FirstEnergy Corp ( (FE) ) has realeased its Q3 earnings. Here is a breakdown of the information FirstEnergy Corp presented to its investors.
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FirstEnergy Corp is a major electric utility company based in Akron, Ohio, known for its expansive electric distribution network serving over six million customers across several states. It operates primarily in the energy sector, focusing on electric system infrastructure and transmission services.
In its third-quarter 2024 earnings report, FirstEnergy Corp reported GAAP earnings from continuing operations of $0.73 per share and non-GAAP operating earnings of $0.85 per share, aligning with its guidance range. The company has adjusted its full-year earnings guidance and increased its capital investment plan for 2024.
The key highlights include a narrowed operating earnings guidance range for 2024 due to lower customer demand influenced by mild weather and higher storm restoration costs. Despite these challenges, FirstEnergy increased its capital investment plan to $4.6 billion, marking a significant 24% increase over 2023. The company continues to target a 6-8% long-term annual operating earnings growth.
FirstEnergy’s financial performance in the third quarter was supported by its Energize365 investment plan, with benefits from distribution and transmission rate programs. However, these were somewhat offset by higher storm costs and the sale of a 30% interest in FirstEnergy Transmission, LLC.
Looking forward, FirstEnergy remains committed to its long-term growth strategy despite facing several economic and operational challenges. The company’s management expresses confidence in achieving its financial commitments and continuing its capital investment initiatives.
