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Firstenergy Corp (FE) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

Firstenergy Corp

CIK: 1031296 Ticker: FE


Exhibit 99.1

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 Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Tables)
Accumulated Other Comprehensive Income - Amounts Reclassified (Details)
Accumulated Other Comprehensive Income - Changes In Aoci (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 - 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)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Details)
Organization And Basis Of Presentation (Policies)
Organization And Basis Of Presentation (Tables)
Organization And Basis Of Presentation - Activity In Uncollectable Accounts (Details)
Pension And Other Post-Employment Benefits
Pension And Other Post-Employment Benefits (Details)
Pension And Other Post-Employment 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)
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

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