The report lists net earnings by business segment, including its River Operations division.
"Operating earnings from AEP River Operations for second-quarter 2015 decreased $2 million compared with the same period in 2014, primarily due to lower freight revenue resulting from operating restrictions because of high water," the earnings release said.
River Operations earned $1 million in the quarter, down from $3 million a year ago. Earnings for the first two quarters totaled $12 million, up from $6 million last year.
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Today, after the earnings release, AEP filed a quarterly earnings report document with the Securities and Exchange Commission. The document included this paragraph about the status of the possible sale of the River Operations division.
AEP is evaluating strategic alternatives for its non-regulated AEP River Operations segment, which primarily includes commercial barging operations that transport liquids, coal and dry bulk commodities primarily on the Ohio, Illinois and lower Mississippi rivers. Potential alternatives may include, but are not limited to, continued ownership or a sale of the non-regulated river operations. We have not made a decision regarding the potential alternatives, nor have we set a specific time frame for a decision. We do not expect to incur a loss related to a potential sale transaction.
A footnote in a section with the header
Reconciliation of Second Quarter of 2014 to Second Quarter of 2015
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Earnings Attributable to AEP Common Shareholders from Vertically Integrated Utilities
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has this:
Other Revenues decreased $5 million primarily due to a decrease in River Transportation Division (RTD) barging resulting from reduced deliveries to the Rockport Plant. This decrease in RTD revenue has a corresponding decrease in Other Operation and Maintenance expenses for barging as discussed below.
There is also this on Page 32
Reconciliation of Second Quarter of 2014 to Second Quarter of 2015
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Earnings Attributable to AEP Common Shareholders from Vertically Integrated Utilities
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AEP RIVER OPERATIONS
Second Quarter of 2015 Compared to Second Quarter of 2014
Earnings Attributable to AEP Common Shareholders from our AEP River Operations segment decreased from $3 million in 2014 to $1 million in 2015 primarily due to lower freight revenue compared to second quarter 2014 resulting from various high water operating restrictions during the quarter.
Six Months Ended June 30, 2015 Compared to Six Months Ended June 30, 2014
Earnings Attributable to AEP Common Shareholders from our AEP River Operations segment increased from $6 million in 2014 to $12 million in 2015 primarily due to lower fuel prices and reduced consumption, partially offset by lower freight revenue.
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