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Firstenergy Corp (FE) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Firstenergy Corp

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CIK: 1031296 Ticker: FE


Exhibit 99.1

FirstEnergy Corp.
For Release: July 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 Second Quarter 2019 Financial Results

Akron, Ohio - FirstEnergy Corp. (NYSE: FE) today reported second quarter 2019 GAAP earnings of $308 million or $0.58 per basic and diluted share, on revenue of $2.5 billion. In the second quarter of 2018, the company recorded GAAP earnings of $134 million, or $0.28 per basic and diluted share, on revenue of $2.6 billion. GAAP earnings for both periods include the impact of special items listed below.

Operating (non-GAAP) earnings* were $0.61 per share for the second quarter of 2019, and $0.62 per share for the second quarter of 2018.

“Our results for the second quarter exceeded the midpoint of our guidance, despite the unusually mild weather across our service area this spring,” said Charles E. Jones, FirstEnergy president and chief executive officer. “We achieved strong operational performance as we continued to implement our strategic initiatives, and we are pleased to reaffirm our projection for 6% to 8% of compound annual growth from 2018 through 2021.”**

FirstEnergy also updated its 2019 GAAP earnings forecast range to $1.265 billion to $1.425 billion, or $2.34 to $2.64 per share based on 540 million shares outstanding, and affirmed its operating (non-GAAP) earnings guidance of $2.45 to $2.75 per share. For the third quarter of 2019, the company is providing an earnings guidance range of $365 million to $430 million on both a GAAP and operating earnings basis, or $0.68 to $0.80 per share based on 540 million shares outstanding.

In FirstEnergy’s Regulated Distribution business, lower operating expense, income taxes and net financing costs had a positive impact on results for the second quarter of 2019, but these factors were offset by lower distribution deliveries, primarily due to mild spring weather, higher depreciation expense,

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The following information was filed by Firstenergy Corp (FE) on Tuesday, July 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

Cover
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 (Tables)
Accumulated Other Comprehensive Income - Amounts Reclassified (Details)
Accumulated Other Comprehensive Income - Changes In Aoci (Details)
Capitalization
Capitalization (Tables)
Capitalization - Changes In Stockholders' Equity (Details)
Capitalization - Narrative (Details)
Commitments, Guarantees And Contingencies
Commitments, Guarantees And Contingencies (Tables)
Commitments, Guarantees And Contingencies - Narrative (Details)
Commitments, Guarantees And Contingencies - Potential Collateral Obligations (Details)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Gain On Deconsolidation (Details)
Discontinued Operations - Major Classes Of Cash Flow Items (Details)
Discontinued Operations - Narrative (Details)
Discontinued Operations - Summarized Results (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 (Tables)
Fair Value Measurements - Carrying Amounts Of Long-Term Debt (Details)
Fair Value Measurements - Investments Held In Trusts (Details)
Fair Value Measurements - Level 3 Quantitative Information (Details)
Fair Value Measurements - Level 3 Rollforward (Details)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Proceeds From The Sale Of Investments (Details)
Fair Value Measurements - Recurring Assets And Liabilities (Details)
Income Taxes
Income Taxes (Details)
Leases
Leases (Tables)
Leases - Future Minimum Capital Lease Payments (Details)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Operating Lease Expense (Details)
Leases - Supplemental Cash Flow Information (Details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Details)
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 (Tables)
Segment Information - Financial Data (Details)
Segment Information - Narrative (Details)
Variable Interest Entities
Variable Interest Entities (Details)
Ticker: FE
CIK: 1031296
Form Type: 10-Q Quarterly Report
Accession Number: 0001031296-19-000034
Submitted to the SEC: Tue Jul 23 2019 4:59:48 PM EST
Accepted by the SEC: Tue Jul 23 2019
Period: Sunday, June 30, 2019
Industry: Electric Services

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