Firstenergy Corp (FE) 10-Q Quarterly Report Thu Apr 23 2020



FirstEnergy Corp.		For Release: April 23, 2020
76 South Main Street
Akron, Ohio 44308
www.firstenergycorp.com


News Media Contact:		Investor Contact:
Tricia Ingraham		Irene Prezelj
(330) 384-5247		(330) 384-3859

FirstEnergy Announces First Quarter 2020 Financial Results

Affirms Guidance and Long-Term Growth Projections,

Provides Second Quarter 2020 Guidance

Akron, Ohio - FirstEnergy Corp. (NYSE: FE) today reported first quarter 2020 GAAP earnings of $74 million, or $0.14 per basic and diluted share of common stock, on revenue of $2.7 billion, including a non-cash mark-to-market adjustment on the company’s pension and other post-employment benefit (OPEB) plans. In the first quarter of 2019, FirstEnergy reported GAAP earnings of $315 million, or $0.59 per basic and diluted share of common stock, on revenue of $2.9 billion. Results for both periods include the impact of special items listed below.

Operating (non-GAAP) earnings* for the first quarter of 2020 were $0.66 per share, above the midpoint of the company’s earnings guidance. In the first quarter of 2019, operating (non-GAAP) earnings were $0.67 per share.

“During this global health crisis, we continue working to provide the safe, reliable energy our customers and communities need, while taking extra steps to keep our employees healthy on the job,” said Charles E. Jones, FirstEnergy president and chief executive officer. “While the broad, long-term implications on our economy are still being understood, FirstEnergy is uniquely well-positioned to navigate this environment, and we expect to continue meeting our commitments to our stakeholders.”

For the second quarter of 2020, FirstEnergy is providing a GAAP and operating (non-GAAP) forecast range of $260 million to $315 million, or $0.48 to $0.58 per share based on 542 million shares outstanding.

The following information was filed by Firstenergy Corp (FE) on Thursday, April 23, 2020 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 - Expense Highlight
MP and PE recover net power supply costs, including fuel costs, purchased power costs and related expenses, net of related market sales revenue through the ENEC.

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Firstenergy Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 10.2: Material Contract

Exhibit 10.3: Material Contract

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-Q Quarterly Report
Accession Number: 0001031296-20-000016
Submitted to the SEC: Thu Apr 23 2020 5:27:35 PM EST
Accepted by the SEC: Thu Apr 23 2020
Period: Tuesday, March 31, 2020
Industry: Electric Services