American Electric Power Co., Inc. reported unaudited earnings results for fourth quarter and year to date ended December 31, 2016. For the quarter, earnings, in accordance with Generally Accepted Accounting Principles (GAAP), of $373 million or $0.76 per share, compared with GAAP earnings of $470 million or $0.96 per share in fourth-quarter 2015. Operating earnings were $330 million or $0.67 per share, compared with operating earnings of $233 million or $0.48 per share in fourth-quarter 2015.

For the year 2016, GAAP earnings were $611 million or $1.24 per share, compared with 2015 GAAP earnings of $2.047 billion or $4.17 per share. Year-end 2016 operating earnings were $1.937 billion or $3.94 per share, compared with 2015 operating earnings of $1.808 billion or $3.69 per share. Operating earnings is a non-GAAP measure representing GAAP earnings excluding special items.

AEP reaffirmed its 2017 operating earnings guidance range of $3.55 to $3.75 per share, reflecting dilution from the competitive generation asset sale announced in third-quarter 2016. Operating earnings could differ from those prepared in accordance with GAAP for matters such as impairments, divestitures or changes in accounting principles. Other than an expected after-tax gain of approximately $140 million from the competitive generation asset sale, AEP management is not able to forecast if any of these items will occur or any amounts that may be reported for future periods. Reflecting this expected gain, the estimated earnings per share on a GAAP basis would be $3.83 to $4.03.