American Electric Power said Friday its second-quarter earnings dropped 57 percent, mainly from charges as the company slashed 11.5 percent of its work force and cut costs.
AEP recorded a one-time charge of $293 million for severance and other restructuring costs while eliminating 2,461 positions.
A story from the AP says, at least 2,000 of those jobs were eliminated through a voluntary buyout offer extended to the company's employees in April, while layoffs accounted for the rest, AEP spokesman Pat Hemlepp said.
The company posted a profit of $136 million, or 28 cents per share, for the quarter that ended June 30. That compares $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. Those estimates do not typically include special charges.
Shares of American Electric Power Company Inc. fell 4 cents to $36.06 in Friday morning trading.
Click here to read more of this story from the AP.
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