Job and cost cuts sends AEP profits down 57 pct

By DOUG WHITEMAN Associated Press Writer

COLUMBUS, Ohio (AP) - American Electric Power says second-quarter earnings dropped 57 percent, mainly from charges related to job and cost cuts.

The company cut close to 2,500 jobs, or 11.5 percent of its work force, recording a one-time charge of $293 million.

On Friday the electric utility posted a quarterly profit of $136 million, or 28 cents per share, compared with $316 million, or 67 cents per share, in the year-ago period. Without one-time charges the company would have earned $355 million, or 74 cents per share.

AEP's revenue rose to $3.4 billion from $3.2 billion. Analysts polled by Thomson Reuters expected the company to earn 69 cents per share on revenue of $3.48 billion.

AEP, based in Columbus, Ohio, is one of the nation's largest generators of power.

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Online:

http://www.aep.com