Firstenergy Corp (FE) 10-K Annual Report February 2017

AKRON, Ohio - FirstEnergy Corp. (NYSE: FE) today reported a full-year 2016 GAAP loss of $(6.2) billion, or $(14.49) per basic and diluted share of common stock, on revenue of $14.6 billion. The loss reflects asset impairment and plant exit costs, including charges related to the company’s decision to exit competitive operations by mid-2018 as further discussed below. In 2015, the company reported GAAP earnings of $578 million, or $1.37 per basic and diluted share of common stock, on revenue of $15.0 billion.

Operating (non-GAAP) earnings* for 2016 were $2.63 per basic share of common stock, which was in line with the company’s guidance. In 2015, full-year operating (non-GAAP) earnings were $2.71 per basic share of common stock.

“In 2016, we achieved our financial targets, made significant progress on our regulated growth plans, and began an important strategic review that is designed to support our transition into a fully regulated company,” said Charles E. Jones, FirstEnergy president and chief executive officer. “We continue to focus on this transformation, which will allow us to best serve our customers while providing predictable growth to investors.”

The company also announced that it is raising its earnings guidance range for 2017. The revised GAAP earnings estimate is $2.47 to $2.77 per share, while operating (non-GAAP) guidance is $2.70 to $3.00 per share. The change reflects the impact of lower depreciation resulting from the asset impairment charges and additional costs associated with the company’s strategic review of its competitive operations.

The following information was filed by Firstenergy Corp (FE) on Tuesday, February 21, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Firstenergy Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.49: Material Contract

Exhibit 10.50: Material Contract

Exhibit 10.51: Material Contract

Exhibit 10.52: Material Contract

Exhibit 12: Statement Regarding Calculation Of Ratios

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: FE
CIK: 1031296
Form Type: 10-K Annual Report
Accession Number: 0001031296-17-000015
Submitted to the SEC: Tue Feb 21 2017 5:10:38 PM EST
Accepted by the SEC: Tue Feb 21 2017
Period: Saturday, December 31, 2016
Industry: Electric Services