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Firstenergy Corp (FE) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Firstenergy Corp

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CIK: 1031296 Ticker: FE

Exhibit 99.1
FirstEnergy Corp.
For Release: November 2, 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 Third Quarter 2020 Financial Results
Affirms 2020 Guidance, Long-Term Growth Projections;
Leadership to Discuss Results and Management Transition
During Investor Call at 9 a.m. EST Today

Akron, Ohio – FirstEnergy Corp. (NYSE: FE) today reported third quarter 2020 GAAP earnings of $454 million, or $0.84 per basic and diluted share of common stock, on revenue of $3 billion. In the third quarter of 2019, FirstEnergy reported GAAP earnings of $391 million, or $0.73 per basic share of common stock ($0.72 diluted), on revenue of $3 billion. Third quarter 2019 results include the impact of special items listed below.

Operating (non-GAAP) earnings* for the third quarter of 2020 were also $0.84 per share, one cent per share above the company’s guidance range. In the third quarter of 2019, operating (non-GAAP) earnings were $0.76 per share.

“Our strong third quarter results reflect the hard work, resiliency and attention to safety demonstrated by our employees during this year of unprecedented challenges,” said Steven E. Strah, FirstEnergy’s acting chief executive officer.

“While our Board initiated changes to our leadership team last week, our company’s primary focus remains the same: providing reliable service to our customers and executing our growth initiatives,” he said.

FirstEnergy updated its full-year 2020 GAAP earnings forecast range to $700 million to $1.16 billion, or $1.29 to $2.14 per share based on 542 million shares outstanding, and affirmed its full-year operating (non-GAAP) earnings guidance of $2.40 to $2.60 per share.

The company also affirmed its long-term growth rate projections. FirstEnergy remains on track to achieve 6% to 8% compound annual operating (non-GAAP) earnings growth (CAGR)** from 2018 to 2021, as well as its extended CAGR of 5% to 7% through 2023. That projection includes plans to issue up to $600 million of equity annually starting in 2022 to fund the company’s regulated growth initiatives.




The following information was filed by Firstenergy Corp (FE) on Monday, November 2, 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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Firstenergy Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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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
Accumulated Other Comprehensive Income
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Income (Parenthetical)
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
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)
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: 0001031296-20-000045
Submitted to the SEC: Thu Nov 19 2020 5:07:26 PM EST
Accepted by the SEC: Thu Nov 19 2020
Period: Wednesday, September 30, 2020
Industry: Electric Services

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