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Firstenergy Corp (FE) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Firstenergy Corp

CIK: 1031296 Ticker: FE


Exhibit 99.1
FirstEnergy Corp.
For Release: April 23, 2019
76 South Main Street
 
 
Akron, Ohio 44308
 
 
www.firstenergy.com
 
 
 
 
 
News Media Contact:
Investor Contact:
Tricia Ingraham
Irene Prezelj
(330) 384-5247
(330) 384-3859

FirstEnergy Announces First Quarter 2019 Financial Results

Akron, Ohio - FirstEnergy Corp. (NYSE: FE) today reported first quarter 2019 GAAP earnings of $315 million or $0.59 per basic and diluted share, on revenues of $2.9 billion. In the first quarter of 2018, the company recorded GAAP earnings of $1.2 billion or $2.55 per basic share ($2.54 diluted), on revenues of $2.9 billion. GAAP earnings for the first quarter of 2018 included a gain on the deconsolidation of FirstEnergy Solutions Corp., its subsidiaries, and FirstEnergy Nuclear Operating Company as a result of their bankruptcy filing on March 31, 2018. GAAP earnings for both periods include the impact of special items listed below.

Operating (non-GAAP) earnings* were $0.67 per share in both the first quarter of 2019 and 2018.

“We are pleased with our solid first quarter results, which reflect the continued success of our regulated strategies,” said Charles E. Jones, FirstEnergy president and chief executive officer. “We are off to a great start for the year, and we are well positioned to continue meeting our commitments to investors, including our compound annual growth rate of 6 to 8 percent.”

In addition to affirming its compound annual growth projection of 6 to 8 percent through 2021**, FirstEnergy is updating its 2019 GAAP earnings forecast range to $2.37 to $2.67 per share, and affirming its operating (non-GAAP) earnings guidance of $2.45 to $2.75 per share. The company is also providing an earnings guidance range of $0.55 to $0.65 per share on both a GAAP and operating earnings basis for the second quarter of 2019.

In FirstEnergy’s Regulated Distribution business, first quarter 2019 earnings were flat compared to the same period in 2018. Stronger weather-adjusted residential load and lower net financing costs were offset by higher depreciation.


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The following information was filed by Firstenergy Corp (FE) on Tuesday, April 23, 2019 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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Inside Firstenergy Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Details 1)
Accumulated Other Comprehensive Income (Details)
Accumulated Other Comprehensive Income (Tables)
Capitalization
Capitalization (Details 1)
Capitalization (Details)
Capitalization (Tables)
Commitments, Guarantees And Contingencies
Commitments, Guarantees And Contingencies (Details Textuals)
Commitments, Guarantees And Contingencies (Details)
Commitments, Guarantees And Contingencies (Tables)
Derivative Instruments
Derivative Instruments (Details Textuals)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Gain On Deconsolidation (Details)
Discontinued Operations - Major Classes Of Cash Flow Items From Discontinued Operations (Details)
Discontinued Operations - Narrative (Details)
Discontinued Operations - Summarized Results Of Discontinued Operations (Details)
Earnings Per Share Of Common Stock
Earnings Per Share Of Common Stock (Details)
Earnings Per Share Of Common Stock (Tables)
Fair Value Measurements
Fair Value Measurements (Details 1)
Fair Value Measurements (Details 2)
Fair Value Measurements (Details 3)
Fair Value Measurements (Details 4)
Fair Value Measurements (Details 5)
Fair Value Measurements (Details Textuals)
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Income Taxes
Income Taxes (Details)
Leases
Leases (Details 1)
Leases (Details 2)
Leases (Details 3)
Leases (Details 4)
Leases (Details)
Leases (Tables)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Details Textuals)
Organization And Basis Of Presentation (Policies)
Pension And Other Postemployment Benefits
Pension And Other Postemployment Benefits (Details)
Pension And Other Postemployment Benefits (Tables)
Regulatory Matters
Regulatory Matters - Maryland And New Jersey (Details)
Regulatory Matters - Ohio (Details)
Regulatory Matters - Pennsylvania And West Virginia (Details)
Regulatory Matters - Reliability Matters And Ferc (Details)
Revenue
Revenue (Details)
Revenue (Tables)
Segment Information
Segment Information (Details Textuals)
Segment Information (Details)
Segment Information (Tables)
Variable Interest Entities
Variable Interest Entities (Details Textuals)
Ticker: FE
CIK: 1031296
Form Type: 10-Q Quarterly Report
Accession Number: 0001031296-19-000021
Submitted to the SEC: Tue Apr 23 2019 1:13:01 PM EST
Accepted by the SEC: Tue Apr 23 2019
Period: Sunday, March 31, 2019
Industry: Electric Services

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