independent operators. Company contact details: Hadi Abassi, CEO & President, Founder Atlas Engineered Products Ltd. Email: [email protected] 250-754-1400 PO Box 37036 Country Club PO Nanaimo, BC V9T 6N4 FORWARD LOOKING INFORMATION Information set forth in this news release contains forward-looking statements, including statements with respect to: AEP's ability leverage its operating synergies and purchasing power to enhance Penn-Truss' operations through the integration process; opportunities for organic growth through wall panel manufacturing and market expansion; and normalized EBITDA for fiscal 2025. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Although AEP believes that the expectations reflected in the forward looking statements are reasonable, there is no assurance that such expectations will prove to be correct, or that such future events will occur in the disclosed time frames or at all. AEP cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond AEP's control. Such factors include, among other things: risks and uncertainties related to the housing market, changes in interest rates and other risks and uncertainties relating to AEP, including those described in the Management's Discussion and Analysis ("MD&A") for AEP's three months ended March 31, 2025. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, AEP undertakes no obligation to publicly update or revise forward-looking information. SOURCE Atlas Engineered Products Ltd.
