WRAPUP 1-Dominion, AEP, Xcel profits beat; cos back FY outlook

jueves 28 de enero de 2010 15:28 CET

* AEP says not seeing a continued decline in sales

* Higher electric margins help Xcel results

* Strength in gas transmission business helps Dominion

* Dominion shares up 1 pct, AEP up 2 pct pre-market

Jan 28 (Reuters) - Power producers Dominion Resources Inc (D.N: Cotización), American Electric Power Co (AEP.N: Cotización) and Xcel Energy Inc (XEL.N: Cotización) posted better-than-expected fourth-quarter profits and reaffirmed their full-year earnings outlooks, indicating confidence that the economy is turning around.

"The best news is that we aren't seeing a continued decline in sales," AEP Chief Executive Michael Morris said in a statement.

Morris also noted that industrial sales showed a slight uptick in December, but he cautioned that one month does not represent a trend.

Further, residential and commercial sales, an area of significant year-on-year growth before the recession, have stalled but have not declined as much as expected, he added.

Profit at the company climbed to 50 cents a share, from 38 cents a share a year earlier. This topped analysts' average forecast of a profit of 46 cents per share. [ID:nN28187085].   Continuación...