American Electric Power Company, Inc. (NASDAQ:AEP) shares are trading higher after the Ohio-based utility reported upbeat first-quarter results.

Adjusted earnings were $1.64 per share, up from $1.54 a year earlier and above the Street estimate of $1.57. Revenue totaled $6.02 billion, topping analyst expectations of $5.68 billion.

Segment Performance

The company reported higher operating earnings in its Vertically Integrated Utilities segment, which rose to $464 million from $350 million a year ago, and in Transmission & Distribution Utilities, which increased to $237 million from $192 million.

Transmission Holdco posted operating earnings of $209 million, down from $235 million in the prior-year quarter. Meanwhile, the Generation and Marketing segment reported operating earnings of $90 million, up from $76 million ...