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Firstenergy Corp (FE) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Firstenergy Corp

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CIK: 1031296 Ticker: FE

Exhibit 99.1

FirstEnergy Corp.
For Release: July 22, 2021
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 Second Quarter 2021 Financial Results
Provides third quarter 2021 guidance, updates 2021 GAAP forecast

Akron, Ohio – FirstEnergy Corp. (NYSE: FE) today reported second quarter 2021 GAAP earnings of $58 million, or $0.11 per basic and diluted share of common stock, on revenue of $2.6 billion. In the second quarter of 2020, the company reported GAAP earnings of $309 million, or $0.57 per basic and diluted share of common stock, on revenue of $2.5 billion. GAAP results for the second quarter of 2021 include a charge related to the company’s recently announced Deferred Prosecution Agreement to resolve the Department of Justice investigation, as well as other special items listed below.

Operating (non-GAAP) earnings* were $0.59 for the second quarter of 2021, above the top end of the company’s guidance range. In the second quarter of 2020 operating (non-GAAP) earnings were $0.57 per share.

“In addition to our strong performance, we are making substantial progress to transform FirstEnergy and deliver long-term value to all stakeholders,” said Steven E. Strah, FirstEnergy president and chief executive officer. “We remain focused on executing on our strategies and building positive momentum across our company.”

For the third quarter of 2021, FirstEnergy is providing a GAAP and operating (non-GAAP) forecast range of $380 million to $435 million, or $0.70 to $0.80 per share based on 544 million shares outstanding.

The company updated its full-year 2021 GAAP earnings forecast range to $1,000 million to $1,110 million, or $1.84 to $2.04 per share based on 544 million shares outstanding. It reaffirmed its full-year 2021 operating (non-GAAP) earnings guidance of $2.40 to $2.60 per share, with expectations to be in the top half of that range.



The following information was filed by Firstenergy Corp (FE) on Thursday, July 22, 2021 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 Income (Parenthetical)
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
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 - Narrative (Details)
Fair Value Measurements - Proceeds From The Sale Of Investments (Details)
Fair Value Measurements - Recurring Assets And Liabilities (Details)
Fair Value Measurements - Schedule Of Long Term Debt (Details)
Income Taxes
Income Taxes (Details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Policies)
Organization And Basis Of Presentation (Tables)
Organization And Basis Of Presentation - Activity In Uncollectable Accounts (Details)
Organization And Basis Of Presentation - Narrative (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: 0001031296-21-000075
Submitted to the SEC: Thu Jul 22 2021 4:28:36 PM EST
Accepted by the SEC: Thu Jul 22 2021
Period: Wednesday, June 30, 2021
Industry: Electric Services

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