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Firstenergy Corp (FE) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

Firstenergy Corp

CIK: 1031296 Ticker: FE

Exhibit 99.1

FirstEnergy Corp.
For Release: February 10, 2022
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 Fourth Quarter and Full Year
2021 Financial Results
Updates and Affirms Full-Year 2022 GAAP and Operating Guidance
Provides Guidance for First Quarter

Akron, Ohio – FirstEnergy Corp. (NYSE: FE) today reported full-year 2021 GAAP earnings of $1.3 billion, or $2.35 per basic and diluted share of common stock, on revenue of $11.1 billion. In 2020, the company reported GAAP earnings of $1.1 billion, or $1.99 per basic and diluted share of common stock, on revenue of $10.8 billion. Results include the impact of special items listed below.

Operating (non-GAAP) earnings* were $2.60 per share in 2021, compared to $2.39 per share in 2020. This approximately 9% increase reflects continued earnings growth from FirstEnergy’s customer-focused capital investment strategy in its regulated businesses.

“Throughout 2021, our board, leadership team and employees worked together to dramatically reshape FirstEnergy. We’ve taken important steps to optimize operations, deliver a superior customer experience, strengthen our financial position and – most importantly – instill trust and confidence in our company,” said Steven E. Strah, FirstEnergy’s president and chief executive officer. “As we continue building on this progress, I’m confident we will be a premier company, centered on our core values, that delivers an impeccable customer experience and is a leader in the energy transition.”


FirstEnergy updated its full year 2022 GAAP earnings guidance range to $1,375 million to $1,490 million, or $2.41 to $2.61 per share, and affirmed its full-year 2022 operating (non-GAAP) earnings guidance range of $1,315 million to $1,430 million, or $2.30 to $2.50 per share based on 571 million shares outstanding, which reflects the comprehensive settlement in Ohio to refund over $300 million to customers. For the first quarter of 2022, FirstEnergy expects GAAP earnings in the range of $285 million to $345 million, or $0.50 to $0.60 per share, and operating (non-GAAP) earnings of $0.55 to $0.65 per share.



The following information was filed by Firstenergy Corp (FE) on Thursday, February 10, 2022 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-K Annual 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 2022 10-K Annual Report includes:

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Inside Firstenergy Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Common Stockholders' Equity (Firstenergy Corp.)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Income (Loss) (Parenthetical)
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Tables)
Accumulated Other Comprehensive Income - Reclassifications (Details)
Accumulated Other Comprehensive Income- Components Of Aoci (Details)
Asset Retirement Obligations
Asset Retirement Obligations (Tables)
Asset Retirement Obligations - Narrative (Details)
Capitalization
Capitalization (Tables)
Capitalization - Long-Term Debt And Other Long-Term Obligations (Details)
Capitalization - Narrative (Details)
Capitalization - Preferred And Preference Stock (Details)
Capitalization - Schedule Of Long Term Debt (Details)
Capitalization - Sinking Fund Requirements (Details)
Commitments, Guarantees And Contingencies
Commitments, Guarantees And Contingencies (Tables)
Commitments, Guarantees And Contingencies - Climate Change, Clean Water Act, Regulation Of Waste Disposal And Other Legal Proceedings (Details)
Commitments, Guarantees And Contingencies - Nuclear Insurance, Commitments And Collateral (Details)
Commitments, Guarantees And Contingencies - Schedule Of Guarantor Obligations (Details)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Major Classes Of Cash Flow Items From Discontinued Operations (Details)
Discontinued Operations - Narrative (Details)
Discontinued Operations - Summarized Results Of Discontinued Operations (Details)
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)
Leases
Leases (Tables)
Leases - Assets And Liabilities, Lessee (Details)
Leases - Components Of Lease Expense (Details)
Leases - Maturity Of Operating And Finance Lease Liabilities (Details)
Leases -Narrative (Details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Policies)
Organization And Basis Of Presentation (Tables)
Organization And Basis Of Presentation - Accounts Receivable (Details)
Organization And Basis Of Presentation - Narrative (Details)
Organization And Basis Of Presentation - Property, Plant And Equipment Balances (Details)
Organization And Basis Of Presentation - Receivables From Customers (Details)
Organization And Basis Of Presentation - Reconciliation Of Basic And Diluted Earnings Per Share (Details)
Organization And Basis Of Presentation - Regulatory Assets On The Balance Sheet (Details)
Organization And Basis Of Presentation - Summary Of Changes In Goodwill (Details)
Pension And Other Post-Employment Benefits
Pension And Other Post-Employment Benefits (Tables)
Pension And Other Post-Employment Benefits - Assumptions Used To Determine Net Periodic Benefit Cost (Details)
Pension And Other Post-Employment Benefits - Components Of Net Periodic Benefit Costs (Details)
Pension And Other Post-Employment Benefits - Estimated Future Benefit Payments (Details)
Pension And Other Post-Employment Benefits - Narrative (Details)
Pension And Other Post-Employment Benefits - Obligations And Funded Status (Details)
Pension And Other Post-Employment Benefits - Pension Investments Measured At Fair Value (Details)
Pension And Other Post-Employment Benefits - Target Asset Allocations For Pension And Opeb Portfolio (Details)
Regulatory Matters
Regulatory Matters (Tables)
Regulatory Matters - Distribution Rate Orders (Details)
Regulatory Matters - Maryland And New Jersey (Details)
Regulatory Matters - Ohio (Details)
Regulatory Matters - Pennsylvania And West Virginia (Details)
Regulatory Matters - Reliability And Ferc Matters (Details)
Revenue
Revenue (Details)
Revenue (Tables)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Segment Information - Narrative (Details)
Short-Term Borrowings And Bank Lines Of Credit
Short-Term Borrowings And Bank Lines Of Credit - Narrative (Details)
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables)
Stock-Based Compensation Plans - Narrative (Details)
Stock-Based Compensation Plans - Schedule Of Nonvested Restricted Stock Units Activity (Details)
Stock-Based Compensation Plans - Schedule Of Stock-Based Compensation Expense (Details)
Taxes
Taxes (Tables)
Taxes - Accumulated Deferred Income Taxes (Details)
Taxes - Changes In Unrecognized Tax Benefits (Details)
Taxes - Changes In Valuation Allowances (Details)
Taxes - Details Of General Taxes (Details)
Taxes - Narrative (Details)
Taxes - Pre-Tax Net Operating Loss Expiration Period (Details)
Taxes - Provision For Income Taxes (Details)
Taxes - Reconciliation Of Federal Income Tax Expense (Details)
Ticker: FE
CIK: 1031296
Form Type: 10-K Annual Report
Accession Number: 0001031296-22-000013
Submitted to the SEC: Wed Feb 16 2022 4:21:58 PM EST
Accepted by the SEC: Wed Feb 16 2022
Period: Friday, December 31, 2021
Industry: Electric Services

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