FirstEnergy Announces Third Quarter 2018 Financial Results
Akron, Ohio - FirstEnergy Corp. (NYSE: FE) today reported third quarter 2018 GAAP losses of $(512) million, or $(1.02) per basic and diluted share, on revenue of $3.1 billion. The results reflect charges related to FirstEnergy’s court-approved settlement agreement in the FirstEnergy Solutions (FES) and FirstEnergy Nuclear Operating Company (FENOC) bankruptcy cases, as well as other special items listed below.
Operating (non-GAAP) earnings* for the third quarter of 2018 were $0.80 per share, which exceeded the top of the company’s third quarter operating (non-GAAP) earnings guidance.
During the third quarter of 2017, GAAP earnings were $396 million, or $0.89 per basic and diluted share, on revenue of $2.9 billion. This compares with operating (non-GAAP) earnings of $0.63 per share during the period.
“In addition to our strong operational and financial performance during the third quarter, we achieved significant milestones in our progress to become a fully regulated utility,” said Charles E. Jones, FirstEnergy president and chief executive officer. “Our court-approved settlement agreement in the FES and FENOC bankruptcy proceedings is a key step in our exit from competitive generation,” he said. “We also took important steps during the quarter to align our organization and cost structure to efficiently and effectively support our regulated business going forward.”
The company is updating its full-year 2018 GAAP earnings forecast range to $1.68 to $2.60 per share, and raising and narrowing its full-year operating (non-GAAP) earnings guidance range to $2.50 to $2.60 per share. FirstEnergy also reaffirmed its three-year operating (non-GAAP) earnings growth rate projections.**
The following information was filed by Firstenergy Corp (FE) on Thursday, October 25, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: FE CIK: 1031296 Form Type:10-Q Quarterly Report Accession Number: 0001031296-18-000067 Submitted to the SEC: Thu Oct 25 2018 4:50:13 PM EST Accepted by the SEC: Thu Oct 25 2018 Period: Sunday, September 30, 2018 Industry: Electric Services