FirstEnergy Corp

FE

Equity

ISIN US3379321074 / Valor 788881

New York Stock Exchange, Inc (2024-12-24)

USD 39.89+0.40%

FirstEnergy Corp
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About company

FirstEnergy Corp, headquartered in Akron, Ohio, is a leading investor-owned electric system with a vast infrastructure of transmission and distribution lines spanning the Midwest and Mid-Atlantic regions. The company's transmission operations include approximately 24,000 miles of lines and two regional transmission operation centers, while its regulated generating fleet has a total capacity of more than 3,500 megawatts. FirstEnergy is dedicated to providing safe, reliable, and responsive service to its 6 million customers through ongoing upgrades and investments in new technology to enhance the grid's security and reliability. Additionally, the company offers innovative solutions for both home and business needs, as well as calibration, analytical testing, and safety and health training services through its BETA Lab subsidiary.

Summarized from source with an LLMView SourceSector: Energy

Revenue Growth

In the third quarter of 2024, FirstEnergy Corp reported a revenue increase to $3.5 billion, compared to $3.3 billion in the same quarter of the previous year. This growth was primarily driven by rate adjustments, rate base growth in formula rate investment programs, and higher weather-related distribution customer demand.

Operating Earnings

FirstEnergy Corp's operating earnings for the third quarter of 2024 were $0.85 per share, a slight decrease from $0.88 per share in the third quarter of 2023. The decrease was attributed to higher storm restoration expenses, although it was partially offset by the benefits of rate adjustments and increased customer demand.

Net Income

For the third quarter of 2024, FirstEnergy Corp reported a net income of $419 million, or $0.73 per basic share, compared to $421 million, or $0.74 per basic share, in the third quarter of 2023. The slight decline in net income was influenced by lower income tax benefits and reduced earnings from legacy investments.

Year-to-Date Performance

In the first nine months of 2024, FirstEnergy Corp achieved GAAP earnings from continuing operations of $717 million, or $1.25 per basic share, on revenue of $10.3 billion. This compares to $948 million, or $1.66 per basic share, on revenue of $9.7 billion for the same period in 2023, reflecting the impact of special items and strategic transactions.

Outlook and Strategy

FirstEnergy Corp continues to focus on its regulated investment strategy, aiming for consistent growth through rate base enhancements and operational efficiency. The company anticipates ongoing benefits from its strategic initiatives, despite challenges such as storm restoration costs and the dilutive effect of asset sales.

Summarized from source with an LLMView Source

Key figures

10.1%1Y

-1.58%3Y

-17.7%5Y

Performance

15.1%1Y

19.9%3Y

30.2%5Y

Volatility