American Electric Power Co., Inc. AEP reported first-quarter 2016 operating earnings of $1.02 per share, missing the Zacks Consensus Estimate of $1.06 by 3.8%.Earnings also dropped 20.3% from the year-ago figure owing to an unseasonably winter that led to weak residential sales and low power prices.American Electric Power Company Inc. (AEP) EPS BNRI & Surprise Percent - Last 5 Quarters | FindTheCompany Total RevenueAmerican Electric Power’s first-quarter revenues of $4,044.9 million decreased 14% from $4,701.3 million in the year-ago quarter.Quarterly Highlights of the ReleaseOperating expenses incurred in the reported quarter were $1,745 million compared with $1,794.5 million a year ago.Operating income in first-quarter 2016 was $892.9 million, down 20.1% from $1,117.2 million a year ago.Quarterly Segmental PerformanceVertically Integrated Utility Operations: Operating earnings in the quarter decreased 21.7% to $277.6 million from $299.3 million a year ago. The downside was driven by mild temperatures, lower margins from wholesale energy sales, higher operations and maintenance expenses, and an unfavorable change in a regulatory provision.Transmission & Distribution Utilities: Operating earnings were $108 million in the quarter, up from $97.2 million a year ago, reflecting favorable rate changes.AEP Transmission Holdco: This segment generated an operating income of $43.9 million, up from $35.8 million in the first quarter of 2015, backed by increased transmission investment.Generation and Marketing: Operating earnings were $70.7 million, down from $183 million in the first quarter of 2015. The decrease was due to lower capacity revenue and energy margins.Financial UpdateAs of Mar 31, 2016, American Electric Power had $190.4 million in cash and cash equivalents compared with $176.4 million as of Dec 31, 2015.Long-term debt was $17.75 billion as of Mar 31, 2016, compared with $17.74 billion as of Dec 31, 2015.GuidanceAmerican Electric Power Company reiterated its 2016 operating earnings guidance of $3.60 to $3.80 per share.Zacks RankAmerican Electric Power currently carries a Zacks Rank #3 (Hold).Peer ReleaseDTE Energy Company DTE reported first-quarter 2016 operating earnings per share of $1.52, in line with the Zacks Consensus Estimate. Reported earnings, however, dropped 7.9% from the year-ago figure of $1.65.Upcoming ReleasesPublic Service Enterprise Group Inc. PEG is scheduled to report first-quarter 2016 results on Apr 29, 2016.Duke Energy Corp. DUK is scheduled to report first-quarter 2016 results on May 3, 2016.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AMER ELEC PWR (AEP): Free Stock Analysis Report DUKE ENERGY CP (DUK): Free Stock Analysis Report DTE ENERGY CO (DTE): Free Stock Analysis Report PUBLIC SV ENTRP (PEG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research